ASX 200 Live: Westpac dividend misses expectations, CSL reaffirms guidance, Reliance flags US tariff impact
The ASX 200 is trading higher after a robust US jobs report and positive trade developments. Here are today's top stories.
Today’s ASX 200 Updates
Welcome to our live ASX coverage for Monday, May 5. 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 snaps seven-day win streak
[4:15 pm] The S&P/ASX 200 has failed to extend its win streak to eight after a relatively heavy session, where all 11 sectors finished lower and the index closed at worst levels.
Monday's 0.97% pullback represents the worst session since 9 April. This follows a miraculous seven-day win streak, where the market rallied 5.39% to close near two-month highs last Friday. During this time, the index recovered back above pre-Liberation Day (3-Apr) levels and reclaimed the key 200-day moving average.
Healius confirms ~26% dividend payout
[2:10 pm] Healius announced a fully franked special dividend of 41.3 cents per share, yielding approximately 26% at the current $1.53 share price. Key dates are:
Ex-dividend date: 12 May 2025
Payment date: 23 May 2025
This dividend follows the $965 million sale of Healius’ Lumus Imaging business to Affinity Equity Partners. Lumus, the company’s diagnostic imaging division, operated around 150 sites across Australia, generating $519 million in FY24 revenue (29.7% of Group revenue).
Upon sale completion, Healius plans to clear its $680 million debt, becoming debt-free for the first time in over a decade, with a net cash position after funding the dividend.
Healius shares gained another 4.2% to $1.595 shortly after the announcement (2:02 pm).
Stocks moving on unusual volume
[1:30 pm] These are the S&P/ASX 200 stocks experiencing unusual volume, as a % of their 20-day average volumes.
Symbol | Description | % Chg | Price | Relative volume |
|---|---|---|---|---|
DEG | De Grey Mining | -9.9% | $2.46 | 682% |
SHL | Sonic Healthcare | 0.3% | $26.13 | 474% |
XYZ | Block | 5.2% | $70.99 | 297% |
GOR | Gold Road Resources | 9.6% | $3.26 | 256% |
ORG | Origin Energy | -1.1% | $10.75 | 146% |
BRG | Breville Group | -1.4% | $29.17 | 133% |
Stocks making the biggest moves at noon
[12:05 pm] Here are the S&P/ASX 200 stocks making the biggest gains and declines as at 12:05 pm.
Symbol | Company | % Chg | Price | Catalyst |
|---|---|---|---|---|
GOR | Gold Road Resources | 9.43% | $3.25 | Revised takeover offer |
MCY | Mercury NZ | 6.14% | $5.53 | NA |
XYZ | Block | 5.54% | $71.24 | Bounce after 27% selloff |
GDG | Generation Development | 3.37% | $4.29 | NA |
IEL | Idp Education | 2.47% | $9.55 | NA |
QAN | Qantas | 2.43% | $9.28 | Oil price fall |
VAU | Vault Minerals | 2.35% | $0.44 | NA |
LNW | Light & Wonder | 1.95% | $141.97 | NA |
LYC | Lynas Rare Earths | 1.83% | $8.36 | Bounce after -4.5% in last three |
IGO | IGO | 1.78% | $4.01 | NA |
Symbol | Company | % Chg | Price | Catalyst |
|---|---|---|---|---|
SMR | Stanmore Resources | -5.24% | $1.95 | Coal sector weakness |
CEN | Contact Energy | -4.24% | $8.14 | N/A |
WOR | Worley | -3.40% | $11.94 | Oil price fall |
WDS | Woodside Energy | -3.20% | $19.95 | Oil price fall |
BPT | Beach Energy | -3.17% | $1.16 | Oil price fall |
STO | Santos | -2.88% | $5.91 | Oil price fall |
WBC | Westpac Banking Corporation | -2.60% | $32.58 | 1H25 earnings miss |
RMS | Ramelius Resources | -2.21% | $2.65 | N/A |
BGA | Bega Cheese | -2.19% | $5.80 | N/A |
NCK | Nick Scali | -2.18% | $17.72 | N/A |
Endeavour's Q3 earnings call highlights
[12:00 pm] Here are the key takeaways from Endeavour's third quarter earnings call, featuring Executive Chairman Ari Mervis.
