ASX 200 Live Today - Monday 24th November
ASX set for bullish start to new trading week after US markets bounced on Friday night
Today’s ASX 200 Updates
Welcome to our live ASX coverage for Monday, November 24. We’re excited to trial this new format. Expect a high volume of posts pre-market and more periodic updates throughout the day. Today's live blog will wrap up at 12:00 pm AEDT. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.
Morningstar’s top fully-franked dividend picks: the highlights
[11:51 am]
If you’re hunting for reliable income, Morningstar has released a fresh list of its top dividend ideas — and 11 of them are fully franked. With valuations still elevated and yields drifting lower, the report lands at a useful moment for income-focused investors.
Morningstar expects 64% of companies to lift dividends in FY26 and nearly 80% in FY27, with strength likely across utilities, real estate, financials and consumer cyclicals.
Among the standouts in the fully-franked group are Woodside (WDS), Viva Energy (VEA), Rio Tinto (RIO), AGL Energy (AGL), Steadfast Group (SDF) and Woolworths (WOW) — with energy names offering the highest projected yields. Viva and Woodside lead the pack with 9.1% and 7.7% respectively, while Steadfast is the only pick rated Strong Buy on Market Index's broker consensus.
Morningstar also notes partially-franked income options such as APA Group (APA) and ANZ (ANZ), and high-yield unfranked names like Atlas Arteria (ALX).
Check out the full article here via Livewire Markets
Australian consumer confidence flips to optimism for first time since 2021
[11:44 am]
Australia’s consumer mood has finally swung back into positive territory for the first time in nearly four years, according to fresh data reported by Reuters. The November Westpac–Melbourne Institute survey showed a sharp improvement in household sentiment, offering a rare burst of optimism despite the Reserve Bank holding interest rates steady.
The headline index jumped 12.8% to 103.8 - its highest level in seven years outside the pandemic period - signalling that optimists now outnumber pessimists for the first time since February 2022. Households cited a brighter outlook for both family finances and the broader economy, suggesting consumers are beginning to look past cost-of-living pressures and rate uncertainty.
While one month does not make a trend, the rebound points to improving confidence as Australia heads into the summer spending period.
Gentrack jumps 17% on strong FY25 momentum and bullish outlook
[11:10 am]
Gentrack (NZX/ASX: GTK) rallied more than 17% after posting a robust FY25 result and signalling faster growth ahead. Revenue rose 8% to $230.2 million, recurring revenue jumped 13%, and EBITDA increased 18%, with NPAT more than doubling. Cash climbed to $84.8 million, leaving the company debt-free.
Both divisions performed strongly: Utilities delivered steady growth as g2.0 gained traction globally, while Veovo posted 15% revenue growth driven by wins across APAC, EMEA and the Middle East.
Management said FY26 growth will accelerate, supported by a maturing pipeline across Europe and Asia and several large opportunities nearing decision.
Analysts divided as Lovisa’s trading update delivers mixed signals
[11:05 am]
Lovisa’s latest trading update has triggered a wave of recalibrations across the sell side, with analysts broadly trimming price targets while differing on how meaningful the slowdown really is. The key theme: rollout performance remains encouraging, but like-for-like sales softness and increasing competitive pressure are tempering enthusiasm.
Macquarie struck the most upbeat tone, upgrading Lovisa to outperform despite lowering its target to $37.30 from $40.90. The broker argues the market is undervaluing Lovisa’s global store rollout potential, noting strong results from new stores even as LFL trends lag expectations. It also flagged rising domestic competition as a growing headwind.
UBS took a more cautious stance, cutting its target to $33.00 from $42.00 and maintaining a neutral rating. Analyst Shaun Cousins cited weaker in-store execution behind the LFL slowdown and highlighted risks around market entry and near-term margin pressure, though he expects profitability to recover with scale.
Jefferies’ John Campbell echoed the softer tone, lowering his target to $33.40 from $37.00 and maintaining hold. He described the share price reaction as heavy but fair, citing weaker underlying trends masked by tariff passthrough and cautioning that Lovisa’s premium valuation leaves little room for error in a weaker consumer environment.
Across 13 analysts, the stock now carries 23% Buy, 62% Hold and 15% Sell ratings. The average target has eased 1% to $36.91 - still implying nearly 23% upside from current levels - underscoring a market that sees long-term potential but wants clearer evidence of reaccelerating growth.
