ASX 200 Live Today - Wednesday, 25th March

Welcome to our live ASX coverage for Wednesday, March 25. Expect a high volume of posts pre-market and more periodic updates throughout the day. We'll be wrapping the blog up a little earlier than usual, at ~12:00 pm AEST. Let us know how we can make it even better.

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New updates

Lithium futures open 3.74% higher

[12:08 pm] Lithium stocks are broadly higher, with Chinese lithium carbonate futures up 3.74% to 158,200 yuan a tonne.

That's all from us today. Make sure to come back tomorrow morning for more coverage. As always, thanks for tuning in.

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Silver stocks rise on silver surge

[12:05 am] It's been a decent day for precious metals and miners, with silver bouncing 3% to almost US$74 and gold up almost 2%.

Pure play silver miners like Andean Silver (up 14.3%), Unico Silver (up 10.4%) and Silver Mines Ltd (up 13.3%) are reaping the benefits, even if this proves to be little more than a relief rally.

The precious medal is still down almost 40% from its recent record high and the chart doesn't necessarily make pretty reading for those hoping for another historic run.

By Tom Stelzer

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ASX rallies further after inflation cools

[11:49 am] The ASX 200 has extended its gains today thanks to a softer CPI print that saw annual inflation rise 3.7% in the 12 months to February, down from 3.8% the previous month.

The index is now up more than 2%, with Materials up more than 4%.

Money markets suggest it's now a toss-up on whether we get another rate hike at the RBA's next meeting in early May.

By Tom Stelzer

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CPI at 3.7%, trimmed mean steady at 3.3%

[11:34 am] Australian inflation has cooled slightly, with the Consumer Price Index (CPI) rising 3.7% for the 12 months to February 2026.

Market expectations were for headline inflation to remain at 3.8%.

Housing (7.2%), recreation and culture (4.1%) and food and non-alcoholic beverages (3.1%) were the biggest drivers.

Trimmed mean inflation, the RBA's preferred measure, was unchanged at 3.3% in the year to January.

Of course, this data is from before the conflict in the Middle East, so you can expect the inflation picture to get a lot more complicated in the months to come.

By Tom Stelzer

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Miners bounce on gold rally

[11:26 am] Gold has moved back above US$4,500 an ounce off the news from the Middle East that the US may be looking to end the conflict with Iran.

As a result, some of the ASX 200's biggest gold miners have also surged, with Northern Star, Evolution Mining, Sandfire Resources, Ramelius Resources and Genesis Minerals all up more than 6%.

By Tom Stelzer

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Lithium stocks up after Chinese futures jump almost 6%

[11:18 am] ASX lithium stocks including Liontown (up 6.4%), PLS Group (up 4.3%), Mineral Resources (3.5%), IGO Ltd (up 3.4%) have bounced after Chinese lithium carbonate futures rose to 152,000 yuan per tonne.

Lithium carbonate prices have doubled from their cycle low last year, and briefly touched 180,000 yuan in January after supply side tailwinds.

By Tom Stelzer

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ASX showing sector strength

[10:52 am] The ASX 200 is up 1.25% this morning, as news from the Middle East points to potential peace talks between the US and Iran.

9 of the 11 ASX sectors were up, with Materials leading the charge, and Energy unsurprisingly down.

But developments in the ongoing conflict are about as predictable as Melbourne weather, and Brent crude oil is back above US$100, so take this positive momentum with a grain of salt for now.

By Tom Stelzer

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Amplitude Energy crashes 40% after abandoning gas well

[10:42 am] Australian gas producer Amplitude has been dumped this morning after it announced its Isabella gas discovery was non-commercial as a result of flow test results. The AEL share price dipped below $1.60, the lowest price since early 2024.

But the company said the setback would not impact its plans for the East Coast Supply Project, which is targeting its first gas production in 2028.

By Tom Stelzer

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Uranium stocks broadly higher

[10:32 am] Uranium stocks are broadly higher, with Uranium futures closing at US$83.90 per pound overnight. The S&P/ASX 200 Energy Index is currently down 1.41% with the S&P/ASX 200 Materials Index currently up 3.18%.

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Tech stocks broadly lower

[10:20 am] The S&P/ASX 200 Technology Index is down 1.01% following a downbeat overnight session where the NASDAQ fell 0.84% as yields ticked higher and the VIX hit 26.94.

