ASX 200 Live Today - Monday, 22nd June

Welcome to our live ASX coverage for Monday, June 22. Expect a high volume of posts pre-market and more periodic updates throughout the day. We'll be wrapping the blog up around 2:00 pm AEST. Let us know how we can make it even better.

Inghams flags WA bird flu detection

[9:32 am] A WA-only response to H5N1 found in two wild birds well away from the company's operations, with no impact on commercial poultry or supply.

• Authorities confirmed H5N1 avian influenza in two wild birds in the Esperance region of WA, with no detection in commercial poultry including Inghams' operations and supply chain

• Inghams' breeder farms and grower network sit primarily around Muchea, Gingin and Mogumber, north of Perth, roughly 690-770km from Esperance

• Moved to heightened biosecurity vigilance, including a complete lock-down preventing all non-essential access across WA farms and processing operations

• Continues to supply the Australian market as usual

• Seeking a regional housing order to keep WA free-range poultry indoors, with an ACCC exemption in place to protect free-range supply and labelling if enacted

Company page: Inghams Group (ING)

Metcash FY26 underlying profit lands in line with guidance

[9:27 am] A resilient result across all three pillars (FOOD, Liquid and Hardware), with standout cash generation and a recovery in trading momentum into June.

• Sales revenue up 0.7% to $19.6bn (up 3.8% ex-tobacco), vs $17.39bn ests on a charge-through basis

• Underlying NPAT down 2.4% to $268.8m vs guidance of $268-270m and $270.3m ests (1% miss)

• Underlying EBIT of $503.7m vs guidance of $501-505m and $500.3m ests (1% beat)

• Fully franked final dividend of 9.5 cps, taking full-year dividends to 18 cps, a 74% payout of underlying profit after tax

• Operating cashflow rose 3.5% to $558m, with a three-year average cash realisation ratio of around 104% and leverage at 1.0x, the low end of the 1.0x-1.75x target

Management commentary:

• "In Food, we delivered a strong result with EBIT up 5.4%, supported by strong execution in Supermarkets and continued momentum in Foodservice & Convenience. Ex-tobacco sales grew 5.4%, and the IGA network is more competitive than ever."

• "In Liquor, we grew revenue by 1.0%, which was ahead of the market, and increased share to 32.3%. While EBIT was lower, the business delivered a stronger second half, supported by diversified channels and our independents’ agility, shopper-led range, value and service."

• "In Hardware & Tools, revenue grew 4.3% with improved momentum in the second half across both Hardware and Tools. Total Tools delivered pleasing earnings growth, while Hardware’s earnings were subject to softer trade demand in parts of the network, particularly in Victoria and Tasmania."

Outlook: FY27 group sales up 1.9% (up 2.4% ex-tobacco) over the first seven weeks, with a subdued May recovering well into June, Hardware & Tools led by high single digit Total Tools growth, and around $25m of annualised cost-out savings expected in FY27.

Company page: Metcash (MTS)

Centuria Capital launches $300m raise to fund ResetData growth

[9:23 am] The property fund manager is tapping the market to accelerate its data centre push and support its real estate equity and credit funds, the AFR reports.

• Centuria preparing to launch a circa $300m raise on Monday, split between a $100m rights issue and a $200m institutional placement

• Shares offered at $2 each, a 6% discount to Friday's close after adjusting for the June 30 distribution

• Morgan Stanley, Jarden and JPMorgan mandated to oversee the transaction

• Proceeds to turbocharge growth in the ResetData data centre business and further support real estate equity and credit funds

• ResetData, invested in two years ago at a $42m post-money valuation, is deploying Nvidia chips at an AI factory with 200 megawatts-plus of capacity flagged

• First-half FUM hit $21.8bn, up from $20.6bn a year earlier, with operating profit up 7% to $54.6m and full-year guidance upgraded to 13.6c

Source: AFR

Fenix partners with Mira Bulk to lower shipping costs, secures US$44m funding

[9:21 am] The iron ore producer is pushing into freight to cut delivered costs and lock in longer-term funding ahead of its production ramp-up.

