ASX 200 Live Today - Thursday, 22nd May
The S&P/ASX 200 is set to fall as soaring bond yields place downward pressure on equities. Here are today's top stories.
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Today’s ASX 200 Updates
Welcome to our live ASX coverage for Thursday, May 22nd. We’re excited to be trialing this new format. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.
Market closes lower, off worst levels
[4:15 pm] The market held up relatively well despite bearish bond yield headlines. The S&P/ASX 200 finished the session down -0.45%, off session lows of -0.90%, with 60% of constituents (123) closing in negative territory.
The yield surge hit risk-on sectors like Tech (-1.64%) and Discretionary (-1.06%) the hardest. While the Materials sector thanks to higher gold, copper and rare earth stocks.
Overall, the volatile bond yield environment is placing downward pressure on equities and the tepid demand for US treasuries may be a cause for concern.
The Australian 10-year yield is currently trading where it finished on Monday at 4.46%, despite falling to 4.395% after the RBA rate cut on Tuesday.
For detailed commentary and analysis - read today's Evening Wrap.
Stocks moving on unusual volume
[3:15 pm] These are the S&P/ASX 200 stocks experiencing unusual volume, as a % of their 20-day average volumes.
Ticker | Company | % Chg | Price | R-Vol |
|---|---|---|---|---|
GQG | GQG Partners | -1.40% | $2.12 | 197% |
A2M | A2 Milk | 1.11% | $8.19 | 149% |
CEN | Contact Energy | -2.68% | $8.34 | 145% |
AUB | Aub Group | 0.99% | $34.57 | 143% |
DBI | Dalrymple Bay Infrastructure | -0.12% | $4.10 | 123% |
GNE | Genesis Energy | -0.47% | $2.13 | 122% |
PPT | Perpetual | -0.50% | $17.93 | 109% |
SNL | Supply Network | 1.97% | $41.34 | 104% |
TLS | Telstra Group | 0.43% | $4.71 | 102% |
WGX | Westgold Resources | 3.86% | $2.83 | 100% |
Earlypay block trade
[2:50 pm] Earlypay has recorded a 54.2 million-share block trade,crossing at 22 cents, representing 19.9% of the company.
In January, sources told the AFR that "Geoffrey Sam had called in the bankers after learning of its largest shareholder, the ASX-listed COG Financial Services’ intention to sell its 21.4 per cent stake in the company should a decent-enough offer present itself."
Earlypay shares slumped 11% on Tuesday to 20 cents after downgrading its full-year underling EPS to 1.8 cents from prior guidance of 2.2 cents.
The trading update also noted expectations of ~$8 million (or 3 cents per share) of surplus capital and an ongoing review of options to maximise shareholder value.
Graphite miners rally on US tariffs
[2:00 pm] Graphite stocks are ticking higher after the US Department of Commerce announced plans to impose up to 721% tariffs on Chinese graphite used in lithium-ion batteries, citing unfair subsidies.
"We are encouraged by the decision of the Department of Commerce today. This decision is an important step in supporting the United States' goal of developing critical mineral supply domestically for increased energy independence," commented Novonix CEO Michael O'Kronley.
Stocks making moves in this space include Lynas (+5.9%), Iluka Resources (+2.6%) Novonix (+2.3%) and Renascor (+2.0%).
Gold miners higher, but fading early gains
[1:20 pm] Gold miners are broadly higher but a few names like Evolution, Perseus and Ora Banda struggled to hold onto early gains.
Gold prices are up almost 4.5% in the last four sessions to US$3,342 an ounce, driven by Moody's US credit rating downgrade, a falling US dollar and fiscal concerns.
Ticker | Company | % Chg | Price |
|---|---|---|---|
GMD | Genesis Minerals | 4.82% | $4.35 |
NST | Northern Star Resources | 4.11% | $20.01 |
SPR | Spartan Resources | 4.09% | $2.17 |
WGX | Westgold Resources | 3.49% | $2.82 |
RMS | Ramelius Resources | 3.36% | $2.77 |
WAF | West African Resources | 3.01% | $2.57 |
VAU | Vault Minerals | 2.76% | $0.45 |
NEM | Newmont Corporation | 2.40% | $83.08 |
RRL | Regis Resources | 1.85% | $4.95 |
GOR | Gold Road Resources | 1.68% | $3.34 |
CMM | Capricorn Metals | 1.65% | $9.22 |
EVN | Evolution Mining | 1.15% | $8.77 |
PRU | Perseus Mining | -0.13% | $3.72 |
EMR | Emerald Resources | -0.55% | $4.54 |
OBM | Ora Banda Mining | -1.23% | $1.05 |
Small caps making moves
[11:40 am] Here are the top small caps ($200m to $1bn market cap) gainers and losers heading into noon.
