ASX 200 Live Today - Tuesday, 3rd June
The S&P/ASX 200 is making a run towards record highs. Here are today's top stories.
Today’s ASX 200 Updates
Welcome to our live ASX coverage for Tuesday, June 3. 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.
Within an arms reach of all-time highs
[4:15 pm] The S&P/ASX 200 finished 52 pts higher (+0.63%) and near best levels. Today's gains brings the market within 1% of its 14-Feb record high and a 15% rally off 7-Apr lows.
Breadth was solid, with 139 constituents closing higher (70%). Gains from heavyweights CBA (+0.96% and record close of $178) and the other big four banks propelled the Index higher, and helped offset weakness from miners BHP (0.2%), Rio Tinto (-0.8%).
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 |
|---|---|---|---|---|
IEL | Idp Education | -46.32% | $4.01 | 902.1% |
BFL | Bsp Financial Group | 1.71% | $7.75 | 543.6% |
GNE | Genesis Energy | 0.71% | $2.12 | 406.9% |
SOL | Washington H Soul | -1.09% | $42.53 | 291.8% |
BKW | Brickworks | -1.10% | $34.72 | 270.8% |
GQG | GQG Partners | 1.67% | $2.13 | 204.1% |
CEN | Contact Energy | 0.47% | $8.59 | 192.7% |
PLS | Pilbara Minerals | -1.58% | $1.12 | 169.9% |
DMP | Domino's Pizza | -2.56% | $21.68 | 154.5% |
Frontier Digital Ventures' CEO resigns
[2:00 pm] Shares in Frontier Digital Ventures tumbled 13% after its CEO Shaun Di Gregorio tendered his resignation this afternoon.
Separately, the company's Chairman Anthony Klok is also stepping down, effectively immediately.
The Board will immediately commence a process to identify a new CEO.
Mr Gregorio owns 37.2 million shares in the company, representing approximately 8.5% of issued shares.
Source: ASX Announcement | Company page: Frontier Digital Venture (FDV)
Citi lifts Perenti target
[1:55 pm • Before market open] Citi lifted its target price for diversified mining services company Perenti by 19% to $1.90. This view was based on:
Clear near-to-medium term top-line outlook supported by robust work in hand and strong bid pipeline
Progressive de-risking of geographical portfolio
Potential for margin expansion through project ramp-ups
The analysts expect the company to generate $166m in free cash flow in FY25, riven by strong Contract Mining performance and rising rig utilisation. Despite the Zone 5 contract loss, they believe the company is well-positioned to offset this through new contract awards (recent wins include Agnew, Obuasi and Siou totalling ~$2.5bn) and growing in drilling services.
China's factory activity misses expectations
[12:25 pm] China's Caixin Manufacturing PMI dipped to 48.3 in May, down from 50.4 in April and well-below market expectations of 50.6.
The 50-point mark separates growth from contraction, with today's print marks the first contraction since September 2024 and the lowest reading in 32 months.
The data point may be the driver behind BHP and Rio Tinto, both of which opened slightly higher, and currently down 0.03% and 0.8% respectively.
RBA Meeting Minutes
[11:30 am] here are the key points from the RBA's June meeting, which lowered rates by 25 bps to 3.85%.
Global Tariff Impact and Market Volatility: The RBA noted significant volatility in global financial markets due to unexpectedly high US tariffs announced on April 2, 2025, followed by Chinese retaliation. While equity prices, bond yields, and commodity prices initially fell sharply, most losses were later recovered. However, market expectations for central bank policy rates, including in Australia, adjusted downward, with markets pricing in three 25 basis point cash rate cuts in Australia for 2025.
Australian Economic Resilience: Domestic economic activity has aligned with prior expectations, with GDP growth picking up slightly in Q1 2025, though household consumption was weaker than anticipated due to flooding and declining real disposable income. Labour market conditions remain tight, with unemployment steady at 4.1% and wages growth slightly higher in Q1, but no significant impact from global trade tensions has been observed yet.
Inflation Progress and Outlook: Underlying inflation (trimmed mean) returned to the RBA’s 2–3% target range, hitting the midpoint in six-month annualised terms. The baseline forecast projects inflation to stay near this midpoint, though headline inflation may temporarily exceed the target in early 2026 due to unwinding energy rebates. Global tariffs could exert disinflationary pressure in Australia via weaker global demand.
Monetary Policy Decision: The RBA lowered the cash rate by 25 basis points to 3.85%, reflecting progress on inflation control and downside risks from global trade uncertainty. Members debated a larger 50 basis point cut but opted for caution, citing tight labour markets, potential inflationary pressures from global supply chain disruptions, and the absence of clear domestic economic impacts from trade tensions.
Global and Domestic Risks: The RBA highlighted heightened uncertainty due to unpredictable global trade policies, with a baseline forecast of slower growth in Australia’s major trading partners in 2025–2026. A severe downside scenario with escalating tariffs could significantly weaken Australian GDP growth and raise unemployment, while a swift resolution to trade conflicts could boost growth and inflation.
