ASX 200 Live Today - Tuesday 2 December
ASX set for muted open.
Today’s ASX 200 Updates
Welcome to our live ASX coverage for Tuesday December 2. We’re excited to be trialing this new format. Expect a high volume of posts pre-market and more periodic updates throughout the day. Be sure to refresh manually for the latest updates — and let us know how we can make it even better.
Treasury Wine Estates signals major write-down of US business
[12:10 pm]
Treasury Wine Estates (ASX: TWE) has warned investors it expects to book a significant non-cash impairment against its Americas portfolio, with the company adopting more conservative long-term growth assumptions for the US wine market.
Key highlights
TWE expects to recognise a non-cash impairment on its US-based assets
Updated forecasts reflect slower long-term earnings growth in the US wine category
At least $687.4 million in goodwill for the Americas segment is expected to be written off
Impairment may extend to other assets depending on final valuation outcomes
Final impairment amount will be confirmed in the 1H26 results
New CEO Sam Fischer will host an investor and analyst call in mid-December to outline early observations and market performance updates
ASX on the cheap: 6 low P/E companies for your watchlist: The highlights
[11:54 am]
With the ASX pulling back sharply in recent weeks, value hunters are scanning the market for opportunities and Market Index’s Low P/E tool has surfaced six companies trading on cheap earnings multiples and carrying a strong buy consensus from brokers. While low valuations alone don’t guarantee quality, the screen highlights a diverse mix of businesses where fundamentals and earnings momentum may be mispriced.
Key insights
The ASX selloff has pushed a number of stocks into low P/E territory, drawing attention from value-focused investors
Market Index’s scan identified six companies with both low earnings multiples and strong buy broker ratings
Financials and resources featured prominently, reflecting the structure of the Australian market
Several names on the list have delivered strong earnings growth, capital returns, or improving operating trends despite share price weakness
Others are undergoing strategic resets, operational turnarounds or major project developments that could shift future earnings trajectories
Not all low P/E stocks are genuine bargains some may be “cheap for a reason”, making fundamental analysis essential before acting
Broker consensus suggests selective opportunities exist, but investors should balance valuation appeal with risks such as outflows, commodity volatility, regulatory pressure or macro uncertainty
To explore the full list of low P/E opportunities, the earnings metrics behind them and the key factors brokers are watching, you can read the full article by Sara Allen here.
14 ASX stock ideas ahead of the next RBA hike (and the ones most at risk): The highlights
[11:49 am]
With odds rising that the next move from the RBA will be a rate hike, Macquarie has analysed the past five tightening cycles to identify which ASX sectors typically outperform into the first move and which ones consistently lag. The result is a roadmap of 14 potential winners and a clear list of names most exposed as the cycle turns.
Key insights
The ASX has historically delivered positive returns in the year leading up to a rate hike, supported by stronger growth and firming earnings
Resources emerge as the most reliable outperformers ahead of hikes, benefiting from momentum in growth, inflation and commodities
Banks and select financial services groups tend to gain from stronger credit demand and rising nominal activity
Transport and certain industrial names also show late-cycle resilience
Consumer-facing sectors often soften before hikes as household budgets tighten and margins come under pressure
Real estate usually faces valuation headwinds as yields rise
Defensive sectors, including healthcare, insurance and utilities, typically lag into the first hike before recovering later in the cycle
Diverging policy paths between Australia and the US could further amplify the resource and risk-asset trade if the Fed cuts while the RBA holds or hikes
To explore Macquarie’s full sector breakdown, the 14 recommended names and the stocks most at risk ahead of the next RBA move, you can read the full article by Anna Dadic here.
9 ASX stock ideas for the next phase of the market: The highlights
[11:37 am]
Small and mid-caps have endured a tough stretch, but Ausbil’s David Lloyd argues the next phase of the market will reward precision, not broad exposure. With the SMID universe offering clean thematic leverage to housing, resources, platforms and emerging tech, he believes the opportunity set is widening, not narrowing.