Ticker | Company | % Chg | Price |
|---|---|---|---|
HTA | Hutchison Telecommunications | 52.38% | $0.03 |
STK | Strickland Metals | 9.52% | $0.12 |
MMI | Metro Mining | 8.00% | $0.05 |
NTU | Northern Minerals | 7.41% | $0.03 |
WC8 | Wildcat Resources | 6.45% | $0.17 |
BTR | Brightstar Resources | 6.07% | $0.65 |
NVX | Novonix | 5.81% | $0.46 |
SKO | Serko | 5.80% | $2.92 |
SWM | Seven West Media | 4.83% | $0.15 |
RBD | Restaurant Brands New Zealand | 4.81% | $3.05 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
GRX | Greenx Metals | -9.20% | $0.74 |
AVR | Anteris Technologies | -7.50% | $5.55 |
CRN | Coronado Global | -6.90% | $0.14 |
MLX | Metals X | -5.41% | $0.53 |
SPZ | Smart Parking | -5.15% | $0.92 |
BBT | Betr Entertainment | -4.93% | $0.35 |
AII | Almonty Industries | -4.24% | $2.71 |
IMB | Intelligent Monitoring Group | -3.97% | $0.61 |
KSC | K & S Corporation | -3.95% | $3.40 |
ATA | Atturra | -3.93% | $0.86 |
Australia's Manufacturing and Services PMI
[11:00 am] Here are some of the key takeaways from S&P's Manufacturing and Services PMI flash this morning.
Business Activity Growth Slowed: The S&P Global Flash Australia PMI Composite Output Index dropped to 50.6 in May from 51.0 in April, indicating a modest expansion in private sector activity, the joint-weakest in 2025.
New Orders and Exports: New order growth weakened to the slowest in 2025, despite a marginal rise in new export orders, mainly in manufacturing, while services saw a continued decline in export orders.
Employment Remains Strong: Job creation continued at a solid pace for the fifth consecutive month, driven by higher new orders and optimism for future demand.
Inflationary Pressures Eased: Input cost and output price inflation slowed in May, with input cost inflation at a three-month low, though still aligned with historical averages.
Business Confidence Declined: Business sentiment fell for the fourth straight month to the lowest since October 2024, particularly in services, though manufacturing optimism slightly improved.
Inventory and Backlogs: Manufacturers reduced purchasing activity and inventories, with stocks of purchases seeing the sharpest drop in 2025, while backlogs decreased for the first time in three months.
Source: S&P Global
Top gainers and losers at open
[10:30 am] Here are the top S&P/ASX 200 gainers and losers in early trade.
Gold stocks are broadly higher amid another uptick in gold prices and a risk-off market environment. Meanwhile, growth stocks, including names like Zip, Telix, Block, and Hub24, are leading the downturn.
Ticker | Company | % Chg | Price |
|---|---|---|---|
LYC | Lynas Rare Earths | 3.29% | $7.85 |
SPR | Spartan Resources | 2.88% | $2.14 |
SNL | Supply Network | 2.71% | $41.64 |
WAF | West African Resources | 2.61% | $2.56 |
IEL | Idp Education | 2.38% | $8.60 |
EVN | Evolution Mining | 2.25% | $8.87 |
BAP | Bapcor | 2.14% | $5.26 |
RMS | Ramelius Resources | 2.05% | $2.74 |
GMD | Genesis Minerals | 1.93% | $4.23 |
IAG | Insurance Australia Group | 1.88% | $8.68 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
ZIP | Zip | -5.90% | $1.88 |
GNE | Genesis Energy | -3.27% | $2.07 |
TLX | Telix Pharmaceuticals | -3.27% | $24.84 |
XYZ | Block | -3.05% | $85.55 |
HUB | Hub24 | -2.94% | $78.45 |
TWE | Treasury Wine Estates | -2.93% | $8.29 |
GQG | GQG Partners | -2.79% | $2.09 |
DXS | Dexus | -2.56% | $7.04 |
NWL | Netwealth Group | -2.39% | $29.58 |
PME | Pro Medicus | -2.31% | $276.33 |
Stocks on the move
[10:25 am] Here are a few eye catching movers in early trade.
