ASX 200 Live Today - Thursday, 8th May

Welcome to our live ASX coverage for Thursday, May 8. 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.

ANZ 1H25 earnings call highlights

[2:00 pm] Here are the key highlights from ANZ's first-half earnings call.

• Capital and dividend stability are prioritised, with management navigating floor complexity without compromising credit risk and maintaining current dividend levels despite not neutralizing the DRP.

• Net interest margin (NIM) faces near-term pressures from deposit pricing and wholesale funding but is supported by stable asset pricing, Suncorp’s inclusion, and a capital-driven tailwind over the next two years, though rate cuts warrant caution.

• Institutional business growth, fueled by global trade and capital flows, supports a positive long-term outlook, while risk-weighted asset growth from Q1 ensures a strong leverage ratio with operational flexibility.

• Geopolitical disruptions and economic realignment, including trade policies, supply chain issues, and reduced globalisation, increase market volatility, prompting strategic de-risking to strengthen credit profiles and manage non-financial risks.

• Forward strategies focus on continued de-risking, significant digital platform investments, geopolitical monitoring, economic uncertainty management, and a smooth CEO transition to sustain long-term goals.

• FY25 guidance includes ongoing share buybacks adjusted to market conditions, 4% cost growth with Suncorp Bank integration, deposit margin management, and further cost synergies to be detailed in future updates.

Stocks moving on unusual volume

[1:00 pm] These are the S&P/ASX 200 stocks experiencing unusual volume, as a % of their 20-day average volumes.

Top gainers and losers at noon

[12:30 pm] Here are the S&P/ASX 200 stocks making the biggest gains and declines as at 12:30 pm.

ASX 200 flat at noon

[12:20 pm] The S&P/ASX 200 is trading flat at noon. Its trading range has been extremely narrow today, bouncing between +0.18% and -0.29%.

Eight of the eleven ASX sectors are trading higher, with gains offset by a 0.98% dip in the financial sector. The key laggards are:

• Westpac -3.95%

• ANZ -2.62%

• Suncorp -2.1%

• Macquarie Group -0.63%

• Commonwealth Bank -0.51%

ASX 200 spikes on Trump post

[11:00 am] The S&P/ASX 200 spiked around 0.2%, trading closer to breakeven territory after President Trump posted:

"Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!"

Source: Truthsocial

Small caps making moves

[10:35 am] Here are the top small caps ($200m to $1bn market cap) gainers and losers as at 10:35 am.

Top gainers and losers at the open

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

Pro Medicus signs $20m, five-year deal

[9:55 am] Pro Medicus signed a $20 million, five-year contract with UI Health Care, in Iowa, United States.

The contract is for full stack – Visage 7 Viewer, Visage 7 Workflow, Visage 7 Open Archive, with rollout set to commence immediately, and go-live targeted for the December quarter 2025.

You can check out how Pro Medicus shares perform after a contract win here.

Source: ASX Announcement | Company page: Pro Medicus

Helloworld downgrades FY25 guidance

[9:45 am] Helloworld cut its full-year guidance ranges due to the "the inherent market volatility and economic uncertainty over the second half of FY25."

• FY25 adjusted EBITDA of $52-56m vs. prior guidance of $56-62m (an 8.5% downgrade at the midpoint)

• US FY25 year-to-date air sales down only marginally year-on-year, while FY26 total forward booking volumes are up 15%

• Air sales to Asia Pacific (+4%), Europe and the UK (-3%)

• FY26 bookings are expected to show double digit growth

Source: ASX Announcement | Company page: Helloworld

Nine Entertainment holder Pendal wants a massive payout

[9:40 am – AFR] In an email to clients, Pendal said that recent updates point to a high probability that Domain will be acquired by CoStar. The fund manager said the deal should leave Nine Entertainment in a position to distribute approximately 75 cents per share (current share price is $1.51 or a yield of ~50%) to shareholders.

Source: AFR

Transurban to cut workforce by ~300

[9:30 am] Transurban plans to cut ~300 jobs following a workforce review aimed at streamlining operations, expecting to save at least $50 million annually. The company reaffirmed its FY25 guidance, projecting full-year dividends of 65 cents per share and underlying cost growth below inflation.

Source: ASX Announcement | Company page: Transurban

Guzman y Gomez reaffirms FY25 expectations

[9:25 am] Guzman y Gomez reiterated its FY25 expectations at its Macquarie Australia Conference presentation. This includes:

• FY25 NPAT to exceed prospectus forecast

• 31 restaurant openings, including 18 franchise and 13 corporate

• Corporate restaurant margins of 17.8%

• Franchise royalty rate of 8.3%

Overall, a non-event as the presentation offers no new financial figures. Guzman y Gomez shares have slumped around 30% since its first-half FY25 result in February, back to the low $30 level.

Source: ASX Announcement | Company page: Guzman y Gomez

Orica earnings momentum continues

[9:20 am] Orica reported an upbeat first-half result, with earnings up across all regions and segments. Here are the key numbers vs. Macquarie estimates (Mar-25).

• Net profit after tax (ex-items) up 40% to $250.8m vs. Macquarie estimates of $254m (1.2% miss)

• EBIT up 34% to $472.3m vs. $458m ests (3.1% beat)

• Interim dividend up 32% to 25 cents per share vs. 24 cents ests (4.1% beat)

• Up to $400m on-market share buyback to recommence post results announcement

The company's reaffirmed a relatively vague full-year guidance, including "FY25 EBIT is expected to increase, with improved earnings across all regions and all segments."

