ASX 200 Live Today - Thursday, 10th July

Welcome to our live ASX coverage for Thursday, July 10. We’re excited to be trialing this new format. Expect a high volume of posts pre-market and more periodic updates throughout the day. The blog will be wrapping up at 3 pm AEST today. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.

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Commodities check in

[1:30 pm] Commodities are trading broadly higher on Thursday, following slight weakness (ex-copper) in the previous session.

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Another heavy day for uranium stocks

[12:54 pm] Uranium stocks are trading broadly lower, notably Bannerman (-4.5%), Lotus Resources (-2.8%), Boss Energy (-2.4%) and Paladin Energy (-1.4%).

A key name like Boss Energy is now down 23% in July, falling to near two-month lows and hovering the key 200-day moving average.

Boss Energy price chart (Source: TradingView)

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Small caps making moves

[11:33 am] Here are the top small caps ($200m to $1bn market cap) gainers and losers in early trade.

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Platinum Asset Management continues to rally on L1 Capital Merger

[10:58 am] Shares in Platinum Asset Management continues to ride the momentum of its long-anticipated merger with L1 Capital, currently up 6.0% to $0.52.

The company signed a binding merger implementation deed on Wednesday, with most analysts viewing the deal as earnings accretive and supportive of future growth momentum.

Here are some of the key takeaways from brokers:

• UBS raised target from $0.47 to $0.53, maintained Neutral. Merger creates EPS accretion through cost synergies despite elevated retail outflows and higher than expected FY25 costs.

• Jarden raised target from $0.37 to $0.53, maintained Neutral. Strategic merger offers FUM complementarity and additional cost synergies, though risks remain if PTM revenue trends don't stabilise.

• Bell Potter raised target from $0.49 to $0.60, upgraded to Buy from Hold. Deal transforms PTM from decline to growth trajectory with L1 momentum driving earnings enhancement for the combined global asset manager.

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Analysts' take on Lifestyle Communities

[10:43 am] Shares in Lifestyle Communities suffered a 37% selloff on Wednesday after the Victorian Civil and Administrative Tribunal found its existing deferred management fee (DMF) contracts lacked sufficient fee disclosure, rendering them legally unenforceable.

While the structure itself was not outlawed, the ruling struck out key agreements, surprising the market and undermining a core earnings stream. The DMF is payable when a resident sells their home, calculated as a percentage of the resale price.

Here are some of the key takeaways from brokers:

• Bell Potter lowered target from $8.55 to $5.00, maintained Hold. Legal pressures and buyer sentiment concerns may force asset sales to maintain financial flexibility.

• Canaccord Genuity lowered target from $8.99 to $5.30, maintained Hold. VCAT judgment undermines business model confidence with potential material asset value impacts from DMF write-downs.

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Top gainers and losers in early trade

[10:30 am] Here are the top S&P/ASX 200 gainers and losers in early trade.

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Gold stocks bounce

[10:15 am] Gold stocks are trading broadly higher after suffering a steep selloff on Wednesday. The move follows a slight uptick in gold prices overnight, up 0.33% to US$3,318/oz.

The All Ords Gold Index is currently up 1.5% (but fell 4.7% on Wednesday).

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Change Financial expects maiden positive EBITDA

[9:52 am] The $46 million market cap Change Financial says it will exceed FY25 revenue guidance and deliver its first positive underlying EBITDA.

• Unaudited FY25 revenue up 42% year-on-year to US$15.1m (A$23.2m)

• Maiden underlying EBITDA positive resulted expected in FY25

• FY26 revenue to be in the range of US$16.5-18.0m (A$25.4-27.7m) or 14% growth at the midpoint

• FY26 EBITDA forecast to increase significantly, within the range of US$2.5-3.5m (A$3.8-5.4m)

Source: ASX Announcement | Company page: Change Financial (CCA)

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Imricor receives EU regulatory approval

[9:40 am] Imricor achieved a significant regulatory milestone by receiving approval for NorthStar, its second-generation ablation catheter and capital equipment, under the more stringent European Medical Device Regulation (EU-MDR). This approval has already generated commercial momentum, with the active European hospital pipeline expanding from 7 to 26 facilities in the last six months, a direct result of increased investment in sales and marketing efforts.

Building on this European success, Imricor has now set its sights on the US market. The company submitted its 510(k) application to the FDA on July 9, with approval expected by the end of 2025. This represents Imricor's initial entry into the US commercial market, and once cleared, the sales team will begin site engagement and pipeline development activities.

Source: ASX Announcement | Company page: Imricor (IMR)

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Mach7 falls short of guidance

[9:31 am] Mach7 Technologies reported preliminary FY25 revenue of $33-34 million, in-line with its guidance of 15-25% revenue growth (33-36 million).

However, CARR (contracted annual recurring revenue) fell short of targets, expected to finalise at approximately $30-31 million vs. $32-35 million guidance.

