ASX 200 Live Today - Thursday, 5th June
The S&P/ASX 200 is set to open relatively flat after closing within 0.2% of all-time highs. Here are today's top stories.
Today’s ASX 200 Updates
Welcome to our live ASX coverage for Thursday, June 5. 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.
ASX 200 fails to hit new record, closes flat
[4:30 pm] Signing off – The S&P/ASX 200 closed 3 pts lower (-0.03%), fading from session highs of +0.30%. Weakness may be driven by the logical area to take profits, given the 16% rally from 7-Apr lows, recent string of soft economic data and re-escalation of tariff tensions. Though nothing wrong with a bit of weakness as we approach record levels, let's see where the dust settles.
Breadth and sector performance was mixed, with only 75 S&P/ASX 200 constituents finishing higher (37.5%), mostly tech and material stocks.
Today's big story was arguably the oversold bounce for lithium stocks, with names like MinRes (+14.8%) and Pilbara Minerals (+12.5%) leading the charge.
GemLife targeting $1.5bn valuation
[4:15 pm] Sources told The Australian that GemLife is seeking to launch a $700-750 million IPO, targeting a $1.5 billion valuation with at least 50% free float.
GemLife is luxury resort living for the over-50s. The company currently operates 10 resorts across Australia, located in Queensland, northern New South Wales and Victoria.
Source: The Australian
Stocks moving on unusual volume
[3:00 pm] These are the S&P/ASX 200 and small-to-mid caps ($200m - $1bn) stocks experiencing unusual volume, as a % of their 20-day average volumes.
Ticker | Company | % Chg | Price | R-Vol |
|---|---|---|---|---|
GQG | GQG Partners | -3.85% | $2.13 | 380% |
LYC | Lynas Rare Earths | 11.48% | $9.18 | 215% |
MXT | Metrics Master Income Trust | -0.74% | $2.01 | 174% |
Ticker | Company | % Chg | Price | R-Vol |
|---|---|---|---|---|
CVC | CVC | 2.44% | $2.10 | 2480% |
TYR | Tyro Payments | -10.16% | $0.82 | 655% |
PAC | Pacific Current Group | -5.15% | $10.77 | 544% |
SM1 | Synlait Milk | -2.31% | $0.64 | 507% |
UOS | United Overseas Australia | 0.84% | $0.60 | 424% |
NTU | Northern Minerals | 0.00% | $0.03 | 404% |
D2O | Duxton Water | -0.97% | $1.53 | 365% |
SGR | The Star Entertainment Group | 4.55% | $0.12 | 359% |
PGH | Pact Group | -0.65% | $0.76 | 308% |
MIR | Mirrabooka Investments | -2.45% | $3.19 | 300% |
Insider Transaction: Fisher & Paykel
[1:55 pm] Fisher & Paykel CFO Lyndal York discloses sale of 3,943 shares or 14.8% of his holdings at NZ$37 per share. He beneficially owns 23,000 shares after the transaction.
The company reported a relatively in-line FY25 result on 28 May, but the stock sold off 4.7% due to weaker-than-expected guidance.
Here are the key numbers for FY25:
Operating revenue up 16% to $2.02bn, in-line with UBS estimates
Gross margin up 296 bps to 62.9%, in-line with UBS estimates
Profit after tax up 184% to $377.2m vs. $373m ests (1.1% beat)
Full-year dividend up 2% to 42.5 cps vs. 55 cps ests (22% miss)
And the softer-than-expected FY26 guidance:
NPAT between $390-440m vs. $460m ests (10% miss at midpoint)
Revenue between NZ$2.15-2.25bn vs. $2.34bn ests (6% miss at midpoint)
Source: ASX Announcement | Company page: Fisher & Paykel (FPH)
Lithium stocks bounce from four-year lows
[1:50 pm] Lithium stocks are in the midst of an oversold bounce after prices for the EV material hit levels not seen since January 2021 earlier this week.
Local names are broadly higher, notable gainers include MinRes (+11.5%), Pilbara Minerals (+6.4%), Core Lithium (+6.0%), Liontown Resources (+4.1%) and Patriot Battery Metals (+3.0%).