Small caps making moves
[11:00 am] Here are the top small caps ($200m to $1bn market cap) winners and losers as we head towards noon.
Ticker | Company | % Chg | Price |
|---|---|---|---|
TEA | Tasmea | 8.62% | $3.15 |
PPM | Pepper Money | 7.25% | $1.78 |
STK | Strickland Metals | 7.14% | $0.15 |
EEG | Empire Energy Group | 6.25% | $0.17 |
TCG | Turaco Gold | 5.19% | $0.55 |
WA1 | Wa1 Resources | 5.14% | $13.49 |
KLS | Kelsian Group | 5.05% | $3.33 |
TTT | Titomic | 5.00% | $0.32 |
BRN | Brainchip Holdings | 4.88% | $0.22 |
AVH | Avita Medical | 4.44% | $1.88 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
DTR | Dateline Resources | -26.21% | $0.11 |
EVEDA | Eve Health Group | -13.33% | $0.03 |
MEI | Meteoric Resources | -8.33% | $0.11 |
FCL | Fineos Corporation | -7.73% | $2.03 |
ERD | Eroad | -6.64% | $1.41 |
CAY | Canyon Resources | -5.66% | $0.25 |
FND | Findi | -5.43% | $4.18 |
NVX | Novonix | -4.88% | $0.39 |
TVN | Tivan | -4.76% | $0.10 |
JMS | Jupiter Mines | -4.65% | $0.21 |
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 |
|---|---|---|---|
GMD | Genesis Minerals | 6.72% | $5.08 |
OBM | Ora Banda Mining | 5.63% | $1.26 |
WGX | Westgold Resources | 5.45% | $3.20 |
TAH | Tabcorp Holdings | 5.36% | $0.73 |
PRU | Perseus Mining | 4.38% | $4.05 |
NST | Northern Star Resources | 4.33% | $21.79 |
EVN | Evolution Mining | 4.33% | $9.52 |
NEM | Newmont Corporation | 4.30% | $85.13 |
RRL | Regis Resources | 4.23% | $5.42 |
FRW | Freightways Group | 3.65% | $9.94 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
IEL | Idp Education | -41.77% | $4.35 |
LNW | Light & Wonder | -3.31% | $129.42 |
360 | Life360 | -2.81% | $32.21 |
BKW | Brickworks | -2.36% | $34.27 |
SOL | Washington H Soul Pattinson | -2.33% | $42.00 |
MIN | Mineral Resources | -1.84% | $19.22 |
MEZ | Meridian Energy | -1.54% | $5.12 |
AMC | Amcor | -1.52% | $13.97 |
DMP | Domino's Pizza | -1.37% | $21.95 |
NWS | News Corp | -1.30% | $50.14 |
Tasmea declares special dividend
[10:20 am] Tasmea shares opened marginally higher after declaring a fully franked special dividend of 12 cents per share, which yields approximately 4%.
The company said the special dividend is "underpinned by a combination of strong performance metrics, continued strategic momentum and the Board's wish to acknowledge the loyalty of their long-term shareholders."
The special dividend is not expected to impact the company's intention to declare a fully franked dividend in FY25.
IDP Education obliterated
[10:15 am] Shares in IDP Education tumbled 36% in early trade, hit by an onslaught of selling pressure.
"Given the mid-point of Adj EBIT guidance is ~28% below Consensus, we expect the stock will come under pressure today," said E&P analyst Entcho Raykovski.
IDP is now trading at levels not seen since June 2017 and down 62% year-to-date.
Pilbara Minerals CFO resigns
[9:50 am] Pilbara Minerals CFO Luke Bortoli has tendered his resignation to "pursue other opportunities".
The company will commence a formal search process to identify and appoint a new CFO, both internal and external candidates will be considered.
This is not a good look as spodumene prices tumble to four year lows of around US$625 a tonne and at a time where the PLS share price is down almost 50% year-to-date (and 17% in the last five sessions).
Source: ASX Announcement | Company page: Pilbara Minerals (PLS)
Pepper Money declares special dividend
[9:40 am] Non-bank lender Pepper Money has declared a fully franked special dividend of 12.5 cents per share. Based on the stock's last closing price of $1.655, this equates to yield of approximately 7.55%
On Monday, shares in non-bank lender Resimac rallied 13.5% after declaring a fully franked special dividend of 12 cents per share, which yields approximately 12%.
Source: ASX Announcement | Company page: Pepper Money (PPM)
IDP Education flags steep student placement decline
[9:30 am] IDP says key destination markets continue to be impacted by policy uncertainty. The announcement highlighted:
UK: Heightened uncertainty following release of Immigration Policy White Paper, with further restrictions on student immigration expected
Australia/Canada: Restrictive policies remain post-election; further policy changes pending
Canada: Student demand continues to decline sharply due to ongoing policy volatility
US: International student environment increasingly negative
As a result, IDP expects FY25 student placement volumes to fall 28-30% year-on-year, language testing volumes to decline 18-20% and EBIT to be in the range of $115-125m.
