ASX 200 Live Today - Monday, 8th September

Welcome to our live ASX coverage for Monday, September 8. 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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Choppy markets

[2:30 pm] That's all for Monday. Markets are a little dicey right now, and this choppy price action is likely to continue as we work our way through a number of narratives.

Bullish talking points: Sizeable drop in yields as Fed easing expectations jump on soft US jobs report, iron ore prices hovering US$105 a tonne, US ISM manufacturing new orders moved into expansion in August after a six month stretch in contraction, oil prices easing on OPEC+ production hike (a positive driver for disinflation narrative).

Bearish talking points: US employment soft and ISM services employment component in contraction for a third straight month, tariff volatility with appeals court ruling confirming they are illegal, some Fed policymakers still lean hawkish despite market pricing, UK bond market/fiscal concerns.

Please note the Live Blog will not be running tomorrow. I will be attending Livewire Live, an all-day event where Australia’s most experienced investors will debate the critical topics in markets right now.

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Wagner completes $30m placement

[2:24 pm] Wagners completed a $30 million institutional placement at $2.60 per share, representing a 2.3% discount to its last closing price of $2.66.

“As we highlighted with the release of the Company’s recent FY25 results, the forecast for the Construction Materials and Composite Fibre Technologies businesses is positive and there will be a requirement for the Company to invest to be able to deliver on the growth expectations," said Managing Director Cameron Coleman.

Interestingly, the AFR reports that the Wagner family members sold approximately 15 million shares in the pats week, including a 7.2 million share block trade that crossed today at $2.62 a piece.

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Gold miners struggling for upside

[1:14 pm] Gold prices rallied 1.1% last Friday to a record US$3,586/oz but local gold names are struggling to hold onto gains.

The S&P/ASX 200 All Ords Gold Index (XGD) is currently trading around breakeven, down from session high of 1.7%. This implies most stocks rallied in early trade and have given back all their names.

A few notable examples of this include:

• Ramelius Resources opened 1.7% higher, now down 2.1%

• Perseus Mining rallied as much as 3.7% in early trade, now down 0.2%

• Evolution Mining up 1.6% in early trade, now down 0.7%

The XGD has rallied around 28% since August, while gold gained around 9.0% over the same period.

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ASX 200 lower, rangebound action

[12:57 pm] S&P/ASX 200 currently down 0.34%, mostly sideways action today. Markets have been a little dicey, after suffering a four-day -2.7% pullback between 29 August and 3 September.

Lots of moving parts, overshadowed by the seasonally weak month of September. Equities seem to be supported by better-than-expected earnings season (both Australia and US) plus recent dip in bond yields on weak US jobs data.

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Strong operational momentum across REITs, says Citi

[12:53 pm] "The recent August earnings season was supportive with stocks exposed to retail, residential, self-storage, data centers and industrial showing strong operational momentum," says Citi.

The analysts are constructive on select stocks that have real growth through strategically located assets, with top picks including Goodman Group, Stockland, Scentre Group and National Storage REIT.

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Uranium stocks broadly higher

[12:49 pm] Its a sea of green for uranium stocks today, led Aura Energy (+9.5%), Lotus Resources (+5.4%), Boss Energy (+5.0%), Elevate Uranium (+3.3%).

Unclear of the catalyst behind this move. One of the latest sector drivers was when Cameco, one of the world's largest uranium miners, cut its production forecast on 29 August. Development and slower ground freezing expected to reduce 2025 production to 14–15Mlbs U3O8 (down from 18Mlbs), with 9.8–10.5Mlbs attributable to Cameco.

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Stocks rallying on ASX 200 inclusion

[11:53 am] A few select names rallying on inclusion into the ASX 200.

The full list of names set to join the next later this month include: Dalrymple Bay Infrastructure (DBI), DroneShield (DRO), Ebos Group (EBO), Greatland Resources (GGP), GQG Partners (GQG), IperionX (IPX), Perenti (PRN), Superloop (SLC), Tuas (TUA).

The notable gainers include Super Loop (+6.5%), Tuas (+5.6%) and Droneshield (+2.3%)

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Cobram launches $185 million capital raising

[11:13 am] Cobram Estate Olives launched a $185 million capital raising at $3.20 per share, with proceeds to be put towards land purchases to support the company's US olive oil business.

Source: AFR

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Tasmea completes $43 million placement

[11:12 am] Tasmea has successfully completed a $43 million institutional placement at $4.30 per share or a 2.3% discount to its last close. The reasons behind the raise include:

• Enhanced index inclusion prospects: A larger free float and expanded institutional register are expected to materially improve Tasmea’s chances of admission to the ASX 300 Index at the March 2026 rebalance, increasing liquidity and broadening the Company’s investor base.

• Accelerated growth opportunities: Additional capital provides flexibility to progress a number of acquisition opportunities currently under active consideration, strengthening Tasmea’s ability to potentially accelerate its programmatic acquisition strategy.

• Preservation of balance sheet strength: The Placement reinforces Tasmea’s financial position, reducing debt and ensuring capacity to fund growth while maintaining conservative balance sheet metrics. Post-raising, Tasmea’s net debt position is expected to be well below the targeted 1x EBITDA level.