Early leaders and bleeders
[10:25 am]
Mayne Pharma getting dumped again, Qube soaring on takeover offer
Pro Medicus posts strong FY26 start as contract momentum builds
[10:21 am]
Pro Medicus (ASX: PME) has delivered an upbeat trading update at its AGM, reporting that FY26 year-to-date sales have already reached a minimum total contract value of $273 million. The result puts the company ahead of its internal growth budget and tracking to meet - or potentially exceed - its three-year strategic targets covering FY24–26.
Management said bookings heading into the 2025 RSNA conference are “very strong”, signalling continued demand for Visage’s cloud-based imaging platform. The company also noted that FY26 revenue is likely to skew more heavily towards the second half than in prior years, reflecting the timing of contract implementations and a robust sales pipeline.
Overall, the update reinforces Pro Medicus’ position as one of the sector’s most consistent growth stories, underpinned by rising global adoption and expanding enterprise-scale opportunities.
Green on the screen!
[10:08 am]
Plenty of green on the screens this morning, just what we like to see. Every sector is up early, with the ASX 200 up 90 points (+1.08%)
Southern Cross Media reiterates FY26 earnings outlook at AGM
[9:58 am]
Southern Cross Media Group (ASX: SXL) reaffirmed its FY26 underlying EBITDA guidance of $78–83 million at its annual general meeting, broadly matching market expectations. Management said revenue momentum has continued into Q2, supported by stronger gains in both broadcast and digital audio, alongside tighter cost control.
Beyond guidance, the AGM showcased the progress of SCA’s transformation strategy. Digital audio remains the standout, with LiSTNR now EBITDA-positive and delivering rapid revenue growth. Q1 FY26 underlying EBITDA jumped 129% year on year, helped by lower operating costs and rising audience share across the Hit and Triple M networks.
The Board also emphasised the strategic rationale behind SCA’s proposed merger with Seven West Media, arguing that consolidation is essential for building scale and competing with global tech platforms. If completed, the combination would create Australia’s largest integrated media group, spanning TV, radio and digital assets.
Management closed by reiterating confidence in the company’s outlook, highlighting strong audience leadership in the 25–54 demographic and a continued focus on disciplined execution, revenue growth and margin improvement.
Chart of the Day - Charter Hall Group (CHC)
[9:55 am]
There weren't too many stocks that popped up on my scan list this morning (only A2M, ELD and RUL, along with CHC), but the Charter Hall Group chart stood out. The price action recently broke out of a downtrend channel aggressively and has gone on to punch through the previous swing and 52-week high, just above $24. This is a bullish signal. The EMAs (8-, 21-, 125-period) are in the bullish configuration I like to see, showing trend alignment across multiple timeframes, and the RSI is not overcooked. Meanwhile, the breakout to fresh highs has come on rising volumes - another good sign.
Chart source: Halo
ACCC reviewing rising tensions between Domino’s and its franchisees
[9:42 am]
The ACCC has begun quietly approaching current and former Domino’s Pizza Enterprises (ASX: DMP) franchisees after a wave of complaints about rising costs and concerns that local operators are helping fund the company’s struggling overseas expansion, according to the AFR.
Franchisees say increasing food margins, higher advertising levies and multiple additional fees have eroded profitability, prompting almost half of Australia’s store owners to demand immediate fee relief. Many are now on payment plans and preparing for mediation through the small business ombudsman.
Emails show Domino’s has provided the regulator with a list of franchisees, though both the ACCC and the company declined to comment on any investigation. Tensions have escalated further following remarks from executive chairman Jack Cowin that franchisees say downplayed the seriousness of their financial stress.
Oil slips as markets brace for possible Ukraine-Russia agreement
[9:39 am]
Oil prices fell Friday night as traders weighed the likelihood of a Ukraine-Russia peace deal that could push more supply into an already heavy market. The newly active January WTI contract dropped around 1.6% to settle near $58 a barrel, marking its fourth decline in five sessions.
Reports that the US may pressure Kyiv to accept a deal tilted toward Moscow added to expectations of higher future supply, even as Washington’s sanctions on Russia’s largest oil producers took effect. President Donald Trump later said he would not lift those sanctions while negotiations continue, tempering some of the losses.