SKS Technologies (+24%): As noted below, a sizeable $100m contract win for the $170m market cap company. The FY25 profit before tax guidance of $18m may have also beaten market expectations.
Catapult Group (+7.3%): The stock continues to run hot after Wednesday's better-than-expected FY25 result (sizeable management EBITDA and margin beat). Catapult shares are now up more than 20% in the last two days.
Charter Hall (-2.0%): The real estate sector is under pressure amid the recent surge in bond yields. Charter Halls is one of the more yield-sensitive REITs, experiencing some weakness today.
Nufarm (-3.2%): The company's 1H25 result on Wednesday missed market expectations, with underlying EBITDA of $206m vs. $239.3m estimates (14% miss). Despite experiencing a one-day fall of 30%, the stock continues to face selling pressure.
Zip (-5.9%): The bond yield surge is taking a toll on growth-oriented pockets of the market.
SKS Technologies secures $100m data centre project
[10:00 am] Audiovisual, IT and electrical solutions company SKS Technologies has received written confirmation of a $100 million data centre project award with Erilyan Group.
The project is located in Melbourne's western suburbs, for an international hyperscale data centre operator. Formal contracts are expected to be executed in the coming weeks, with an expected project completion date of September 2026.
The award lifts the company's work on hand to $220 million.
An accompanying presentation guided to FY25 profit before tax of $18 million and reaffirmed prior revenue guidance of $260 million.
Source: ASX Announcement | Company page: SKS Technologies (SKS)
IAG's proposed acquisition of RACQ Insurance not opposed
[9:50 am] The ACCC will not opposed Insurance Australia Group's proposed acquisition of RACQ Insurance.
“Several alternative suppliers of home and contents insurance and motor insurance, including the market leader Suncorp, more established insurers Allianz and QBE, and newer entrants such as Youi, Auto & General, and Hollard will continue to compete in Queensland,” ACCC Chair Gina Cass-Gottlieb said.
The key acquisition details (announced last week) include:
Total consideration of $1.35 billion
Transaction expected to result in approximately $100m in pre-tax annual synergies
Transaction expected to be EPS accretive in the first full-year and achieve mid-single digit EPS accretive on a full synergy run-rate basis
Funded from existing surplus capital, debt and organic capital generation
Source: ACCC
Perenti awarded $1 billion contract
[9:40 am] Diversified mining services company Perenti has signed a new five-year contract for delivery of underground mining services at the Obuasi Gold Mine for AngloGold Ashanti. The key contract details include:
Contract value: Approximately $1.02 billion
Contract term: 60 months from 1 February 2025
Services: Underground development, production and related mining services
Capital requirement: No new capital growth required as Anglo provides major capex
This is a fairly sizeable contact win relative to the company's $1.3bn market cap. As Macquarie noted in April, "the strong gold price may drive further scope expansion across PRN's existing projects, with gold generating 65% of 1H25 revenue and copper a further 15%."
Source: ASX Announcement | Company page: Perenti (PRN)
Fortescue issues Iron Bridge outlook
[9:35 am] Fortescue says its Iron Bridge project is on track to achieve FY25 guidance for shipments (5-9Mt on 100% basis) and operating costs. The Iron Bridge Project began production in May 2023 and marks the company's first venture into the high-grade magnetite segment of the iron ore market.
In addition, Fortescue said the project will achieve an annualised production rate of 16-20Mt (100% basis) by the second half of 2027, and nameplate capacity of 22Mt per annum by FY28.
Source: ASX Announcement | Company page: Fortescue (FMG)
Ventia Services reaffirms FY25 earnings
[9:30 am] Ventia Services reaffirmed its FY25 NPATA (ex-Toowoomba transaction) of 7-10% year-on-year at its AGM, as initially stated in its 1H25 results.
Macquarie noted in February that the first half result was solid, showcasing Ventia’s defensive growth, an undergeared balance sheet supporting a 3% share buyback, and NPATA growth guidance of 7-10%, which surpassed expectations despite uncertainties around ACCC regulations and defence contract renewals.
Source: ASX Announcement | Company page: Ventia Services (VNT)
Hutchison Telecommunications takeover bid
[9:25 am] Hutchison Telecommunications (Amsterdam) BV has announced its intention to make an off-market takeover bid for the remaining shares in the ASX-listed Hutchison Telecommunications.