Source: ASX Announcement | Company page: Orica

ANZ reports in-line first-half result

[9:15 am] ANZ's first-half FY25 result was largely in-line with market expectations. However, all-important net interest margins and CET1 ratios were slightly softer-than-expected.

• Cash profit of $3.57bn vs. $3.54bn ests (0.8% beat)

• Net interest income of $8.87bn vs. $8.77bn ests (1.1% beat)

• Proposed interim dividend of 83 cents per share (in-line)

• Net interest margin of 1.56% vs. 1.58% ests (2 bp miss)

• CET1 ratio of 11.8% vs. 11.9% ests (10 bp miss)

Overall, a fairly in-line result, although the slight NIM and CET1 miss could drive some downward pressure on the stock.

Source: ASX Announcement | Company page: ANZ

Zip in the spotlight

[9:10 am] Sezzle (formerly ASX-listed, now on the Nasdaq) reported stronger-than-expected first quarter earnings and guidance, sending the stock up 31% in after hours trade. The key numbers include:

• First quarter EPS up 350% to $1.00 (from $0.22 a year ago)

• Upgraded full-year EPS guidance to $3.25 (ex-items) vs. prior guidance $2.21 or a 46% upgrade

• Revenue growth up 60-65% vs. prior guidance of 25-30%

This could provide a strong lead for Zip, although the stock rallied 13% on Wednesday.

Super Retail's soft trading update

[9:05 am] Super Retail Group provided a trading update for weeks 27-44, with Group like-for-like sales up 3.1% year-on-year. Here's a breakdown of this growth:

• Supercheap Auto down 0.1%

• Rebel Sports up 3.5%

• BCF up 9.1%

• Macpac down 0.1%

• Year-to-date gross margins tracking below prior comparable period and broadly consistent with the first-half

Super Retail also flagged FY25 group unallocated costs of $42 million, reflecting duplicated operating expenses, a new payroll and HIRM system.

"Despite ongoing strength in BCF and strong Group Easter trading, retail conditions have "otherwise" remained subdued," Morgan Stanley analysts said in a note this morning.

Source: ASX Announcement | Company page: Super Retail Group

Top stories from Livewire

Still holding cash? How the pros deploy and how you can too | Amid market volatility, experts highlight cash as both a shield and a sword, with Auscap’s Will Mumford patiently waiting for attractive valuations to deploy elevated cash reserves, while Lazard’s Aaron Binsted uses cash to limit volatility and seize income opportunities during selloffs. Historical data underscores the risk of missing the market’s best days, which can halve returns, yet holding cash remains crucial to capitalise on potential downturns.

What it takes to make the cut in a 15-stock portfolio | Aoris Investment Management’s high-conviction, 15-stock portfolio, led by Stephen Arnold, delivered 3.29% in April, outperforming the MSCI AC World ex-Australia’s -1.84%, showcasing resilience in volatile markets. By focusing on quality compounders like L’Oréal, Amphenol, and Relx, Aoris prioritises businesses with strong fundamentals and market leadership, avoiding those vulnerable to rapid change or complacency.

Financing the real world economy - an inside look at a US$7 trillion dollar industry | Despite market volatility in 2025, KKR’s Daniel Pietrzak sees private credit thriving, with its $2 trillion market offering stable returns near 10% through diversified strategies like direct lending and asset-based finance. While tightened spreads and recession risks pose challenges, opportunities in partnerships with firms like PayPal and a focus on high-quality, non-cyclical assets position private credit as a resilient portfolio anchor.

Fed keeps rates on hold

[8:45 am] The Fed left rates unchanged at 4.25-4.50%, as expected. Interest rates have now been on hold for three straight meetings. The key takeaways from the Fed include:

• Economic data has been affected by tariff volatility, notably swings in net exports

• US economy continues to expand at a solid pace

• Commentary flagged risks of higher unemployment and inflation

• Fed said inflation remains "somewhat elevated"

Analysts remain very mixed on the Fed's rate path forward amid tariff uncertainty.

• Bank of America expect no cuts given the resilience of economic data

• Deutsche Bank expects no cuts until December unless the labour market weakens

• Citi forecasts 125 bps of cuts starting in June, on expectations of imminent labour market deterioration

What's driving stocks higher?

[8:40 am] It was a rather volatile overnight session where stocks bounced between gains and losses all session. The key catalysts to note include:

• US-China trade talks. US and Chinese officials will meet in Switzerland this weekend to talk trade. This news first hit the market around 8 am on Wednesday, sending US futures sharply higher. However, Bessent said these talks would not be "advanced" discussions.

• Mixed Fed takeaways. The Fed kept rates unchanged at 4.25-4.50%, in-line with market expectations. The takeaways were mixed but the market continues to price in a relatively dovish outlook for interest rates.

• Trump rescinds Biden-era chip tariffs. US stocks hit a session high after reports that Trump will rescind chip curbs and plan to overhaul semiconductor trade restrictions.

Good morning!

[8:35 am] S&P/ASX 200 futures are pointing towards a slight uptick after a relatively choppy overnight session.

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