ASX 200 Live Today - Monday, 25th August

Welcome to our live ASX coverage for Monday, August 25. 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 around 2:00 pm AEST. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.

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ASX 200 higher but off best levels

[2:20 pm] S&P/ASX 200 currently up 0.28% (8,992 pts), pulling back from session highs of 0.97% (9,054 pts). It's a massive day for resources, with the Materials Index surging 2.89% to its best levels since October 2024. The mining strength is driving flows out of CBA (-1.4%), while weak numbers from Endeavour (-1.3%) and its soft trading update are likely weighing on Staples peers Woolworths (-1.2%) and Coles (-0.4%). Overall, it's a relatively muted response given the strong overnight lead, though the market is looking extended heading into the seasonally weak September period. That's a wrap. I'll catch you all tomorrow morning for more results!

S&P/ASX 200 sectors (Source: Market Index)

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Ord Minnett hikes Electro Optic Systems price target to $4.70

[14:15] Broker Ord Minnett is buy rated on one of the market's hottest small caps in the popular defence sector.

It has a $4.70 valuation on Electro Optic System shares on the basis the company has a strong order book, balance sheet, and in-demand technology.

Shares jumped 2% to $5.02 on Monday and are up 180% over the past year.

By Tom Richardson.

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Credit spreads near their narrowest range since 1998

[13:43 pm] Business media is widely reporting that credit spreads in the US are now as low as 75 basis points. The credit spread is the difference between the yield available on the benchmark risk-free rate US 10-year government bonds and an average of lower rated corporate debt.

As the spread gets narrower it suggests investors are not demanding enough compensation in terms of yield for the risk of holding US corporate debt.

Or, it suggests US government debt itself is mispriced or a mixture of both these reasons.

Overall, there are a lot of ways to interpret extremely narrow spreads, but they all generally point to excess risk taking in capital markets.

By Tom Richardson.

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Iron ore miners climb, Zip Co soars again

[13:18 pm] Shares in BHP are up 2.9% at lunchtime, with Rio Tinto adding 2.7% as iron ore prices firm.

Another top performer is Zip Co. The buy now, pay later group is up 6% to back up a 20% rally on Friday, after its smashed the market's expectations for guidance.

Asset manager and investment bank Macquarie is also up 2% thanks to an upgrade from JP Morgan.

By Tom Richardson.

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Shares lose steam

[12:55 pm] The S&P ASX 200 is up 0.2% at lunchtime after rising nearly 1% to a record 9054.4 points at the opening bell.

Strong gains among the miners and gold producers in particular are being offset by some weakness in the banks.

By Tom Richardson.

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'Mixed result': RBC on Kogan

[12:32 pm] Kogan shares are up 2% to $4.11 at lunchtime as investors digest the online shopping group's financial results.

"FY26 and medium-term margin guide look OK compared to consensus while long-term guidance shows material upside," said RBC analyst Weng Chen. "Positives from the result were: growth in active customers and marketing investments driving strong gross sales growth."

However, the broker described the overall result as 'mixed' with the big negative the performance of its Mighty Ape business in New Zealand.

By Tom Richardson.

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Ansell surges on margin beat

[11:34 am] Ansell shares rallied as much as 16% ($36.30) in early trade, now up 11% ($34.81) after reporting stronger-than-expected margins and an FY26 guidance beat. As noted earlier:

"Management expects price increases to offset higher tariffs in full ... We expect the stock to slightly outperform the market today with a stronger than expected FY26 guidance and improving divisional margins, being somewhat offset by the softer revenue growth that was achieved in FY25," said RBC Capital Markets analyst Craig Wong-Pan.

• Revenue up 24% to US$2.0bn vs. US$2.05 bn ests (3% miss)

• Underlying EBIT up 44% to US$282m vs. US$278m ests (2% beat)

• EPS up 20% to 70 US cents per share, towards the upper half of guidance range

• Total dividend of 50 US cents per share vs. 52 cents ests (4% miss)

• FY26 EPS guidance of 133-145 US cents vs. 135 US cents ests (3% beat)

• On-market buyback of US$200m

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Reece FY25 earnings call highlights

[11:31 am] Reece shares dipped as much as 20% in early trade after the company reported slightly weaker-than-expected earnings, while management warned: “Looking ahead we anticipate a slow recovery in ANZ with a period of soft activity still to play out. In the US, we expect the housing market to be constrained for the next 12-18 months driven by persistently high mortgage rates and affordability challenges."