The update noted a solid balance sheet, with no debt and $21-23 million cash at 30 June 2025 (vs. market cap of ~$81m).

Mach7 Technologies is a provider of medical imaging software, delivering advanced data management and diagnostic viewing solutions to healthcare organisations worldwide.

Source: ASX Announcement | Company page: Mach7 (M7T)

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Praemium's big client win

[9:27 am] Bell Financial Group has chosen Praemium's administration solution, Scope+ to support its business, resulting in:

• A 10% increase in the group's total funds under administration (FUA) to approximately $68 billion

• Acceleration of Scope+ total FUA by 19%

• A 23% increase in Scope+ portfolios

• “This is a milestone moment for our Scope+ offering, and one that reaffirms the calibre of our solution, and the trust leading firms are placing in our capability,” said Anthony Wamsteker, CEO at Praemium. “We continue to see exceptionally strong growth in this area as firms seek to streamline operations while delivering an exceptional experience to their clients.”

To add some perspective, Praemium's Q3 update noted 17% total FUA growth to $62.3 billion. This marks a sizeable contract win for the emerging funds administration business.

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

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Netwealth provides Q4 update

[9:15 am] Netwealth provided a business update for the June 2025 quarter. Here are the key numbers vs. analyst estimates:

• Record year for funds under administration (FUA) net flows, up 40% to $15.8bn

• Total FUA at 30 June 2025 of $112.8bn, up 28% year-on-year and above Morgan Stanley estimates of $108.2bn (4.2% beat)

• Total FUA up 8.3% quarter-on-quarter, an acceleration of 2.4% QoQ growth in the previous quarter

• Outlook commentary: Remains confident in net flows outlook for FY26 and beyond, supported by new account openings in Q4, robust transition pipelines and continued success in attracting new advisers

Overall, a very strong update, with most numbers tracking ahead of analyst expectations and a reacceleration in quarterly FUA inflows. However, Netwealth closed at record highs on Wednesday. The stock is up 58% from its 7 April low and up 22% year-to-date.

Source: ASX Announcement | Company page: Netwealth (NWL)

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Biotechs looking up

[8:59 am] The S&P Biotech ETF (XBI) rallied 3.7% overnight, closing at the highest level since 25 March and its first close above the key 200-day moving average since 5 February.

The ETF tracks a broad range of US-listed small-to-large cap biotech companies, including names like Moderna, Amgen and Gilead Sciences.

Its a useful barometer for the broader biotech sector, and its recent strength could signal some positive flows for local names like CSL.

SPDR S&P Biotech ETF chart (Source: TradingView)

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June FOMC shows mixed rate outlook

[8:53 am] All FOMC participants agreed it was appropriate to keep rates steady in June, reflecting broad caution amid uncertain inflation dynamics. Some of the key highlights from the FOMC minutes include:

• Diverging views on rate cuts: "A couple" of members were open to cutting rates by July if data evolves as expected, but some said no cuts in 2025 may be warranted given sticky inflation and resilient economic activity.

• Inflation still a key concern: Participants highlighted elevated recent inflation readings, with both business and consumer inflation expectations still running high.

• Split emerging within the Fed: Market focus remains on potential policy divergence, especially after Waller and Bowman floated the possibility of a July cut post-meeting — though consensus expects the Fed to stay on hold.

• Tariffs flagged as inflationary risk: Most participants saw a persistent inflationary impact from tariffs, suggesting geopolitical developments remain a key upside risk to prices.

• Growth seen slowing: A majority of participants anticipate slower economic growth in the near term, a potential sign that tightening effects are filtering through.

• Labour market remains firm but softening expected: While conditions were still viewed as solid, many participants expect a gradual weakening ahead, aligning with a slower growth outlook.

Source: FOMC minutes

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What's driving stocks?

[8:48 am] US stocks bounced back, with the S&P 500 snapping a two-day losing streak. Here are some of the key overnight drivers:

• Tech strength: Tech was the second best performing sector, up 0.94%. Broad gains from heavyweight names like Broadcom (+2.2%), Nvidia (+1.8%), Meta (+1.6%) and Amazon (+1.4%) powered benchmarks higher.

• Nvidia: Nvidia hit a second consecutive all-time high and briefly crossed the US$4 trillion market cap level, the first company to ever do so. It's now approximately US$200 billion in market cap ahead of #2 Microsoft.

• Lower yields, lower VIX: The US 10-year yield eased 6 bps to 4.33%, decent demand at a US$39bn 10-year auction supported the slight downtick in yields. Meanwhile, the S&P 500 VIX has fallen to 15.95, the lowest since 21 February.

• Lack of tariff headlines: Trump sent out a few more tariff letters (6) overnight. But apart from that, things were pretty quiet on the tariff/trade front.

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Good morning!

[8:31 am] S&P/ASX 200 futures are currently up 41pts (+0.48%), which would bring the market within 0.30% of all-time highs.

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