ASX 200 Live Today - Wednesday, 28th May
The S&P/ASX 200 is set to rally after a strong lead from Wall Street and lower bond yields. Here are today's top stories.
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Today’s ASX 200 Updates
Welcome to our live ASX coverage for Wednesday, May 28. 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 slips on large cap weakness
[4:15 pm] The S&P/ASX 200 finished 10 pts lower (-0.13%), with 9 of the 10 largest companies (except Goodman Group) closing lower.
The market briefly climbed 0.55% to its highest level since February 19, coming within 1.2% of its all-time high. However, it trended lower for most of the session, further pressured by a slightly hotter-than-expected April CPI report. The monthly CPI indicator rose 2.4% year-over-year, unchanged from the prior month but above the 2.3% consensus forecast.
"This month’s inflation reading was impacted by some large monthly rises in fruit, eggs, and holiday travel prices. However, it is still an encouraging figure, marking the 9th consecutive month of the headline CPI indicator staying within the 2-3% target band," noted AMP Economist My Bui.
Woodside receives preliminary approval to extend North West Shelf
[2:20 pm] Woodside shares are up 3.7% after Environment Minister Murray Watt said he made a proposed decision to extend North West Shelf LNG’s operating life to 2070, with conditions, according to Bloomberg. Woodside will have 10 business days to respond to the proposed decision.
The project faces significant opposition due to its environmental impact, with estimates of 4.3–6.1 billion tonnes of greenhouse gas emissions over its extended life, equivalent to a substantial portion of Australia’s carbon budget.
Webjet Travel Group's FY25 earnings call highlights
[1:55 pm] Shares in Webjet Travel Group soared 12% after beating FY25 earnings expectations and signaling a strong FY26 based on year-to-date numbers. Here are the key takeaways from the company's earnings call:
Strong Growth Outlook: Robust bookings in the first two months of FY26, with expected continued high growth rates, driven by geographic expansion and a revenue take rate of ~6.5%.
Improved Conversion Rates: Conversion rates have significantly increased from FY24 to FY26, outpacing market growth, with minimal seasonality impact (e.g., Easter in Europe).
Direct Contracting Focus: Increased emphasis on direct hotel partnerships, boosting margins by shifting the supply mix toward higher-margin, directly contracted inventory.
EBITDA Margin Stability: Medium-term EBITDA margins expected to stabilise at 6.5% in FY26, rising to 50% by FY27, supported by balanced growth and operational enhancements.
Technological Advancements: Investments in AI, machine learning, and platform capabilities to enhance conversion rates and customer service, alongside strategic partnerships for supply and distribution.
Financial Guidance: FY26 projections include 44%-47% EBITDA margins, 17% effective tax rate, high single-digit OpEx growth, 100% cash conversion, and CapEx aligned with FY25 levels; long-term goal of A$10bn TTV by FY30.
ASX 200 fades early gains after CPI print
[1:00 pm] The S&P/ASX 200 is trading around breakeven, down from session highs of 0.54%. The market was already trending lower heading into the CPI report at 11:30 am, up 0.28%.
Australia's CPI rose 2.4% year-on-year in April vs. market expectations of 2.3%. Here are some of the key takeaways from the ABS:
The largest contributors to the annual movement were Food and non-alcoholic beverages (+3.1 per cent), Housing (+2.2 per cent), and Recreation and culture (+3.6 per cent).
Annual inflation for Food and non-alcoholic beverages was 3.1 per cent in April compared to 3.4 per cent in March. This reflects slowing annual inflation, mainly for Fruit and vegetables and Meat and seafoods.
Annual trimmed mean inflation was 2.8 per cent in April 2025. This was up slightly from the 2.7 per cent inflation in March and has remained relatively stable for the past five months.
Electricity prices fell 6.5 per cent in the 12 months to April, compared to a 9.6 per cent fall in the 12 months to March.
Fisher & Paykel falls on weak FY26 guidance
[12:45 pm] Fisher & Paykel shares are currently down 4.0% after the company reported a moderate FY25 beat but a weaker-than-expected FY26 guidance.
As we noted earlier this morning:
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
Operating profit up 44% to $509.6m
Operating margin up 494 bps to 25.2%
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)
Fisher & Paykel guided to the following numbers for FY26:
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)
Remains committed to returning to its long-term gross margin target of 65%
Lithium stocks extend selloff
[12:30 pm] Lithium stocks continued to trend lower after yesterday's downbeat EV pricing announcement from BYD.
Here are some of the key takeaways from Bloomberg:
Stock levels at dealerships last month reached 3.5 million cars, or 57 inventory days, the highest since December 2023, according to data shared last week by the China Passenger Car Association.