Analysts say the market is increasingly pricing in the possibility of an agreement, despite resistance from Ukraine’s European allies and uncertainty over how much impact the sanctions will ultimately have. Trump’s shifting tone has also fuelled scepticism among traders.
Source: Bloomberg
Monash IVF knocks back $0.80 takeover bid from Genesis–Soul Patts consortium
[9:33 am]
Monash IVF Group (ASX: MVF) has rejected a takeover proposal from a consortium led by Genesis and Washington H. Soul Pattinson, which offered $0.80 per share in cash. The company said the bid undervalued the business and carried too much deal uncertainty.
The proposal assumed no further dividends or capital returns and suggested shareholders could potentially roll their stake into an unlisted, privatised Monash IVF. However, the board highlighted that the offer implied an EV/Underlying FY25 EBITDA multiple of just 7.7 times - well below recent IVF-sector transactions in Australia.
The consortium already holds roughly 19.6% and the offer remains subject to several conditions, including final internal approvals and formal transaction documentation. The board also cited concerns around the consortium’s financing arrangements as part of its decision to reject the bid.
The development follows recent media speculation that a private equity group was preparing a proposal after acquiring a 6% stake at the same $0.80-per-share level on 21 November.
DroneShield issues clarification following recent media coverage
[9:32 am]
DroneShield (ASX: DRO) has released a detailed statement addressing recent media commentary and providing clarification around its 10 November announcement concerning US defence contracts. The company said the contracts referenced at the time were not new deals, but reissued orders prompted by regulatory changes. An administrative error and incorrect correspondence from the customer led to the contracts being mistakenly classified as new. Once the issue was identified, DroneShield requested a trading pause and withdrew the announcement.
The company noted it has strengthened its internal validation processes to prevent similar misclassifications in the future and reiterated that its financial reporting remains fully compliant with all relevant accounting standards, including AASB 15.
DroneShield also outlined updates to its remuneration structure, committing to a more balanced mix of cash and equity incentives. A revised options framework was presented to the board in September, and non-executive directors no longer receive performance-based options.
Interim leadership arrangements have been put in place, with the VP of Sales and Business taking charge of US operations.
CEO Oleg Vornik said the underlying business remains robust, supported by record 2025 revenue and sustained demand from repeat customers.
Macquarie Asset Management launches $5.20 per share bid for Qube
[9:30 am]
Qube (ASX: QUB) has received a conditional, non-binding and indicative takeover proposal from Macquarie Asset Management (MAM), offering $5.20 in cash per share via a scheme of arrangement. The offer represents a material uplift from MAM’s earlier unsolicited bid, which was lodged at a lower value before negotiations and limited due diligence access enabled an improved proposal.
Qube and MAM have entered into a process and exclusivity deed, granting Macquarie exclusive due diligence access until 1 February 2026. The proposal price will be adjusted for the cash value of any future dividends Qube pays, with the size and timing of any dividends still to be determined.
Qube’s board has stated it intends to unanimously recommend the proposal, and to vote any shares they control in favour of the scheme, provided no superior offer emerges and an independent expert concludes the transaction is in shareholders’ best interests.
BHP walks away from Anglo American merger talks
[9:29 am]
BHP (ASX: BHP) has confirmed it is no longer pursuing a potential combination with Anglo American after holding early-stage discussions. The mining giant said that while a merger would have delivered strong strategic benefits and meaningful value for both sets of shareholders, it has chosen not to proceed.
Despite stepping back from the proposal, BHP emphasised its confidence in the strength of its existing portfolio and the opportunities within its organic growth pipeline. The company said it remains focused on advancing those projects, which it believes offer highly attractive long-term returns without the need for large-scale M&A.
Macmahon wins major underground mining contract with PT Freeport Indonesia
[9:27 am]
Macmahon Holdings (ASX: MAH) has been chosen by PT Freeport Indonesia as the underground mining services contractor for the Kucing Liar project, marking a significant expansion of the company’s long-running partnership with the copper and gold giant.
The Kucing Liar mine is expected to operate through to 2041 under current permits, providing Macmahon with a multiyear runway of work. Despite securing the new contract, the company confirmed that its FY26 guidance remains unchanged at this stage.