The company's earnings call shared a few more insights, including:

• ANZ business mature with structurally lower margins. US still developing and requires long-term investment for differentiation

• Tariff pressures manageable but future impacts remain uncertain

• Waterworks and plumbing divisions face competitive and operational challenges with no current leader in waterworks

• Streamlining offers no FY26 benefits with focus shifting to efficiency, digital and AI, alongside a $19m inventory allowance increase

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Praemium: "A positive result for operating leverage"

[11:30 am] "Praemium delivered a positive result beating marketing expectations for NPAT and dividend. The beat relative to RBC was driven by stronger cost controls with a reduction in sales and market costs," said RBC Capital Markets’ analyst Jack Lynch.

The key numbers for FY25 include:

• Revenue up 25% to $103m vs. $105m ests (2% miss)

• Underlying EBITDA up 31% to $28.1m vs. $25.5m ests (10% beat)

• Funds under administration up 12%A to $64.3bn

• NPAT up 55% to $13.6m vs. 12.2m ests (11% beat)

• Outlook noted aspirations to maintain double digit revenue growth and EBITDA growth above revenue growth

"The outlook screens positive with management aspiring to deliver double-digit revenue growth and operating leverage. Double-digit revenue implies an uplift to consensus expectations in FY26," notes Lynch.

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Small caps making moves

[10:48 pm] Here are the top small caps ($200m to $1bn market cap) winners and losers.

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Top ASX 200 gainers and losers in early trade

[10:20 am] Ansell is surging on a decent FY25 and better-than-expected guidance, Zip extends gains after last Friday's FY25 earnings beat, while Reece is crushed in a weak outlook.

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Endeavour Group FY25 results

[9:50 am] No major surprises from Endeavour Group given the trading update on 4 August.

• Revenue down 0.3% to $12.1bn, in-line with guidance and consensus

• Operating EBIT down 7.3% to $1.0bn vs. $945.9m ests (6% beat)

• NPAT down 15.8% to $426m vs. guidance of $420-425m and $433m ests (2% miss but in-line with guidance)

• Total dividend down 13.8% to 18.8 cps

• First-seven weeks of FY26: Hotel sales up 4.4% year-on-year, Dan Murphy's and BWS sales down 1.3% year-on-year

Source: ASX Announcement | Company page: Endeavour Group (EDV)

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Data#3 FY25 results

[9:45 am] A clean FY25 beat from Data#3 but the outlook commentary sounds rather bearish?

• Sales up 9% to $3.0bn

• EBIT up 12% to $59.9m vs. $58.8m ests (2% beat)

• NPBT up 11.4% to $69.1m vs. $66.8m ests (3% beat)

• NPAT up 11.3% to $48.2m vs. $46.8m ests (3% beat)

• Total dividend up 10.2% to 28.1 cps vs. Macquarie ests of 26.3 cps (7% beat)

Outlook commentary: “Our outlook remains positive. While we expect Software Solutions growth to be under pressure in the short term as we manage through the Microsoft channel incentive transitions, we should see continued growth in our Infrastructure Solutions and Services businesses."

Source: ASX Announcement | Company page: Data#3 (DTL)

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Ramelius Resources FY25 earnings: Record numbers

[9:38 am] Always satisfying to see a gold miner report a massive year-on-year jump in numbers thanks to the soaring gold price. Dividend slightly softer than Macquarie ests, though this may reflect the balancing act of shareholder returns vs. reinvesting in the business.

• NPAT up 119% to $474.2m vs. $440.4m ests (8% beat)

• Operating cash flow up 92% to $856.4m

• Net cash and bullion up 81% to $809.7m

• Total dividend of 8 cps vs. Macquarie ests of 9 cps (11% miss)

• Completed transformational merger with Spartan Resources, with vision of becoming a 500,000 ounce producer by FY30

Source: ASX Announcement | Company page: Ramelius Resources (RMS)

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Bendigo & Adelaide Bank FY25 earnings: No surprises

[9:33 am] A very orderly result from Bendigo Bank, as the company's 3Q25 trading update likely provided analysts with a solid idea of what to expect.