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Top ASX 200 gainers and losers

[10:12 am] Here are today's top gainers and losers on the S&P/ASX 200.

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Rio Tinto secures $2bn government support for Boyne aluminium smelter

[10:06 am] Rio Tinto has locked in a landmark agreement with Australian federal and Queensland governments to keep its Boyne aluminium smelter operating beyond 2030.

• Queensland and federal governments will jointly invest $2bn ($1bn each) over 10 years to 2040 as part of the Federal Government's Future Made in Australia initiative

• The deal ensures Boyne Smelters Limited (Rio Tinto 73.5% stake) continues production beyond its current power contract expiry in 2029, through to at least 2040

• Rio Tinto has now contracted more than 2.8GW of new renewable energy and 600MW of storage across five Queensland projects since January 2024

• The agreement preserves one of the few fully integrated aluminium value chains in the world, from bauxite mining to alumina refining to smelting, all within Queensland

Company page: Rio Tinto (RIO)

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Pepper Money walks away from Challenger takeover bid

[10:00 am] Pepper Money (ASX: PPM) has rejected a $2.25 per share takeover proposal from Challenger, drawing a line under discussions after determining the offer was not reasonably capable of execution.

The decision follows a review by the company’s independent board committee and consultation with shareholders, with Challenger’s revised bid described as its best and final offer.

Despite the failed approach, underlying business momentum appears strong. Pepper reported application volumes up 21% and originations rising 34% in the first two months of 2026 compared to a year earlier.

The company also reaffirmed its capital management plans, including a fully franked final dividend of 7.8 cents per share to be paid in April.

With takeover talks now off the table, the focus shifts back to execution and growth.

By Chris Conway

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Syrah halts trading amid funding talks and potential capital raise

[9:58 am] Syrah Resources (ASX: SYR) has entered a trading halt as it works through a proposed funding package with lenders alongside a potential equity raising.

The halt, requested by the company, will remain in place until an announcement is made or trading resumes on March 27, whichever comes first.

At the centre of the pause is a strategic funding proposal that could reshape the company’s capital structure, with equity markets also in play as part of the process.

While details remain limited, trading halts of this nature typically signal material developments, particularly when both debt and equity options are under consideration.

For investors, the focus now shifts to the terms of any deal and what it implies for balance sheet strength, dilution risk, and the company’s path forward.

By Chris Conway

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4DMedical lands Mayo Clinic as CT:VQ rollout gathers pace

[9:57 am] 4DMedical (ASX: 4DX) has secured a deployment of its CT:VQ imaging technology at Mayo Clinic, marking another step forward in its push into top-tier US healthcare institutions.

The agreement, initially structured as a 90-day deployment, will allow Mayo clinicians to integrate and evaluate the technology within clinical workflows, with the potential to transition to full commercial terms.

While financially immaterial in the near term, the strategic significance is clear. Mayo Clinic is widely regarded as the leading hospital in the US, and its adoption represents a powerful endorsement of CT:VQ’s clinical relevance.

Importantly, this marks the sixth major US academic medical centre to deploy the technology in just seven months since FDA clearance, highlighting strong early momentum.

With a growing network of reference sites and a strengthening commercial pipeline, 4DMedical is positioning CT:VQ as a potential new standard in lung imaging.

By Chris Conway

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Inflation set to linger as petrol surge clouds outlook

[9:55 am] Australia’s latest CPI print lands at 11:30am AEDT and is unlikely to offer the relief many are hoping for.

Expectations are for headline inflation around 3.9% year-on-year, still well above the RBA’s comfort zone. Housing costs, particularly rents, remain a key source of pressure, underscoring how sticky domestic inflation has become. But the bigger issue may be what the data doesn’t yet show. The recent surge in petrol prices is only just beginning to flow through, with broader cost pressures likely to follow.

Markets appear willing to look through any modest downside surprise. With inflation risks skewed higher, expectations are shifting toward further tightening, with another RBA hike as soon as May increasingly plausible.

By Chris Conway

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Good morning!

[9:44 am] ASX 200 futures are up 51 pts (+0.60%) as of 8:30 am AEDT.

In a nutshell:

• Major US benchmarks all lower on mixed signals around Iran war

• Middle East conflict continuing to create uncertainty around conflicting headlines regarding negotiations

• Gold rebounded from earlier losses but remained in bear market territory, oil pushed marginally higher