Goldman Sachs (9-May) forecasted FY25 EBIT of $161.8m (new guidance midpoint is a 25% miss vs. estimates).
The company expects policy uncertainty to continue into FY26, and currently completing a review of longer-term cost, productivity, investment and commercial levers to offset some of the pain.
The guidance represents a sharp downgrade vs. analyst estimates, but IDP shares have tumbled 41% year-to-date and currently the 6th most shorted stock (11.94% short interest).
This could attract some wild price action as the stock prices in a far more bearish outlook vs. oversold and heavily shorted dynamics.
Source: ASX Announcement | Company page: IDP Education (IEL)
Treasury Wine downgrades EBIT guidance
[9:25 am] Treasury Wine Estates has been advised that one of its US distributors will cease operations in California.
The company is currently evaluating alternative distribution arrangements for its portfolio in California. For perspective, the region account for approximately 25% of its America's NSR in the first-half of FY25.
Interestingly, the company does not expect the California issue to impact FY25 earnings. But downgraded its FY25 guidance on broader macro headwinds.
TWE now expects FY25 EBITS to be $770m (vs. prior guidance of $780m) due to "lower than expected Premium portfolio shipments in the US, where economic uncertainty and weaker consumer demand has recently impacted wine category performance at price points below US$15."
Despite the earnings downgrade, the stock is trading near its lowest level since January 2016. I wonder if it will gap down (due to the downgrade) but muster up a bounce? Or perhaps the market will place greater emphasis on the California closure and we see the stock hit a fresh seven year low?
Source: ASX Announcement | Company page: Treasury Wine Estates (TWE)
Companies reaffirm FY25 guidance
[9:10 am] A lot of investor day presentations being held this morning, with a broad range of companies reaffirming FY25 guidance.
Judo Capital (ASX: JDO): Remains on track for FY25 guidance including 2H25 NIMs to hit the upper end of 2.90-3.00% guidance, profit before tax growth
Regis Resources (ASX: RRL): Reaffirms FY25 gold production guidance of 350-380koz, all-in sustaining costs between A$2,440-2,740 an ounce
Whitehaven Coal (ASX: WHC): Reiterates FY25 guidance, including ROM coal production between 35-39.5Mt (tracking towards upper half)
Oil prices rally
[9:00 am] Brent crude and WTI crude rallied almost 4% overnight after OPEC+ raised output by 411,000 barrel per day.
The figure was considered less than feared after prior reports that Saudi Arabia and Russia were lobbying for a higher increase to punish over-producing OPEC members and win back market share.
"Relatively tight spot oil fundamentals, beats in hard global activity data, and seasonal summer support to oil demand suggest that the expected demand slowdown is unlikely to be sharp enough to stop raising production when deciding on August production levels on July 6th," Goldman Sachs noted in a Reuters article.
Conversely, Morgan Stanley is forecasting three more output hike around the 411,000 barrel per day level (each).
Nevertheless, Energy was the best performing S&P 500 sector overnight, up 1.15%. The strength in oil prices should drive some positive flow for local names like Woodside, Beach Energy and Karoon.
Top stories from Livewire
Jake Klein: The West is ill-prepared for what lies ahead and the gold price reflects this | Jake Klein, Executive Chairman of Evolution Mining, warns that the West is unprepared for looming economic and geopolitical challenges, driving gold prices to record highs as a safe-haven asset. He highlights three catalysts—rising inflation, global uncertainty, and shifting investor sentiment—that could further ignite the gold sector, making it a compelling opportunity for investors.
How adding salt to our portfolio is creating long-term value | Salt has become an unexpected cornerstone for Ryder Capital, via the ASX-listed BCI Minerals, underpinned by its diverse applications in de-icing, food processing, and industrial uses driving steady demand. Despite environmental challenges, the salt market’s projected growth to over US$32 billion by 2033 makes it a compelling, stable investment in a volatile world.
The art of finding, valuing and holding growth stocks (and two to own) | In a volatile market, fund managers Hollie Briggs and James Barker reveal strategies for identifying and holding growth stocks with strong fundamentals, emphasising sustainable competitive advantages and reasonable valuations. They highlight two ASX stocks—Pro Medicus and WiseTech Global—as prime examples of high-quality growth companies poised for long-term outperformance due to their innovative edge and robust financials.
What's driving stocks?
[8:50 am] Major US benchmarks managed to trend higher and finish near best levels, despite facing a broad range of negative drivers.
Trade headlines are back after Trump announced plans to double steel and aluminium tariffs to 50%
US and China accused each other about reneging on their recent tariff truce
Trump administration wants trading partners to submit their best offer by Thursday
US May ISM Manufacturing PMI was 48.5 vs. 49.5 consensus and down from 48.7 in April. This marks the weakest level since Nov-24, with prices paid sub-index hovering highest level since Jun-22 and imports sub-index at lowest since 2009
Good morning!
[8:45 am] S&P/ASX 200 futures point towards a very strong start, up 69 pts or 0.81% – which should leave us within 1% of all-time highs.
If you’re new to the blog – catch up quick via today’s Morning Wrap.