After the 3Q25 update, most analysts retained an Underperform rating. "While BEN's Q3 result today was broadly in-line, it lacked positive catalysts for a re-rating. On our forecasts, BEN generates a sustainable ROE of only ~6-7%, and would see little earnings growth over the next 3-5 years," noted Macquarie analysts on 23 May.

Here are the key numbers for FY25:

• Cash earnings down 8.4% to $514.6m vs. $511.1m ests (1% beat)

• Net interest margin down 2 bps to 1.88% vs. 1.88% ests (in-line)

• Total dividend of 63 cps vs. Macquarie ests of 63 cps (in-line)

• CET1 ratio down 32 bps to 11.00% vs. 11.00% ests (in-line)

Source: ASX Announcement | Company page: Bendigo & Adelaide Bank (BEN)

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Praemium FY25 earnings

[9:28 am] Some sizeable beats from the 'mini-Hub24'.

"We’ve scaled efficiently, with EBITDA growth outpacing revenue and a 130bps uplift in margin,clear evidence of the leverage in our model. Our leadership in the high-net-worth segment continues to build momentum, underpinned by significant enterprise client wins across Spectrum, SMA and Scope+," said CEO Anthony Wamsteker.

• Revenue up 25% to $103m vs. $105m ests (2% miss)

• Underlying EBITDA up 31% to $28.1m vs. $25.5m ests (10% beat)

• Funds under administration up 12%A to $64.3bn

• NPAT up 55% to $13.6m vs. 12.2m ests (11% beat)

• Outlook noted aspirations to maintain double digit revenue growth and EBITDA growth above revenue growth

Source: ASX Announcement | Company page: Praemium (PPS)

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NIB Holdings FY25 earnings

[9:21 am] Not sure what to make of this result. Macquarie was Underperform rated as of 30 June 2025, citing "with multiple divisions experiencing operational and environmental headwinds, we retain our cautious outlook."

The numbers for FY25 look broadly ahead of analyst expectations, though the outlook commentary for 6-7% net margins for ahri seems a little soft vs. Macquarie ests of 7.3%.

• Revenue up 9% to $3.63bn vs. $3.48bn ests (4% beat)

• EBIT of $239.2m vs. $246.6m ests (3% miss)

• Underlying NPAT up 9.4% to $198.6m vs. $191.0m ests (4% beat)

• Total dividend flat at 29 cps vs. Macquarie ests of 27 cps (7.4% beat)

"The Group will target above-system arhi net policyholder growth of ~3%, and a stable full year underlying net margin in the 6-7% range. nib’s international students and workers business is expected to continue contributing strongly to Group UOP, while New Zealand is on track for full-year profitability, supported by a well-progressed claims recovery plan," noted the company.

Source: ASX Announcement | Company page: NIB Holdings (NHF)

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Antipa Minerals reports Bonanza gold hit

[9:15 am] We don't normally highlight exploration results on the blog but Antipa might be of interest after reporting the below hit.

The company reported: "Bonanza gold intersections at Fiama of up to 520 gram-metres in new extremely high-grade zones, with mineralisation open in multiple directions."

• 33m at 15.8 g/t gold and 0.28% copper from 96m in 25MYC0798, including:

  • 1m at 41.6 g/t gold from 114m

  • 3m at 150.0 g/t gold from 123m, also including:

    • 1m at 395.0 g/t gold from 124m

• 23m at 7.1 g/t gold and 0.07% copper from 125m in 25MYC0799, including:

  • 2m at 62.0 g/t gold and 0.08% copper from 128m, also including:

    • 1m at 97.5 g/t gold and 0.09% copper from 128m

Source: ASX Announcement | Company page: Antipa Minerals (AZY)

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Imdex FY25 results

[9:12 am] Some interesting comments from CEO Paul House: "We are greatly encouraged by our fourth quarter record revenue performance. That said, we remain cautious about the broader market outlook. There is positive market sentiment in key regions, with rising demand for near-mine and brownfields drilling, however the downward pressures that have dampened exploration activity over the past three years persist, although they are increasingly being counterbalanced by the upward forces driving demand for metals."