• Formed the Fenix-Mira Bulk freight partnership with Panamax and Capesize operator Mira Bulk, with Fenix paying market-rate commissions and earning a profit share based on shipped volume

• Secured US$44m in long-term funding facilities with ResInvest, replacing short-term prepayment facilities and extending funding tenor to two years

• Expanded iron ore sales mandate through ResInvest's international marketing network, building on its marketing of Shine Mine product since 2024

• Larger vessels cut per-tonne freight costs, supporting the Three-Year Plan targeting 4.2-4.8Mt in FY26, rising to up to 6.0Mt in FY28

Company page: Fenix Resources (FEX)

SGH approves on-market buy-back of up to $500m

[9:08 am] A sustained run of strong cash flow and de-leveraging has cleared the way for the 12-month program.

• SGH approved an on-market buy-back of up to $500m in ordinary shares over the next 12 months, this is equal to approximately 2.8% of its shares on issue

• Leverage has fallen below its through-the-cycle target of 2.0x adjusted net debt to EBITDA after a sustained period of strong operating cash flow and de-leveraging

• Buy-back will not constrain investment in its businesses or its ability to pursue inorganic growth at scale, with substantial balance sheet capacity retained

• Program set to commence on or about 11 August 2026, coinciding with the release of SGH's FY26 results, once the blackout period ends

Company page: SGH (SGH)

Credit Corp walks away from Humm acquisition

[9:07 am] Talks have collapsed after due diligence prompted a materially reduced bid that the target would not accept.

• Credit Corp ceased discussions to acquire 100% of Humm Group, with both parties confirming a mutually acceptable transaction could not be agreed

• Commercial due diligence raised a number of matters Credit Corp was unable to gain comfort on

• Credit Corp informed Humm on the evening of Friday 19 June that its bid was materially reduced relative to its non-binding indicative offer

Credit Corp has been on a sizeable re-rate in recent weeks, up 13.8% in the past month. You can read my piece on the much-anticipated bounce here.

Company page: Credit Corp (CCP)

Lindian's Kangankunde on track for Q4 2026 first production

[9:05 am] Construction, mining readiness and infrastructure milestones are accelerating as the Malawi rare earths project transitions toward commissioning.

• On schedule for first production in Q4 2026, with front-end commissioning targeted for October 2026 and Practical Completion for mid-November 2026

• Mining readiness milestone reached, with access to the top of Kangankunde for the Stage 1 pit, haul road complete, explosives approvals and explosives onsite, and the production drill rig drilling the first blast pattern

• Around 27,000 tonnes of ore now stockpiled on the ROM pad, supporting plant commissioning and ramp-up

• Key infrastructure advancing, with the 27km power corridor complete, TSF around 50% complete and targeted for September 2026, and all 17 boreholes drilled with water permits secured

Company page: Lindian Resources (LIN)

Ansell appoints Erik Van den Enden as CFO

[9:04 am] Ansell has appointed Erik Van den Enden as CFO effective 1 September 2026, bringing experience including Group CFO of Versuni and Group CFO and Head of M&A and Strategy at Telenet. Fred Marx will continue as Acting CFO until Van den Enden commences, per the company's 16 April 2026 announcement.

Company page: Ansell (ANN)

WiseTech's Richard White under AFP human trafficking investigation

[9:02 am] The executive chairman faces a federal probe over claims he exploited a woman's immigration status for sex and provided false visa information, the AFR reports.

• AFP's human exploitation taskforce launched the investigation this year after a complaint from Kathy Phelan, former CEO of White-controlled Kyckr

• White is alleged to have coerced Caroline Heidemann, a Brazilian ex-WiseTech cleaner, into a sexual relationship and to have used a false Kyckr role to secure her a visa

• White is separately under ASIC investigation over more than $200m of share sales during a December 2024 to February 2025 blackout period, which he defends on the basis he was a consultant at the time with legal advice

• WiseTech shares have slumped almost two-thirds over the past year on concerns about White's conduct and an AI-driven software sell-off, last trading at $36.88 against a 2024 peak of $135.15

• Major fund managers including AustralianSuper have exited the stock, though many investors still back White, who remains the largest shareholder

Company page: WiseTech Global (WTC)

Perenti's Barminco wins $275m underground mining contract at Barrick's Fourmile

[9:00 am] The award extends Perenti's relationship with Barrick and advances its push into the North American hard-rock market.