Chinese lithium carbonate futures are currently trading 0.3% lower to 60,160 yuan a tonne, bouncing from recent lows of 58,460 yuan.
Evion Group, Sarytogan Graphite soar on EU partnership
[11:55 am] As we noted this morning, the EU Commission announced a list of 13 strategic partnerships with raw materials projects located outside of the Eurozone. The list included three ASX-listed companies including Rio Tinto (lithium), Evion Group (graphite) and Sarytogan (graphite).
The two microcaps are trading sharply higher, with Evion up 25% and Sarytogan up 21.7%.
Small caps making moves – 29Metals, Resimac, Tyro
[11:15 am] Here are the top small caps ($200m to $1bn market cap) winners and losers as we head towards noon.
Ticker | Company | % Chg | Price |
|---|---|---|---|
29M | 29Metals | 14.63% | $0.24 |
OCC | Orthocell | 6.12% | $1.30 |
MEI | Meteoric Resources | 6.09% | $0.12 |
CU6 | Clarity Pharmaceuticals | 5.77% | $2.20 |
LRV | Larvotto Resources | 5.43% | $0.68 |
NVX | Novonix | 4.88% | $0.43 |
WBT | Weebit Nano | 4.57% | $1.83 |
AGI | Ainsworth Game Technology | 4.55% | $0.92 |
SGR | The Star Entertainment Group | 4.55% | $0.12 |
VYS | Vysarn | 4.49% | $0.47 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
RMC | Resimac Group | -12.32% | $0.89 |
TYR | Tyro Payments | -10.38% | $0.82 |
DTR | Dateline Resources | -10.34% | $0.13 |
TVN | Tivan | -5.71% | $0.10 |
STK | Strickland Metals | -5.16% | $0.15 |
BOT | Botanix Pharmaceuticals | -4.76% | $0.30 |
JMS | Jupiter Mines | -4.76% | $0.20 |
PAC | Pacific Current Group | -4.05% | $10.89 |
WIA | Wia Gold | -4.00% | $0.24 |
AFP | Aft Pharmaceuticals | -3.85% | $2.50 |
Top gainers and losers at open
[10:30 am] Here are the top S&P/ASX 200 gainers and losers in early trade.
Ticker | Company | % Chg | Price |
|---|---|---|---|
LYC | Lynas Rare Earths | 6.32% | $8.75 |
MIN | Mineral Resources | 5.77% | $21.37 |
PLS | Pilbara Minerals | 3.75% | $1.25 |
FRW | Freightways Group | 3.65% | $9.94 |
NIC | Nickel Industries | 3.65% | $0.71 |
JHX | James Hardie | 2.92% | $39.54 |
WHC | Whitehaven Coal | 2.55% | $5.63 |
IGO | IGO | 2.53% | $4.06 |
VEA | Viva Energy Group | 2.32% | $1.99 |
NXT | NextDC | 1.81% | $13.49 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
IEL | IDP Education | -2.91% | $3.67 |
ASB | Austal | -2.86% | $5.77 |
AAI | Alcoa Corporation | -2.65% | $42.17 |
SOL | Washington H Soul Pattinson | -2.63% | $40.32 |
MCY | Mercury Nz | -2.34% | $5.43 |
BKW | Brickworks | -1.86% | $32.75 |
WAF | West African Resources | -1.85% | $2.66 |
QAN | Qantas Airways | -1.82% | $10.51 |
PXA | Pexa Group | -1.70% | $12.42 |
EVN | Evolution Mining | -1.63% | $9.07 |
Broker updates for ALS, Austal and National Storage
[10:20 am] A few broker updates, downgrades and target price changes of interest:
ALS retained Outperform; target up to $18.20 from $17.30 (MQG)
Austral downgraded to Hold from Buy but target up to $5.60 from $4.45 (BP)
National Storage REIT retained Buy; target up to $2.57 from $2.49 (UBS)
Morgan Stanley says weak GDP print supports two rate cuts in 2025
[10:10 am] Australia's Q1 GDP increased 0.2% quarter-on-quarter, weaker than Morgan Stanley's forecast of 0.4%. Here are some of the investment bank's key takeaways:
The latest data reflects a persistently soft private sector, highlighting the critical role of government spending in sustaining aggregate demand in recent quarters.