Overall, interesting raise since:

• Tasmea posted some strong earnings in FY25, with EBIT margin up 200 bps to 13.6% and NPAT up 74% to $53.1 million

• Lifted its final dividend by 50% to 6 cents per share, plus a special dividend of 12 cents per share (could have opted for a smaller dividend to preserve more cash?)

• Net debt of $110.9 million in FY25, leverage currently sitting at 1.0x

• Guiding to ~32% earnings growth in FY26

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4DMedical's parabolic move

[10:57 am] Shares in 4DMedical up another 26% ($1.96), following an 18% rally on Friday. The stock is now up 242% in the past week and 311% in the past month.

4DMedical is a med-tech company using its patented XV Technology and AI-powered imaging to provide advanced, FDA-cleared tools for earlier and more precise diagnosis of respiratory diseases.

The stock announced a series of positive announcements in the past week, including FDA clearance for its CTVQ product, a $6 million R&D tax incentive, and a US reimbursement code for CTVQ.

On 31 July, Pro Medicus announced a $10 million investment in the company, structured as a hybrid debt-and-equity loan, non-dilutive if the share price stays rangebound, but offering upside if 4DX shares perform strongly.

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Markets slip, Energy stocks tank

[10:25 am] S&P/ASX 200 currently down 0.22% but off early lows of -0.39%. Interesting to see Tech stocks mostly higher, Materials with broad strength from both iron ore, gold and lithium. Energy stocks smashed on lower oil prices, with Brent crude down almost 2% to US$65.8 a barrel last Friday. Woodside is currently down 3.5%, trading at its lowest level since 22 July. The stock is about to hit its 200-day moving average, will be interesting to see if it bounces around these levels.

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

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ASX 200 gainers and losers in early trade

[10:20 am] Working off a different set up, so don't have the usual tables available.

Top performing ASX 200 stocks include a mix of growth (likely supported by the Russell 2000 +0.4% overnight despite broader US market lower) and lithium stocks. Top gainers include Droneshield (+6.2%), Life360 (+6.0%), Pilbara Minerals +4.8%), Tuas (+3.7%), Greatland Gold (+3.5%) and James Hardie (+3.4%).

On the flip side, retail stocks are pulling back after a strong August rally, Energy stocks also lower after oil prices slipped on further OPEC+ production hikes. Top losers include Super Retail Group (-4.6%), Sims (-3.6%), Aub Group (-3.3%), Woodside (-3.1%), Megaport (-2.2%) and Telix Pharmaceuticals (-2.2%).

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Computershare CEO offloads 200k shares

[9:55 am] Computershare's CEO Stuart Irving has offloaded 204,666 shares to satisfying withholding tax obligations arising from the vesting of incentive plan shares.

Irving received 180,663 shares from the vesting of performance rights under an FY23 and FY25 award.

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Macquarie's favourite post-reporting season picks

[9:45 am] Macquarie says their favourite post-reporting season picks are:

• ARB Corp (ARB)

• AUB Group (AUB)

• Breville Group (BRG)

• Flight Centre (FLT)

• Integral Diagnostics (IDX)

• Maas Group (MGH)

• Neuren Pharmaceuticals (NEU)

• NWR Holdings (NWH)

• Pinnacle Investment Management (PNI)

• Pexa Group (PXA)

• Super Loop (SLC)

• Siteminder (SDR)

• Universal Store (UNI)

At a glance, not all these stocks beat earnings expectations. Notable beats/rally on results day include ARB, NWH, PNI, SDR and UNI.

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Coles issues underpayments proceedings update

[9:42 am] Coles has updated its underpayments proceedings, estimating further remediation of $150–250 million, excluding potential penalties or class action costs. As of 29 June 2025, the company holds a $19 million provision in its financial statements.

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Cobram Estate Olives halted

[9:35 am] Cobram Estate Olives entered a trading halt this morning, pending the outcome of a proposed capital raising. It's an opportune time to be raising capital, with the stock up 50% year-to-date and 103% in the past twelve months.

The stock experienced its next leg up after a trading update on 7 July, where the company reported:

• CBO produced 14.2m litres from its own groves (+40% YoY) and secured an additional 1.1m litres from other millers, lifting total supply to 15.3m litres.

• Output was 10.2% higher than the last “on-year” (2023) despite removing 100k mature trees; new higher-yield varieties and a 150k-tree Boort development underpin future expansion.

• 2026 harvest expected to be only moderately lower despite being an “off-year,” with two-year rolling average production from owned groves forecast to exceed 20m litres at full maturity.

Source: ASX Announcement

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Woolworths acquires 50% stake in Big Dog Pet Foods

[9:20 am] The Australian report that Woolworths has acquired a 50% stake in Big Dog Pet Foods, a Queensland-based specialist in raw and natural pet food.

The article did not indicate any financial terms of the deal.