Revisions by BYD include paring the price of its Seagull hatchback to 55,800 yuan ($7,780), a 20% reduction to a model that was already the carmaker’s cheapest.
“While some of these discounts have been in place since April, the official announcement sends a strong signal of how tough the end market is,” Morgan Stanley analysts including Tim Hsiao wrote in a note.
Pilbara Minerals closed 3.3% lower on Tuesday and down a further 2.0% today to $1.32. The stock isn't far from marking a fresh four year low.
Chinese lithium futures are currently trading 1.05% lower to 60,100 yuan, the lowest level since January 2021.
Ticker | Company | % Chg | Price |
|---|---|---|---|
LTR | Liontown Resources | -2.03% | $0.63 |
PLS | Pilbara Minerals | -1.34% | $1.32 |
PMT | Patriot Battery Metal | -1.22% | $0.24 |
CXO | Core Lithium Ltd | -1.06% | $0.09 |
SYA | Sayona Mining | 0.00% | $0.02 |
Goodman Group Q3 earnings call highlights
[11:25 am] Goodman Group just wrapped up its quarterly earnings call. Here are some of the key takeaways:
Market Dynamics:
Economic uncertainty delays projects; opportunistic site acquisitions rise.
Data center build-outs surge, with major projects expected in 12-18 months.
Data center construction costs up over 10%, offset by strong metro demand.
Yields: Fully fitted data centers at mid-teens, shells at low-9s to 10%.
Current Themes:
Economic delays and automation demand shape sector dynamics.
Urban site scarcity drives high occupancy and rental growth.
Tightening cap rates boost asset valuations.
Forward Themes:
Data center expansion fueled by cloud and AI demand.
Strategic site acquisitions and hyperscale investments grow.
Rental growth expected from supply constraints.
Guidance:
Nearer-term (through June 2026): High data center occupancy, 9% EPS growth, $2.2bn profit in FY25.
Longer-term: Attractive development margins, rental growth, focus on Australian residential sites, and data center partnerships in Europe/Japan.
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 |
|---|---|---|---|
AVR | Anteris Technologies | 14.41% | $6.75 |
STK | Strickland Metals | 7.69% | $0.14 |
WBT | Weebit Nano | 6.30% | $1.94 |
BOT | Botanix Pharmaceuticals | 5.41% | $0.39 |
29M | 29Metals | 4.88% | $0.22 |
CCP | Credit Corp Group | 4.39% | $13.78 |
TCG | Turaco Gold | 4.26% | $0.49 |
NZM | Nzme | 3.81% | $1.09 |
PPC | Peet | 3.75% | $1.66 |
HLS | Healius | 3.62% | $0.92 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
IPG | Ipd Group | -6.07% | $3.25 |
HTA | Hutchison Telecommunications | -5.88% | $0.03 |
BTR | Brightstar Resources | -4.80% | $0.60 |
MEI | Meteoric Resources | -4.55% | $0.11 |
SGR | The Star Entertainment | -4.35% | $0.11 |
VGL | Vista Group International | -4.32% | $3.10 |
NTU | Northern Minerals | -3.57% | $0.03 |
KMD | Kmd Brands | -3.51% | $0.28 |
UOS | United Overseas Australia | -3.45% | $0.56 |
CHN | Chalice Mining | -3.28% | $1.18 |
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 |
|---|---|---|---|
WEB | Web Travel Group | 13.89% | $5.33 |
MSB | Mesoblast | 6.12% | $1.74 |
XYZ | Block | 5.79% | $97.04 |
LNW | Light & Wonder | 3.77% | $145.95 |
FRW | Freightways Group | 3.65% | $9.94 |
SMR | Stanmore Resources | 3.62% | $2.01 |
TPW | Temple & Webster | 3.55% | $21.44 |
CTD | Corporate Travel | 3.29% | $13.80 |
GDG | Generation Development Group | 2.95% | $5.24 |
ZIP | Zip | 2.94% | $2.00 |
Ticker | Company | % Chg | Price |
|---|---|---|---|
ALQ | Als | -7.37% | $16.34 |
IFT | Infratil | -6.85% | $9.65 |
MIN | Mineral Resources | -4.46% | $22.69 |
FPH | Fisher & Paykel | -2.95% | $33.12 |
SNZ | Summerset Group | -1.94% | $10.10 |
APE | Eagers Automotive | -1.62% | $17.59 |
IEL | Idp Education | -1.34% | $8.10 |
GYG | Guzman Y Gomez | -1.29% | $30.55 |
VAU | Vault Minerals | -1.10% | $0.45 |
DBI | Dalrymple Bay Infrastructure | -0.96% | $4.12 |
Web Travel Group surges on FY25 earnings beat
[10:25 am] Shares in Web Travel Group surged 14% in early trade after reporting better-than-expected FY25 earnings and a strong FY26 outlook.