Key insights
SMIDs remain structurally attractive due to constant renewal: new leaders emerging and turnarounds re-entering the index
Pure-play exposures in copper, rare earths, lithium and other themes can move faster than diversified large caps
Ausbil’s style-agnostic approach allows the team to lean into growth or value as conditions shift
US housing seen near a cyclical bottom, with Reliance Worldwide (ASX: RWC) and Reece (ASX: REH) well placed
Domestic financial platforms such as Hub24 (ASX: HUB) and Netwealth (ASX: NWL) highlighted as high-quality compounders
Select tech enablers offer targeted thematic exposure without conglomerate drag
Emerging leaders to watch include Zip (ASX: ZIP) and Tuas (ASX: TUA), both seen as strong earnings candidates heading into 2026
Lloyd emphasises that precision in thematic positioning, not broad baskets, is likely to drive outperformance in the next phase
To explore Ausbil’s full outlook, stock ideas and thematic views across the SMID universe, you can read the full article by Chris Conway here.
Collins Foods posts record HY26 revenue and strong earnings growth
[11:21 am]
Collins Foods (ASX: CKF) has delivered a solid first-half result, reporting record revenue, margin expansion and higher profit as its KFC businesses in Australia and Europe continued to outperform.
The CKF share price is currently down 2.41%.
Key highlights
Group revenue up 6.6% to $750.3m
Underlying EBITDA increased 11% to $113.9m
Underlying EBIT rose 20% to $63.0m
Underlying NPAT lifted 29.5% to $30.8m
Statutory NPAT up 12.7% to $27.2m
Net debt reduced to $138.9m, leverage ratio down to 0.89
Fully franked interim dividend increased to 13c per share
KFC Australia same-store sales up 2.3%; KFC Europe returns to positive SSS growth
"Our business again generated very strong cash flows, which, combined with disciplined capital deployment, ensures we remain in a very strong financial position with the flexibility and capacity to invest in future growth. This was supported by the successful refinancing of Group debt facilities in September," Managing Director and CEO, Xavier Simonet.
Clinuvel targets mid-2026 European filing for new ACTH therapy
[11:06 am]
Clinuvel Pharmaceuticals (ASX: CUV) has confirmed plans to file its second product, NEURACTHEL® Instant, with a European regulator by mid-2026 following successful validation of its commercial manufacturing process.
Key highlights
Manufacturing of three consecutive GMP-validated batches now complete
Stability data supports product documentation for regulatory submission
Filing to be made via national European procedures to accelerate market entry
Long-term partnership in place to ensure consistent, GMP-compliant supply
Product positioned as a branded generic ACTH therapy for neurological, endocrine and inflammatory conditions
Clinuvel continues building commercial and regulatory infrastructure in Europe and the U.S. to support upcoming launches
“The filing of NEURACTHEL® Instant will represent a pivotal step in executing our strategy to build a leading portfolio of melanocortin-based therapies,” said Dr Dennis Wright, CLINUVEL's Chief Scientific Officer. “We have methodically de-risked the manufacturing and regulatory process, giving us great confidence as we finalise the dossier.”
Top gainers and biggest fallers
[10:54 am]
NEXTDC lifts contracted utilisation by 29% and upgrades FY26 capex guidance
[10:48 am]
NEXTDC (ASX: NXT) has secured a series of new customer contracts, driving a sharp increase in contracted data-centre utilisation and prompting a significant uplift to its FY26 capital expenditure outlook.
The NXT share price is up 2.04%.
Key highlights
Contracted utilisation rises 71MW to 316MW, up 29% since 30 June 2025
Forward order book jumps 53% to 205MW
New capacity expected to convert to revenue progressively between FY26–FY29
FY26 capex guidance increased by A$400m to A$2.2–2.4bn
FY26 net revenue and underlying EBITDA guidance unchanged
Metcash posts steady 1H26 profit and lifts interim dividend to 8.5c
[10:42 am]
Metcash (ASX: MTS) has delivered a broadly steady half-year result, with revenue holding firm at $8.5 billion and statutory profit edging slightly higher despite softer earnings in Liquor and Hardware.