• Barminco awarded a circa $275m contract for underground mining services at Barrick's Fourmile Project in Nevada, with a 45-month term and work starting July 2026

• Scope covers development of the twin Bullion Hill portals, part of around 16km of underground development, plus ground support, surface facilities and related mining services

• Requires around $39m of growth capital in FY27

• CEO Vanessa Torres said the win supports the strategy to expand in tier-one jurisdictions and continues disciplined growth into North America with both Barminco and Swick

Perenti shares are up 41.8% in the last twelve months, but down 18% year-to-date.

Company page: Perenti (PRN)

a2 Milk secures SAMR approval, clears path to $300m special dividend

[8:57 am] Chinese regulatory sign-off completes the final step on the a2 Pokeno acquisition and locks in plans for a fully franked payout.

• SAMR approved transitioning the two China label IMF product registrations acquired with the a2 Pokeno facility to a2-branded products, the final step for the registrations to be used under the brand

• Board expected to convene soon to declare a NZ$300m special dividend, fully franked and unimputed (NZ$300m implies a dividend yield of ~5%)

• Approval means a2MC no longer has the right to unwind the a2 Pokeno acquisition

• New products expected to launch later this calendar year, with no change to the timing or estimated financial benefits flagged at the time of the acquisition

• CEO David Bortolussi called it a significant milestone in the China growth strategy and supply chain transformation, supporting long-term IMF growth through market access and vertical margin capture

Company page: a2 Milk Company (A2M)

Newmont's Red Chris block cave project clears key regulatory hurdle

[8:55 am] British Columbia approvals pave the way for a switch to block caving, extending mine life into the mid-2040s ahead of a final investment decision later this year.

• British Columbia approved key regulatory authorisations enabling Red Chris to transition from open-pit to block caving, extending mine life into the mid-2040s

• Project expected to generate over 1,800 construction jobs, sustain about 1,500 peak-season operating roles and lift Canada's copper production by roughly 15%

• Newmont is completing a Definitive Feasibility Study and detailed cost estimate, with an FID targeted later this year

• Newmont is majority owner and operator of Red Chris alongside 30% JV partner Imperial Metals, and also owns and operates Brucejack and holds 50% of Galore Creek

• CEO Natascha Viljoen called it a compelling long-term opportunity, citing the mineral endowment, clean hydroelectric power, port access and Indigenous economic leadership

Company page: Newmont (NEM)

Baby Bunting holder HMC Capital trims stake

[8:50 am] HMC Capital has pared its substantial holding in the nursery retailer, reducing its stake from 16.8% to 13.2%.

Company page: Baby Bunting Group (BBN)

UBS reiterates constructive copper view as supply shortfall set to persist

[8:48 am] The lack of price momentum has not changed the investment bank's call for a 2026 market deficit and higher prices into the second half.

• UBS targets LME copper at US$15,500/mt in coming quarters, with forecasts of US$14,500 by December and US$15,000 by March 2027, against a spot of US$13,700

• Prices have consolidated in a US$13,250-14,050/mt range since May, trimming year-to-date gains to around 10%

• Combined Chile and Peru mine output fell 8% year-on-year in April (down 4% year-to-date), with Chile down 13.8% to 397,000 metric tons and Peru up around 4.5% to 230,000 tons

• Treatment charges for imported concentrate in China fell below -$100/mt by 12 June, from -$45/mt in early January, signalling an unusually strained market

• UBS holds its 2026 copper demand growth forecast at 2.8%, with LME net longs up about 1,235 contracts since end-April to around 41,180, elevated but not extreme

• Risks centre on softer Chinese retail sales and fixed asset investment into the second quarter, though UBS sees it as too early to make downward adjustments

Auction clearance rates set to hit 40%, the lowest in years

[8:46 am] Three rate rises this year and Labor's proposed tax changes have chilled buyer sentiment, with vendors increasingly reluctant to test the market.