For the RBA, this weaker-than-expected outcome compared to the May Statement on Monetary Policy (SMP) forecast, driven by public demand, supports further monetary easing, consistent with the dovish tone from the prior meeting.
However, challenges persist: Productivity growth remains stagnant, casting doubt on the RBA’s projected rebound from -1.5% in 2024 to +0.9% in 2025, while wage income and unit labor costs edged higher this quarter.
Morgan Stanley anticipate two rate cuts in 2025, in August and November, though the July meeting is considered live by markets.
Upcoming data releases, including Labour Force (June 19), CPI (June 25), and Household Spending (July 4), alongside international developments, will likely support a measured pace of easing.
ASX trading volumes soared last month
[10:05 am] The exchange operator reported its monthly activity report for May 2025, highlighting a continued surge in trading volumes amid tariff uncertainty. Here are the key numbers:
Total average daily value reached $7.93 billion, up 20% year-on-year.
May volatility was 0.4%, down from 0.6% last year.
Future volatility rose to 11.9, up 4%.
Total capital raised amounted to $6.81 billion, up 48%.
Cash market average daily number of trades increased by 24%.
Futures and options average daily volume grew by 8%.
Source: ASX Announcement | Company page: ASX (ASX)
Tyro Payments CEO steps down
[9:55 am] Tyro Payments CEO Jon Davey has informed the Board of his decision to step down, having accepted a CEO position at a private equity-backed company based in Melbourne, where he resides.
The new role is outside the financial services sector. Mr. Davey will remain in his current position for up to six months to ensure a smooth transition while the company conducts an executive search.
Mr Davey beneficially owns approximately 430,000 shares in the company (less than 0.1% of issued shares).
Source: ASX Announcement | Company page: Tyro Payments (TYR)
Maas Group reiterates FY25 guidance
[9:45 am] Maas Group's investor day presentation reaffirmed its FY25 EBITDA guidance of $215-245 million vs. consensus currently sits at $220 million.
The company said the wide range is being driven by:
Commercial development milestones and timing of project sales.
Weather conditions from now until year end.
Timing of residential englobo land sales.
Maas also reaffirmed guidance for FY25 assets to sold in excess of $100 million, with proceeds to be at or above book value.
Source: ASX Announcement | Company page: Maas Group (MGH)
Catapult acquires Perch for $27 million
[9:35 am] Catapult Group acquired Perch (Catalyft Labs) for US$18 million (A$27.7m) in cash and scrip.
Perch is a next-generation leader in athlete monitoring in the gym for elite teams. Its system uses a compact 3D camera that mounts to any weight rack, detecting movements, recording performance, and providing instant feedback.
Catapult will pay $3 million cash upfront, funded entirely from existing cash reserves, with the remainder paid by shares over four tranches. Perch shareholders may earn up to $10 million in shares over the period June 2027 to May 2028, subject to annualised contract value (ACV) growth milestones.
Perch has a current ACV of $2.5 million. To add some perspective, Catapult reported $101.2 million in ACV in FY25.
Source: ASX Announcement | Company page: Catapult Group (CAT)
Woolworths NZ faces regulatory headwinds
[9:25 am] The New Zealand Commerce Commission is seeking to disrupt two commercial behaviours it believes are "reinforcing the powerful positions of the major supermarkets."
“We know the current grocery market is not serving Kiwi consumers well. The status quo lets a few major players set the rules for the rest of the industry which is negatively impacting consumers, new and expanding competitors, and small suppliers,” Grocery Commissioner Pierre van Heerden says.
The commission is proposing:
Limiting retailer charges to suppliers by prohibiting fees for shelf stocking or for groceries that spoil or become unsellable while under the retailer’s control.
Mandating that regulated grocery retailers maintain clear records to demonstrate compliance with the Code during activities like negotiating promotions or making payment deductions without supplier consent.
Requiring retailers to pay suppliers the price difference if groceries purchased at a promotional rate are sold at a higher price after the promotional period ends.
Banning retailers from retaliating against suppliers who exercise their rights under the Code.