• Revenue down 3% to $431m vs. $423m Citi ests (2% beat)

• Normalised EBITDA down 3% to $126m vs. $128m Citi ests (2% miss)

• Reported NPAT up 70% to $55m vs. $54m Citi ests (2% beat)

• Full year dividend of 2.5 cps vs. 3 cps Citi ests (17% miss)

Source: ASX Announcement | Company page: Imdex (IMD)

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Perenti FY25 results: Record setting year

[9:07 am] It was a record setting year for the mining services company, with numbers broadly in-line or ahead of full-year guidance and analyst expectations. Though the stock has already run hard into results, up 49% year-to-date and 113% in the past twelve months.

• Revenue up 4% to $3.48bn vs. $3.51bn ests (1% miss)

• EBIT up 6% to $333.5m vs. $334.2m ests (0.2% miss)

• Underlying NPAT up 8% to $178.4m vs. $174.8m ests (2% beat)

• Net debt down 35% to $304.7m

• Total dividend up 21% to 7.25 cps

FY26 guidance include revenue between $3.45-3.65 billion (vs. $3.59bn ests), EBIT(A) of $335-355 million (vs. $351.2m ests) and capex of $340 million (vs. $353m ests).

Source: ASX Announcement | Company page: Perenti (PRN)

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Reece FY25 results: Slight miss, slow recovery ahead

[9:00 am] Reece's CEO Peter Wilson was very straightforward in the earnings announcement: "We delivered a disappointing result, with full year earnings impacted by soft end markets across both regions."

“Having seen cycles before, we remain focused on the fundamentals. This year we completed three bolt- on acquisitions and significantly expanded our branch network. During the second half, we made changes to streamline corporate costs to improve efficiency and better support our branch network."

• Revenue down 1% to $8.97bn vs. $8.79bn ests (2% beat)

• EBIT down 20% to $548m vs. $548-558m guidance and $555.2m ests (towards lower end of guidance, 1% miss vs ests)

• NPAT down 24% to $317m vs. $323.2m ests (2% miss)

• Total dividend down 29% to 18.36 cps vs. Citi ests of 17.5 cps (5% beat)

Outlook commentary: “Looking ahead we anticipate a slow recovery in ANZ with a period of soft activity still to play out. In the US, we expect the housing market to be constrained for the next 12-18 months driven by persistently high mortgage rates and affordability challenges."

Source: ASX Announcement | Company page: Reece (REH)

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Pilbara Minerals FY25 results: Unsurprising dip in earnings

[8:56 am] Big year-on-year dip in earnings, reflecting a 43% decline in average realised lithium prices (from US$1,176 to US$672 a tonne).

“FY25 marked a transformational year for PLS. While the lithium market experienced material pricing pressure, we maintained strong operational performance, completed a major phase of capital investment, and positioned the business for the next phase of growth," said CEO Dale Henderson.

• Revenue down 39% to $769m vs. $771m ests (0.3% miss)

• EBITDA down 83% to $97m vs. $84.7m ests (15% beat)

• Statutory loss of $196m (vs. $257m profit a year ago)

• No final dividend, reaffirmed FY26 production guidance of 820-870kt at unit operating costs of A$560-600/t

Source: ASX Announcement | Company page: Pilbara Minerals (PLS)

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Ansell FY25 earnings: Somewhat upbeat

[8:47 am] A relatively mixed result from Ansell, with FY25 EPS towards the top end of its upgraded guidance range. Though revenue missed while margins beat.

"Management expects price increases to offset higher tariffs in full ... We expect the stock to slightly outperform the market today with a stronger than expected FY26 guidance and improving divisional margins, being somewhat offset by the softer revenue growth that was achieved in FY25," said RBC Capital Markets analyst Craig Wong-Pan.