• Preliminary clearance rate dropped to 47.4% across capital cities last week, the first sub-50% early read since the final week of April 2020, after steadying near 60% for 10 of the past 12 weeks

• Cotality flagged the final figure due Wednesday could land in the low-40% range, given preliminary data is typically revised down by 5.5%

• Withdrawals hit 23.6% of auctions last week and 48% sold before auction, pointing to vendors reluctant to test the market under the hammer

• SQM Research forecasts Sydney prices fall up to 9% this year and Melbourne up to 7%, with most capitals seen past their peak except Hobart and Darwin

• Labor's plan for a minimum 30% tax on capital gains from July 2027 and abolition of negative gearing continues to weigh, alongside three earlier rate rises and the RBA's hold this month

• Volumes also fell, with 1,869 properties auctioned across capitals, down 10.8% on the prior week, Melbourne at a 50.6% preliminary clearance and Sydney at 47.4%

Source: AFR

China tightens indium export checks as AI demand lifts the niche metal

[8:45 am] Beijing is stepping up scrutiny of indium shipments, fuelling fears the data-centre input could join its expanding export control arsenal.

• China produces nearly 70% of the world's indium, a zinc-refining byproduct used in displays, solder and the indium phosphide that makes high-speed optical chips for AI data centres

• Buyers reported growing customs scrutiny, with a European buyer asked for the first time this year to disclose end-user information and a North American buyer seeing approvals slow from same-day to several days

• Indium phosphide was already placed on China's export control list in February 2025, prompting Coherent's CEO to travel to Beijing with Trump in May to raise the issue

• US has flagged indium as a vulnerability, with the Defense Logistics Agency seeking to stockpile up to 403 tons over three years

Source: Reuters

US and Iran begin peace talks as Hormuz dispute raises the stakes

[8:43 am] JD Vance arrived in Switzerland for the next phase of negotiations, a day after Tehran again declared the Strait of Hormuz closed.

• US delegation led by Vance met the Iranian team under parliament speaker Mohammad Bagher Ghalibaf, with Pakistan and Qatar mediating

• Iran declared the strait closed again, citing Israeli strikes on Lebanon and US "bad faith", though the US denied the claim and said traffic continues to flow

• Iran's Tasnim agency said the waterway would stay shut until a Lebanon ceasefire was respected and waivers allowing Iranian oil sales were issued

• Trump warned the US could charge tolls on Hormuz transit if a final deal is not reached within 60 days, framing the charge as for "services rendered"

• Israeli strikes in southern Lebanon killed at least 16 people, including two children, with seven reported trapped in Nabatiyeh

• Vance said tanker traffic rebounded sharply post-ceasefire, with 16 million barrels moving through Hormuz in a single day, a record going back to before the conflict, and flagged talks would also cover Iran's nuclear program

Source: CNBC

Traders pile into dollar calls as hawkish Warsh fuels rate-hike bets

[8:41 am] Leveraged funds are loading up on options wagers that the greenback extends gains after the Fed's hawkish turn reinforced expectations for higher US rates.

• Dollar call options betting on gains versus the pound jumped to more than five times the volume of puts, according to CME data last Thursday

• Dollar options against the euro climbed to their highest since 3 March, with larger calls worth €200m ($229m) or more nearly double the volume of similar-sized puts

• Bloomberg Dollar Spot Index gained for a third day last Friday, on track for a 1% weekly gain as traders fully priced a quarter-point hike by October

Source: Bloomberg

US stocks draw record weekly inflows as investors pile into tech

[8:41 am] A buoyant Wall Street and the end of the Iran war drove an unprecedented surge into US equity funds, led by the technology sector.