Offer of 3.2 cents cash per share or a 52% premium to the stock's closing price on Wednesday
HTABV currently owns 87.8% of Hutchison Australia
Offer price values Hutchison Australia's share capital at $434.32 million
Offer subject to FIRB approval and limited conditions
Source: ASX Announcement | Company page: Hutchison Telecommunications (HTA)
Australian Agricultural Co delivers positive FY25
[9:20 am] Cattle farmer Australian Agricultural Co has reported its highest operating cash flow and second-highest operating profit since 2017. Here are the key numbers (no consensus due to lack of institutional coverage):
Revenue up 15% to $387.9m
Operating profit up 14.2% to $58.4m, as higher meat and cattle sales volumes offset market and price pressures
Operating cash flow up 191% to $27.1m, supported by additional sales volumes, and underpinned by a disciplined and balanced approach to cost management across the supply chain
Statutory loss of $1.1m vs. loss of $94.6m, reflecting improved herd valuations
Source: ASX Announcement | Company page: Australian Agricultural Co (AAC)
Another Webjet Group block trade
[9:10 am] A 20.7 million-share block trade crossed at 89 cents around market close on Wednesday. This represents approximately 5.3% of the company.
Fund manager sources told the AFR that Helloworld was the buyer, lifting its stake to approximately 15.7%. Helloworld has been accumulating a large position in the rival business since April.
BGH Capital and Gary Weiss’s consortium have also recently acquired a 10.7% stake in the travel company.
Source: AFR
Wesfarmers cuts lithium guidance, losses to widen
[9:00 am] Wesfarmers' strategy day briefing presentation has been marked as non-market sensitive. It contained no major updates outside of an updated lithium guidance, which includes:
WesCEF's 50% share of lithium production to be 140-150kt, down from prior guidance of 150-170kt
At current subdued market pricing, losses for WesCEF’s lithium business in FY25 are expected to be approximately -$60m, up from prior guidance of -$48m
Covalent lithium project commissioning 88% complete, with first production expected mid-2025
Source: ASX Announcement | Company page: Wesfarmers (WES)
Top stories from Livewire
Forget Pro Medicus: This software stock is emerging as a future fundie favourite | Energy One, an under-the-radar energy trading software company, has surged 218% in the past year, drawing a frenzy of small-cap investors like Seneca and Wilson Asset Management due to its dominant market share and robust 18% revenue growth. With analysts eyeing a potential $20 share price and possible inclusion in major indices, the stock’s momentum is strong, though its small-cap nature carries significant risks.
12 hedged ETFs to weather a shock rise in the Aussie dollar | The 2000s saw the S&P 500 dubbed a “lost decade” for Australian investors, with a -0.95% USD return turning into a -4% annual loss in AUD due to a strong Australian dollar, fueling home bias. Currency hedging, easily accessible through ETFs like Vanguard’s VGS/VGAD or iShares’ IVV/IHVV, offers a practical way to manage currency risk, especially at AUD extremes, though higher US interest rates currently reduce hedged ETF returns by about 1% annually.
Boots on the ground of the Aussie property crisis | Australia’s property sector faces a severe crisis, with soaring costs, labor shortages, and lengthy approval processes making it tough for builders, developers, and buyers, as highlighted by Metro Property Development CEO Luke Hartman. Despite challenges, opportunities abound in New South Wales’ land and townhouse market, Melbourne’s undervalued properties, and private credit’s growing role, offering developers flexibility and higher loan-to-value ratios.
What's driving stocks?
[8:45 am] US stocks finished sharply lower, largely driven by a bearish move in bond yields.
A weak US 20-year Treasury note auction drove the 20-year up to 5.11%, the highest since October 2023
The US 30-year yield jumped 12 bps to 5.08%, also the highest since October 2023 and the second time (since 2007) that its surpassed the key 5% level
Deficit concerns tied to the GOP reconciliation bill's progress appeared to outweigh fiscal stimulus aspects
Retail earnings showed mixed results, with Target missing quarterly earnings and downgrading its full-year view
Geopolitical tensions drew attention after reports surfaced about Israel potentially preparing a strike on Iran’s nuclear facilities
Good morning!
[8:40 am] S&P/ASX 200 futures pointing to a pretty sharp fall, down 82 pts (-0.98%) amid a surge in global bond yields.
If you’re new to the blog – catch up quick via today’s Morning Wrap.