As we noted earlier:
Total transaction volume up 22% to $4.9bn vs. $5.03bn ests (2.6% miss)
TTV margins stabilised at 6.7% (FY24: 8.2%) vs. 6.48% ests (22 bp beat)
Revenue up 1% to $328.4m vs. $326.1m ests (0.7% beat)
Underlying EBITDA down 13% to $120.6m vs. $117.9m ests (2.3% beat)
Underlying net profit after tax down 22% to $79.2m vs. $72.3m ests (9.5% beat)
FY26-to-date global bookings up 29% and TTV (AUD) up 37%.
RBC Capital Markets analyst Wei Weng-Chen said the FY25 results were a modest beat, with underlying EBITDA and net profit tracking 1.1% and 3.3% ahead of their estimates.
The FY26-to-date numbers were broadly tracking ahead of consensus, with TTV (AUD) up 37% (vs. FY26 consensus of 21%) and EBITDA margin target of 44-47% (vs. FY26 consensus of 42%).
"All said, this update will likely result in double-digit upgrades to consensus EBITDA expectations. With most global travel companies in downgrade mode, WEB have bucked the trend and upgraded quite materially," says Chen.
The other thing to note is that Web Travel Group has relatively high short interest, currently sitting at 5.03%.
Predictive Discovery flags Guinea exploration permit headwinds
[9:55 am] Predictive Discovery flagged Guinea’s Ministry of Mines and Geology revoked over 100 exploration permits, including the company's Argo and Bokoro Project permits.
The company has not yet received formal communication from the Guinean government regarding the revocations and plans to appeal the decision.
Notably, the revoked permits do not include the Kaninko and Saman exploration permits, which form the basis of PDI’s Bankan Gold Project exploitation permit application.
Source: ASX Announcement | Company page: Predictive Discovery (PDI)
Eagers Automotive reiterates FY25 guidance
[9:45 am] Eagers Automotive issued a trading update at its Annual General Meeting. For a stock that's up almost 50% year-to-date, the updates were unsurprisingly positive.
"The order write remains solid (materially up on 2024 on a like-for-like basis) which represents a resilient consumer and the benefits of our unique partner portfolio."
"Our unique businesses in our Retail Joint Venture and easyauto123 are trading at record levels and we continue to execute on our structural productivity improvements."
Remains on track to achieve 2025 revenue growth target of more than $1 billion (this is mostly backed into analyst expectations)
"We continue to believe the second half will benefit from tailwinds associated with improving industry conditions, interest rate relief, and without some of the other disruptions experienced in the first half."
Source: ASX Announcement | Company page: Eagers Automotive (APE)
Goodman Group Q3 Update
[9:30 am] Here's everything you need to know about Goodman's March quarter update, starting with key comments from CEO Greg Goodman.
“Long-term structural demand drivers are intact, however, the uncertain economic and trade environment is delaying customer decisions in the logistics space. Desire for modern, sustainable, logistics facilities in central locations, where automation can improve productivity continues. Space is scarce in our markets, and supply in our locations remains limited."
"In the data centre space, we continue to see significant capex growth from hyperscale operators as they work to meet rising demand for cloud and AI services. With a globally diverse portfolio of identified development opportunities and a 5GW power bank concentrated in low latency, metropolitan areas, the Group is well placed to support these growing requirements."
In terms of March quarter numbers and guidance:
Like-for-like net property income up 4.5% year-on-year
Occupancy at 96.5%
Weighted average lease expiry of 4.7 years
Total property portfolio valued at $85.8bn
Work in progress $13.7bn
Reaffirmed FY25 guidance of 9% operating EPS growth and 30 cents per share dividend
Morgan Stanley says the street is at 10.1% EPS growth. "There is the customary anticipation around EPS guidance upgrade, but that's perhaps been overshadowed this time around by the search for an update on data centre and other JV progress," said the analysts.
The report also noted "We think the market would get excited if the development yield on 3Q Commencements is high - e.g., close to 8-10%."
A yield towards that level would suggest that "data centres are profitable, and have scope to deliver substantial development profits."
3Q25 developments on commencements came in at 9.0%.
Source: ASX Announcement | Company page: Goodman Group (GMG)
Web Travel Group: Upbeat FY25 numbers
[9:15 am] Web Travel Group has reported a relatively positive FY25 result, broadly ahead of Morgan Stanley estimates.