• US equity funds drew a record $119.2bn in the week through 17 June, on track for a record $739bn for 2026 on an annualised basis, per BofA citing EPFR Global data

• Technology shares saw all-time high weekly inflows of $19.2bn, with mid-caps drawing a record $19.9bn and small caps their second-largest weekly inflow at $12.3bn

• Nasdaq 100 up 24% year-to-date and S&P 500 up 9.6%, with US household equity wealth up $6 trillion this year

• Record inflows coincide with heavy tech share issuance, after SpaceX completed the largest IPO in history on 14 June, selling $75bn in equity, with Anthropic and OpenAI set to follow

• European funds extended a run to 10 straight weeks of outflows, while Chinese equity funds have seen 12 consecutive weeks of outflows

Source: Bloomberg

Warsh rattles markets with inflation vow at debut press conference

[8:39 am] New Fed chair's repeated focus on price stability pushed traders to ramp up bets on near-term tightening, jolting rates, the dollar and gold.

• Traders now see the odds of a 25 bp hike as approaching a coin flip, up from near-zero before Wednesday, with close to two hikes priced by early next year

• No Wall Street economist holds a July hike as their base case, leaving the market well ahead of consensus

• Warsh declined to add his own dot or offer rate guidance, with hawkish dot-plot projections taken as the signal to lift hike bets

• Selloff hit short-dated Treasuries while inflation-sensitive long-end bonds gained, the dollar surged and gold and Bitcoin slumped

Source: Bloomberg

Strategists lift European stock targets as US-Iran deal cuts oil and rate risk

[8:38 am] A Bloomberg survey shows the recovery sitting below the index surface, with many sectors still trading under pre-conflict levels and scope for rotation-driven gains.

• Goldman Sachs, Barclays and SocGen all raised Stoxx 600 year-end targets, with the 16-strong poll now seeing the index finish 2026 at 640, matching record highs

• Barclays lifted its target by 50 points to 670, joining HSBC as the biggest bulls at nearly 5% upside, favouring AI winners and banks plus catch-up potential in luxury as a short-squeeze candidate

• Goldman prefers structural themes with durable earnings visibility, including tech, banks, aerospace, defence and renewables, and stays underweight autos and chemicals on margin and China pressures

• Falling Brent, now at its lowest since early March, reduces the tail risk of an oil and rate shock, clearing the way for the broadening trade to resume

• UBS cautioned Europe looks vulnerable to downgrades, with energy and banks, the two largest earnings contributors, likely past peak revisions

• Earnings expectations stay rich, with about 14% profit growth pencilled in for 2026 and another 9% in 2027, though some strategists doubt those numbers can be realised.

Source: Bloomberg

Markets fall as Iran peace deal doubts weigh, US shut for Juneteenth

[8:36 am] Global equities closed broadly lower last Friday as investors questioned the durability of the US-brokered Iran peace agreement, with US markets shut for the holiday.

• US stock and bond markets closed for the Juneteenth public holiday

• Stoxx 600 down 0.2%, FTSE 100 off 0.35% and Cac 40 down 0.55% as Tehran-Washington talks were postponed, while Germany's DAX finished flat

• Oil and gas stocks led European gains, with miners and travel names lagging

• Nikkei 225 up 0.28% to 71,250.06, holding near Thursday's record high, while the Topix fell 0.57% to 4,044.96

• Kospi down 0.13% to 9,052.42 after first topping 9,000 on Thursday, with the Kosdaq off 3.43%

• UK PM Keir Starmer facing a leadership challenges from Labour rival Andy Burnham after his by-election win on Thursday.

Good morning!

[8:25 am] ASX 200 futures are down 16 pts (-0.18%).

The overnight session in a nutshell:

• Wall Street was shut Friday for Juneteenth, leaving Thursday's record-tinged session (S&P 500 up 1%, Nasdaq 100 up 1.9%) as the last US read, with S&P 500 and Nasdaq futures currently both down around 0.4%

• Iran declared the Strait of Hormuz closed again on Saturday over Israeli strikes in Lebanon, the US military denied any closure

• European equities traded slightly lower last Friday, with the pan-European Stoxx 600 down 0.24%

• A volatile open this morning for commodities, with Brent up 1.6%, Gold down 1.6% and Copper flat