This should have a negligible impact on Woolworths, given these are the departments initial views. Woolworth's New Zealand segment also accounted for only 11% of the Group's third quarter FY25 sales.
Source: New Zealand Commerce Commission
3 ASX-listed companies selected for EU's strategic raw metals projects
[9:15 am] The EU Commission adopted the first list of 13 Strategic Projects on strategic raw materials located outside of the EU. The partnership seeks to diversify the EU's sources of supply and increase economic security. This initiative complements the list of 47 Strategic Projects in the EU, adopted on 25 March 2025.
There are three ASX-listed companies among the 13 strategic projects, including:
Rio Tinto (ASX: RIO) for its Jadar Lithium Project
Evion Group (ASX: EVG) for its Maniry Graphite Project
Sarytogan Graphite (ASX: SGA) for its Sarytogan Graphite Project
The press release states: "It is estimated that the 13 Strategic Projects outside of the EU need an overall capital investment of €5.5 billion to start operations. The Commission will also reinforce cooperation with the third countries concerned to ensure the development of those projects."
Source: European Commission
US dollar index falls to post-Liberation Day lows
[9:05 am] The US Dollar Index is trading below the 99 level and near April's post-Liberation Day lows of 98.
The latest weakness was driven by weaker-than-expected US economic data, market repricing towards a more dovish Fed and broader questions around US exceptionalism. The latter is driving strength across other safe haven currencies like the Euro, Yen and Swiss Franc.
Deutsche Bank also flagged US dollar exposure was near record highs going into Liberation Day and suggest the run-up in the past two years was cyclical and not structural. This leaves room for a sizeable unwinding of US dollar exposure and US-dollar denominated assets.
Morgan Stanley also said they expect the US Dollar to decline approximately 9% to 91 over the next 12 months, back towards 2020-21 levels amid ongoing deficit concerns and loss of confidence in US assets.
Top stories from Livewire
What will it take for small caps to join the rally? | Small-cap stocks are poised for a comeback, with experts betting on lower interest rates and robust economic growth to fuel their rally, as investors shift focus from mega-cap giants to undervalued smaller companies. However, risks like inflation and policy shifts could derail this momentum, making the case for small caps a high-stakes bet on a Goldilocks economy.
9 ASX growth stocks vs their global twins: Which is the better buy? | Australian growth stocks like Pro Medicus and WiseTech shine with world-class innovation, but their global twins, such as RadNet and Descartes Systems, often offer better scale, profitability, or valuations. Investors may find a winning strategy in blending ASX leaders with international peers for diversified, high-growth portfolios.
The newest growth stocks on the ASX | Despite a shrinking pool of growth opportunities on the ASX due to mergers and acquisitions, new IPOs like Cuscal, Symal Group, and Bhagwan Marine offer compelling earnings potential, even if their debuts have been lackluster. These under-the-radar stocks, with strong fundamentals and attractive valuations compared to larger peers, could be hidden gems for investors seeking the next big growth story.
What's driving stocks?
[8:55 am] Major US benchmarks struggled for upside, with the S&P 500 flat, Russell 2000 and Dow down 0.2% but Nasdaq up 0.3%.
US May ADP private payrolls printed 37,000 vs. 130,000 consensus and down from 60,00 in the previous month. The pace of hiring hit the lowest level since March 2023, while year-on-year pay growth was little changed at 4.5%.
US May ISM services PMI was 49.9 vs. 52.2 consensus and down from 51.6 in April. The services PMI has not printed sub-50 in almost a year, and now at the lowest level since June 2024. The weakness was driven by a sharp fall in the new orders sub-index, down to 46.4 vs. 52.3 in April, also the lowest level since December 2022. Tariffs are driving prices higher, with the prices paid index up to 68.7 from 65.1, the highest since November 2022.
Trump said "Too Late" Powell must lower rates after the weak jobs report
US 10-year yield eased 10 bps overnight to 4.35%, the lowest since 8-May
Good morning!
[8:50 am] S&P/ASX 200 futures pointing towards a flat open, currently down 1 pt (-0.01%) after closing within 0.2% of its 14-Feb record high on Wednesday.
If you’re new to the blog – catch up quick via today’s Morning Wrap.