• Revenue up 24% to US$2.0bn vs. US$2.05 bn ests (3% miss)

• Underlying EBIT up 44% to US$282m vs. US$278m ests (2% beat)

• EPS up 20% to 70 US cents per share, towards the upper half of guidance range

• Total dividend of 50 US cents per share vs. 52 cents ests (4% miss)

• FY26 EPS guidance of 133-145 US cents vs. 135 US cents ests (3% beat)

• On-market buyback of US$200m

Source: ASX Announcement | Company page: Ansell (ANN)

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Santos bid likely extended

[8:42 am] ADNOC and Carlyle have yet to finalise their $36.4 billion takeover of Santos, with their exclusivity period now expected to be extended by four weeks after failing to strike a binding deal before the latest deadline.

Santos shares fell 3% last week as investors questioned the delays, though major holders like L1 Capital remain supportive. Beach Energy has signalled interest in joining sector consolidation and potentially the deal.

Source: AFR

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Powell carefully opens the door for rate cuts

[8:39 am] Powell's remarks at Jackson Hole bolstered bets that the Fed will cut rates at the September meeting. The key comment was: “the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance ... with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”

Here are the key data points and takeaways from Powell:

• Payroll growth slowed to ~35,000 a month in the past three months, down from 168,000 a month in 2024, with downward revisions subtracting 258,000 jobs. Unemployment steady at 4.2%, but risks of job losses rising as immigration-driven labor force growth weakens.

• GDP grew just 1.2% in 1H25, half the 2.5% pace in 2024, mainly on softer consumer spending.

• Tariffs now visible in inflation: Headline PCE +2.6% y/y, core PCE +2.9%, with goods prices up 1.1% y/y after falling in 2024. Powell views this as a likely one-off shock but warned of risks if expectations or wages respond.

• Powell said risks have shifted: Employment to the downside, inflation to the upside — a dovish tilt compared with recent hawkish Fedspeak.

• Futures now price a ~90% probability of a September cut (vs 75% before), showing markets saw the remarks as groundwork for easing.

• Fed abandoned average inflation targeting and “shortfalls” language, returning to flexible inflation targeting with emphasis on anchored expectations and a balanced approach when employment and inflation goals diverge.

• The bottom line: Growth is slowing, labor market softening, tariffs pushing up prices but inflation manageable, clearing the way for rate cuts unless inflation turns.

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Last week of August reporting season

[8:27 am] The busiest week of them all – the last week of August. Let's lock in and uncover the most interesting results. Today's reporters include:

• Larger Cap Earnings: Aussie Broadband (ABB), Abacus Group (ABG), Annsell (ANN), Bendigo Bank (BEN), Clarity Pharmaceuticals (CU6), Dalrymple Bay (DBI), Data#3 (DTL), Endeavour Group (EDV), EVT (RVT), Gold Road (GOR), Index (IMD), Liberty Financial Group (LFG), Navigator Global (NGI), NIB Holdings (NHF), Pilbara Minerals (PLS), Perenti (PRN), Regis Healthcare (REG), Reece (REH), Regal Partners (RPL), Stanmore Resources (SMR), Santos (STO), Tasmea (TEA)

• Small-to-Mid Cap Earnings: 5G Networks (5GN), Adore Beauty (ABY), Acrow (ACF), Aeris Resources (AIS), Australian Unity Office Fund (AOF), Biome (BIO, Carindale Property (CDP), Close the Loop (CLG), Cog Financial Services (COG), GDI Property (GDI), GenusPlus Group (GNP), Genetic Signature (GSS), GTN (GTN), Humm Group (HUM),Infomedia (IFM), IPD Group (IPG), Kogan (KGN), Lindsay Australia (LAU), Mayne Pharma (MYX), Nuix (NXL), Polynovo (PNV), PeopleIN (PPN), Praemium (PPS), Race Oncology (RAC), RPMGlobal (RUL), Shaver Shop (SSG), Southern Cross Media (SXL), Symal Group (SYL)

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Good morning!

[8:22 am] ASX 200 futures are up 84pts (+0.94%), suggesting the market will open at fresh all-time highs and above the 9,000 level.

If you’re new to the blog – catch up quick via today’s Morning Wrap.