Source: The Australian

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Broadcom earnings beat

[9:15 am] Broadcom shares rallied 9.4% overnight, now the 7th largest company on the S&P 500. The company beat Q3 earnings expectations (revenue up 22% to $16bn vs. $15.8bn ests) and struck a $10 billion deal with OpenAI to co-develop custom AI accelerators, set to ship in 2026, easing Nvidia dependence and targeting inference workloads.

Broadcom lifted its FY26 AI growth outlook beyond prior 50–60% guidance, citing “immediate and substantial demand” from OpenAI.

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Oil prices slip on OPEC+ meeting

[9:07 am] OPEC+ has agreed to raise output at ~137k barrels/day in October, accelerating the unwinding of 1.66m b/d of cuts originally slated to remain until 2026.

The move extends a surprise return of 2.2 million barrels/day this year, signalling a clear priority on reclaiming market share even as forecasters warn of looming oversupply.

Brent crude slipped 1.8% to US$65.7 a barrel last Friday.

Brent crude daily price chart (Source: TradingView)

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Lululemon smashed

[9:04 am] Lululemon dipped 18% overnight after the company slashed its outlook on weak demand and a $240 million hit from Trump’s de minimis exemption removal, with Q3 sales now projected at $2.47–$2.5 billion (below estimates).

Comparable sales rose just 1% in Q2 vs. ~3% expected, marking the third straight miss as rivals like Alo Yoga and Vuori capture market share. CEO McDonald admitted long product lifecycles and waning loyalty among high-value customers, signalling deeper brand fatigue.

Analysts warn this is a “2026 show-me story,” with few near-term catalysts and reliance on new product launches to reaccelerate growth.

Lululemon daily price chart (Source: TradingView)

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All Ords September quarter rebalance

[8:52 am] A much bigger list for the All Ords rebalance.

Additions: Astral Resources (AAR), American Rare Earths (ARR), Ausgold (AUC), Aurum Resources (AUE), Antipa Minerals (AZY), Barton Gold (BGD), Berkeley Energia (BKY), Bathurst Resources (BRL), Cash Converters International (CCV), Challenger Gold (CEL), Count (CUP), Dateline Resources (DTR), Elsight (ELS), Gorilla Gold Mines (GG8), Greatland Resources (GGP), Infragreen Group (IFN), IkeGPS Group (IKE), Minerals 260 (MI6), Medallion Metals (MM8), Metal Powder Works (MPW), Metallium (MTM), Motorcycle Holdings (MTO), New Murchison Gold (NMG), Native Mineral Resources (NMR), Pacific Lime and Cement (PLA), Plenti Group (PLT), Polymetals Resources (POL), PRL Global (PRG), Rox Resources (RXL), Robex Resources Inc. (RXR), Saturn Metals (STN), Tivan (TVN), Virgin Australia (VGN), Wrkr (WRK)

Removals: 4DMedical (4DX), Atlantic Lithium (A11), Arovella Therapeutics (ALA), Australian Unity Office Fund (AOF), Avita Medical Inc. (AVH), Anteris Technologies Global Corp. (AVR), Bhagwan Marine (BWN), Cosol (COS), Conrad Asia Energy (CRD), Cettire (CTT), Calix (CXL), Cyclopharm (CYC), Encounter Resources (ENR), FBR (FBR), Hipages Group (HPG), Imugene (IMU), MedAdvisor (MDR), Opthea (OPT), Peninsula Energy (PEN), PlaySide Studios (PLY), SPC Global (SPG), Step One Clothing (STP), Trajan Group (TRJ), Veem (VEE)

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ASX 200 September quarter rebalance

[8:49 am] S&P Dow Jones Indices announced changes to the S&P/ASX Indices last Friday, effective prior to the open of trading on Monday, September 22, 2025.

These are the key changes for the S&P/ASX 200:

Additions: Dalrymple Bay Infrastructure (DBI), DroneShield (DRO), Ebos Group (EBO), Greatland Resources (GGP), GQG Partners (GQG), IperionX (IPX), Perenti (PRN), Superloop (SLC), Tuas (TUA)

Removals: Amotiv (AOV), Credit Corp Group (CCP), Clarity Pharmaceuticals (CU6), Lifestyle Communities (LIC), Macquarie Technology Group (MAQ), Nufarm (NUF), Nuix (NXL), PolyNovo (PNV), Smartgroup Corporation (SIQ)

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Another weak jobs print

[8:44 am] US nonfarm payrolls rose just 22,000 vs. 75,000 expected, with downward revisions leaving the 3-month average at 29,000, the weakest streak since the pandemic.

The unemployment rate hit 4.3%, the highest since 2021, with rises in permanent job losses, long-term unemployment, and part-time work for economic reasons.

Employment fell in tech, finance, manufacturing, government and business services, while healthcare drove nearly all gains. If you exclude healthcare, jobs declined in three of the past four months.

The weak data all but secures a Fed rate cut at the September, with markets reacting via Treasury rallies and S&P 500 reversals.

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Good morning!

[8:34 am] ASX 200 futures are down 15pts (-0.16%) after a relatively weak lead from Wall Street. The S&P 500 slipped 0.32% despite opening 0.42% higher, largely weighed by the weaker-than-expected jobs print.

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