The selection reinforces Macmahon’s position as a key contractor in one of the world’s most prominent mining regions, adding further stability to its long-term project pipeline.
This morning's news stories
[9:26 am]
AFR reports a PE bid for Monash IVF may be imminent after Genesis Capital bought a 6% stake at $0.80 per share on 21-Nov
BHP has reportedly revived its bid for Anglo American, according to a source cited by Reuters, only months after Anglo moved ahead with a merger with Canada’s Teck Resources to form a major copper-focused group.
The Australian reports Rio Tinto is advancing non-core asset sales, though finding a single buyer may be difficult, with its titanium-producing mineral sands unit flagged as the largest asset and Iluka seen as a possible suitor
The Australian reports Agnico Eagle is monitoring Northern Star and the broader local market, though any move would depend on several factors
Nine Entertainment denies any verbal deal to sell its radio assets to John Singleton for $25–30 million, with The Australian noting around a dozen interested parties
Pro Medicus lands three new cloud contracts worth $29 million
[9:25 am]
Pro Medicus (ASX: PME) has secured three new US deals through its Visage Imaging subsidiary, locking in a combined minimum contract value of $29 million. All three agreements are fully cloud-deployed, transaction-based, and scheduled to be implemented within six months.
The new wins span multiple parts of the healthcare market: a $6.5 million, five-year deal with Children’s of Alabama; a $9.5 million, seven-year contract with Roswell Park Comprehensive Cancer Center; and a $13 million, seven-year agreement with Vancouver Clinic.
These additions push PME’s minimum total contract value for the first half of FY26 to $273 million.
CEO Dr Sam Hupert highlighted the breadth of new clients across paediatrics, cancer care, and regional healthcare, saying it underscores the versatility of Pro Medicus’ technology across the full spectrum of providers. He added that the sales pipeline remains strong heading into the major RSNA conference later this month.
Broker moves
[9:16 am]
Accent Group (AX1) downgraded to HOLD from Buy by Morgans; target cut to $1.10 from $1.65
Accent Group (AX1) downgraded to NEUTRAL from Buy by UBS; target cut to $1.10 from $1.70
Accent Group (AX1) downgraded to NEUTRAL from Overweight by JPMorgan; target cut to $1.15 from $1.70
Accent Group (AX1) downgraded to SECTOR PERFORM from Outperform by RBC Capital Markets; target cut to $1.20 from $1.50
Accent Group (AX1) downgraded to UNDERWEIGHT from Overweight by Morgan Stanley; target cut to $0.95 from $1.80
Deep Yellow (DYL) upgraded to OVERWEIGHT from Neutral by JPMorgan; target cut to $1.90 from $2.00
Gorilla Gold Mines (GGM) initiated SPECULATIVE BUY by Canaccord Genuity; target set at $1.00 from $1.00
Lovisa Holdings (LOV) upgraded to OUTPERFORM from Neutral by Macquarie; target cut to $37.30 from $40.90
Paladin Energy (PDN) upgraded to OVERWEIGHT from Neutral by JPMorgan; target cut to $8.60 from $8.90
Reece (REH) upgraded to NEUTRAL from Underperform by Macquarie; target raised to $11.00 from $10.10
Reece (REH) upgraded to NEUTRAL from Underweight by JPMorgan; target raised to $11.00 from $10.25
Sims (SGM) upgraded to OVERWEIGHT from Neutral by JPMorgan; target raised to $17.50 from $15.70
Good morning!
[9:12 am] ASX 200 futures are up 92pts (+1.09%) as of 8:30 am AEDT.
Get up to speed
Major US benchmarks all closed higher on Friday night, up around 1% each. Every sector closed higher whilst small caps outperformed - Russell 2000 up 2.8%
Bitcoin tumbled as much as 8% on Friday to $US80,553, deepening a sell-off that has erased nearly a quarter of its value month-to-date.
Top five AI spenders have raised combined $108B in debt in 2025, raising worries about AI bubble, volatility and systemic risk (Bloomberg)
Fed rate-cut doubts and AI exuberance spark expectations of choppy trading into year-end (Reuters)
Experts argue AI leverage looks stable, but stock valuations are running too hot (Quartz)
Retail investors swarm into Fannie Mae and Freddie Mac in a fresh meme-style frenzy (Bloomberg)