“Our significant TTV growth continued unabated during the year. At almost $5 billion, TTV is nearly double what it was before the pandemic, with our key growth markets of Asia-Pacific and the Americas now accounting for 53% of TTV, up from 31% pre pandemic," said Managing Director John Guscic.
Total transaction volume up 22% to $4.9bn vs. $5.03bn ests (2.6% miss)
TTV margins stabilised at 6.7% (FY24: 8.2%) vs. 6.48% ests (22 bp beat)
Revenue up 1% to $328.4m vs. $326.1m ests (0.7% beat)
Underlying EBITDA down 13% to $120.6m vs. $117.9m ests (2.3% beat)
Underlying net profit after tax down 22% to $79.2m vs. $72.3m ests (9.5% beat)
The company also provided an FY26-to-date trading update, which noted global bookings up 29% and TTV (AUD) up 37%.
Source: ASX Announcement | Company page: Web Travel Group (WEB)
Fisher & Paykel reports slight FY25 miss
[9:05 am] Fisher & Paykel reported a stronger-than-expected FY25 result and provided guidance for FY26. Here are the key numbers (all figures in NZ$, comparisons made against UBS estimates):
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
Operating profit up 44% to $509.6m
Operating margin up 494 bps to 25.2%
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)
Fisher & Paykel guided to the following numbers for FY26:
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)
Remains committed to returning to its long-term gross margin target of 65%
Source: ASX Announcement | Company page: Fisher & Paykel (FPH)
More downward pressure on REA?
[9:00 am] A later afternoon announcement flipped REA shares from a 0.5% gain to a 3.5% fall on Tuesday.
At 3:07 pm, REA confirmed it received "a s155 Notice from the ACCC, requiring REA to provide information regarding certain subscription offerings."
"REA is cooperating fully with the ACCC and is unable to comment further for confidentiality reasons," the company said in a statement.
Given the late afternoon announcement, it will be interesting to see if the stock faces further downward pressure today.
Source: ASX Announcement | Company page: REA Group (REA)
Top stories from Livewire
What do these two ASX 10-baggers have in common? | Bravura Solutions and Spartan Resources, once battered by earnings downgrades and massive share price drops, staged jaw-dropping turnarounds, with Bravura soaring up to 870% and Spartan’s valuation skyrocketing twenty-fold from their 2023 lows. Their secret? Low enterprise values, hefty cash reserves, and relentless operational improvements that transformed these fallen stars into market darlings.
The US stock market is dead | The US stock market, often hailed as the epicenter of global capitalism, is dismissed as "dead" for growth-focused investors, with the ASX 200 outperforming the S&P 500 and Nasdaq 100 in 2025 due to Australia's undervalued stocks and favorable tax concessions. Despite this, the US remains a powerhouse in tech, AI, and other sectors, suggesting its market still holds untapped potential for those seeking long-term growth.
New additions to the top 10: Here’s what my favourite fund managers are holding now | Three new ASX growth stocks—Paragon Care, Universal Store, and Guzman y Gomez—have surged into the top 10 holdings of top small-cap fund managers, replacing former favorites like Catapult and Telix Pharmaceuticals. Despite Paragon Care’s razor-thin margins and negative cash flow, its 28% revenue jump and 86% profit increase signal turnaround potential, while Universal Store’s high-margin retail model attracts fresh interest.
Marcus Padley reveals the secret sauce of timing markets | Marcus Padley, a seasoned investor, argues that timing the market is not only possible but essential, relying on a disciplined strategy of moving to 100% cash during downturns and diving back into sectors like resources, banks, and Big Tech when opportunities arise. His approach, backed by over 40 years of experience, emphasises vigilance, flexibility, and ignoring conventional "time in the market" wisdom to capitalise on volatility and outperform benchmarks.
What's driving stocks?
[8:50 am] US markets finished broadly higher, with every sector closing in positive territory. The S&P 500 rallied 2.05% to recoup most of last week's declines and within 4% of all-time highs.
Trump delayed 50% tariff decline on EU by a month to 9-Jul
Japan's finance ministry hinted at a potential easing of super-long bond issuance after last week's market rout and soft demand for 20-year JGBs
US consumer confidence jumped to 98 in May vs. 88 consensus, marking the highest move in four years thanks to easing tariff tensions
China industrial profits rose 3% in April, driven by a government trade-in program and demand for manufactured products
Good morning!
[8:40 am] S&P/ASX 200 futures are up 51 pts (+0.60%) after the US market resumed trading following the Memorial Day Holiday on Monday.
Markets broadly rallied overnight on Trump's EU tariff delay and falling bond yields.
If you’re new to the blog – catch up quick via today’s Morning Wrap.