Q3 FY25 earnings: “For the 13 weeks ending 6th April, we delivered sales of $2.8 billion, down 1.7% on the prior corresponding period. Softer retail sales were partly offset by improved sales momentum in hotels, demonstrating the value of our diversified portfolio.
Retail sales environment: “The decline in Q3 sales reflects subdued trading in the quarter as our Retail business continued to recover from the impact of supply chain disruption as well as the impact of timing of key holidays.”
Sales momentum: “Encouragingly, Retail returned to positive sales growth in April following solid Easter trading.”
Hotels performance: Sales momentum improved during the quarter with strong performance across key events, including Australia Day, St Patrick's Day, Valentines Day and the Footy season kick-off.”
Promotional activity: “It should be noted that the promotional intensity in retail increased at the beginning of Q4 ahead of the key Easter and Anzac Day holiday trading period.”
Material impact from Queensland: “Gaming remained resilient with our two largest markets are Victoria and Queensland, exhibiting the strongest growth. Pleasingly, the group continued to grow its gaming market share in Victoria.”
Sales guidance: “Accordingly, the group is targeting flat to modest retail growth in the balance of Q4, citing a 0.2% decline in the comparable same-store sales for Dan's and BWS in a pcp. In Hotels, positive sales momentum has continued, supported by resilience in gaming and strength food and bar sales. The group is targeting a mid single-digit hotels sales growth in the balance of Q4, cycling 2.2% comparable sales in the pcp.”
Inflation: “Looking ahead, we expect retail market conditions to gradually improve as inflation moderates and the prospects for interest rate cuts increase.”
Cost inflation: “While inflationary pressures are gradually easing, cost inflation will remain a headwind for both retail and hotels in the remainder of the second half.”
Westpac results driving banks lower
[10:40 am] The S&P/ASX 200 Financials Index fell 0.96% after Westpac's disappointing first-half FY25 results. A key driver was the dividend shortfall (76 cents per share vs. UBS's 82 cents estimate) and weaker-than-expected net interest margins (1.88% vs. UBS's 1.94%). This raises concerns about softer dividend and margin outlooks for other major banks, especially as their shares have recently enjoyed a V-shaped rally.
Interestingly, regional names like Bank of Queensland and Bendigo Bank are ticking higher.
Symbol | Company | % Chg | Price |
|---|---|---|---|
WBC | Westpac Bank | -2.54% | $32.60 |
CBA | Commonwealth Bank | -2.10% | $166.09 |
NAB | National Australia Bank | -1.03% | $36.12 |
ANZ | ANZ | -0.21% | $30.30 |
BOQ | Bank Of Queensland | 0.47% | $7.53 |
BEN | Bendigo And Adelaide Bank | 0.48% | $11.50 |
Data as at 10:25 am AEDT
Top gainers and losers at the open
[10:25 am] Here are the top S&P/ASX 200 gainers and losers as at 10:25 am AEDT.