Key highlights
Group revenue up 0.1% to $8.48bn
Underlying EBIT down 2.4% to $240.2m, reflecting margin pressure in Liquor and Hardware
Food division EBIT up 3.5%, continuing to outperform
Statutory NPAT $142.2m, up 0.3%
Underlying profit after tax down 5.9%
Interim dividend maintained at 8.5 cents fully franked, payable 28 January 2026
Liquor and Hardware impacted by lower wholesale price inflation and higher costs
Early sector performance
[10:37 am]
James Hardie directors increase shareholdings through on-market trades
[10:14 am]
James Hardie Industries has reported two director share purchases, with both Nigel Stein and Persio Lisboa materially increasing their indirect stakes showing confidence in future performance.
Key highlights
Nigel Stein bought 27,000 shares (~A$811k), increasing his indirect holding to 30,400 shares
His direct holding remains 7,542 shares
Persio Lisboa acquired 5,085 shares (~US$100k), lifting his indirect holding to 17,259 shares
His direct holding remains 11,266 shares
FireFly Metals launches major Canadian and Australian capital raises
[9:50 am]
FireFly Metals (ASX: FFM) has announced a combined equity raising worth more than A$139 million to advance work across its copper-gold assets.
Key highlights
C$30m (~A$33m) Canadian bought deal, arranged by BMO Capital Markets
Underwriters granted a 30-day option to increase the offering by up to 15%
A$101.5m Australian equity raising through Canaccord, including flow-through and institutional components
Share purchase plan targeting up to A$5m for eligible investors
Proceeds earmarked for project development, drilling programs, technical studies and broader exploration activity
Firefly Metals enters trading halt ahead of capital raise
[9:38 am]
Firefly Metals (ASX: FFM) has paused trading in its shares as the company prepares to undertake a material capital raising, with the halt to remain in place until Thursday or until further details are released.
Key highlights
Firefly Metals has requested an immediate trading halt to facilitate a material capital raising
Shares suspended until the earlier of:
Announcement of the capital raising results
The start of normal trading on 4 December 2025
Woolworths acknowledges new shareholder class action
[9:26 am]
Woolworths Group (ASX: WOW) has confirmed that a shareholder class action has been lodged in the Federal Court, following media reports late last week. The action centres on allegations relating to past disclosures of staff underpayments.
Key highlights
A shareholder class action has been initiated by Dutton Law Pty Ltd
Claims relate to Woolworths’ disclosures regarding team member underpayments
Woolworths states the matter is not market sensitive
The company intends to defend the proceedings
Broker Moves
[9:09 am]
The Lottery Corp (TLC) upgraded to outperform from hold at CLSA; target decreased, however, to $5.90 from $6
Mirvac (MGR) downgraded to underperform from buy at BofA; target cut to $2.15 from $2.45
Metcash (MTS) upgraded to buy from neutral at Jarden; target decreased, however, to $3.80 from $4
NextDC (NXT) upgraded to buy from accumulate at Morgans; target remains $19
ASX today
[9:06 am]
James Hardie (JHX): Chair Nigel Stein bought 27,000 shares (~$811k), lifting his beneficial holding to 38,000 shares.
Corporate Travel Management (CTD): CEO Jamie Pherous plans to steer the company through its overcharging scandal (The Australian).
Woolworths Group (WOW): The Company acknowledges and plans to defend the Federal Court class action relating to alleged employee underpayments.
Good morning!
[9:04 am] ASX 200 futures are up 5pts (+0.06%) as of 8:30 am AEDT.
In a nutshell:
Wall Street’s major indexes edged lower on Monday as rising Treasury yields weighed on sentiment and investors digested fresh data showing a further slowdown in U.S. manufacturing activity.
Cryptocurrencies were hit even harder. Bitcoin, Ether, Solana and XRP all slumped between 5% and 10% in a brutal sell-off. Bitcoin at one stage tumbled below US$85,000, giving up roughly a third of its value over the past two months.
All eyes now turn to Fed Chair Jerome Powell, who is set to speak after the U.S. close (12 p.m. Sydney time). Markets will be watching closely for any signal that the Fed remains on course to deliver a rate cut in December.