Symbol | Company | % Chg | Price |
|---|---|---|---|
GOR | Gold Road Resources | 8.75% | $3.23 |
MCY | Mercury Nz | 6.14% | $5.53 |
XYZ | Block, Inc. | 5.41% | $71.16 |
QAN | Qantas Airways | 3.86% | $9.41 |
ZIP | Zip Co | 3.78% | $1.70 |
IEL | Idp Education | 3.49% | $9.65 |
GDG | Generation Development | 3.13% | $4.28 |
WEB | Web Travel Group | 2.04% | $4.25 |
LNW | Light & Wonder Inc. | 2.02% | $142.08 |
AMC | Amcor Plc | 1.90% | $14.50 |
Symbol | Company | % Chg | Price |
|---|---|---|---|
CEN | Contact Energy | -4.24% | $8.14 |
WDS | Woodside Energy Group | -2.94% | $20.01 |
SMR | Stanmore Resources | -2.91% | $2.00 |
WBC | Westpac | -2.54% | $32.60 |
STO | Santos | -2.22% | $5.95 |
CBA | Commonwealth Bank | -2.10% | $166.09 |
OBM | Ora Banda Mining | -1.94% | $1.01 |
WOR | Worley | -1.70% | $12.15 |
CIA | Champion Iron | -1.62% | $4.55 |
BGA | Bega Cheese | -1.52% | $5.84 |
Endeavour guides to flat liquor sales
[9:54 am] Endeavour has reported another weaker-than-expected earnings update, largely due to moderating liquor trends. Here are the key numbers for the third quarter (6-Jan to 6-Apr).
Retail sales down 1.3% to $2.33 billion vs. UBS ests $2.4 billion (2.9% miss)
Hotels sales up 4.9% to $512 million vs. UBS ests $508 million (0.7% beat)
Group sales down 0.3% to $2.84 billion vs. UBS ests $2.91 billion (2.4% miss)
Targeting flat to modest retail sales growth in the fourth quarter of FY25, cycling a 0.2% decline in comparable sales for Dan Murphy's and BWS last year
Targeting mid-single digit hotel sales growth in 4Q25, cycling 2.2% year-on-year comparable sales growth
"Looking ahead, the Group expects Retail market conditions to gradually improve as inflation moderates, and the prospects for interest rate cuts increase. In FY25 year-to-date, consumer spending activity outside of key social occasions has remained relatively subdued and there are only a limited number of these events left in the remainder of FY25."
Reaffirmed FY25 capex of $375-425 million
Despite strength in the hotel segment, it couldn't offset the weakness in the larger retail sector. Although Endeavour's results fell short of UBS's already cautious estimates, the struggles were widely anticipated, with the stock already down 20% over the past year.
City Chic targeting lower-end of guidance
[9:39 am] City Chic Collective says tariffs on its US products, over 90% of which are sourced from China, have increased the historic average duty rate of 27.5% by 145%. The company says pre-stocked inventory for Summer 2025 and Winter 2026 will sustain operations through Q2 FY26.
The trading update noted mixed sales for the first 18 weeks of 2H25 and tempered its FY25 targets.
Total growth for the first 18 weeks to 4-May-25 of 8% on the prior corresponding period (17% growth in ANZ offset by 13% decline in US)
Group online sales up 23% year-on-year, and gross margin remains in line with expectations
Cash balance of $7 million, with $5 million undrawn from $10 million debt facility
Targeting lower end of FY25 revenue target of $137-147 million and EBITDA of $8-12 million
Reliance downgrades FY25 guidance
[9:20 am] Reliance Worldwide has revised its FY25 guidance downward due to the impact of US tariffs, with approximately 48% of its Americas region’s cost of goods sourced outside the U.S. and potentially subject to tariffs. The company aims to reduce China-sourced goods by 30% year-on-year to $80 million in FY25, down from a peak of $160 million, with a long-term goal of eliminating tariff-related impacts from China.
In a statement, the company noted, “Economic conditions in the US have worsened, primarily due to uncertainty surrounding higher tariffs between the US and its trading partners, leading to declining consumer confidence and reduced demand.”
The new guidance reflects a broad downtick in key metrics, including:
Group full-year external sales are now projected to grow by mid-single-digit percentage points compared to FY24.
Full-year external sales are expected to be at the lower end of guidance, within a range of up or down by low single-digit percentage points.
Adjusted EBITDA (excluding Holman) is anticipated to be slightly lower than FY24.
This revision marks a significant shift from the guidance provided at the company’s February half-year result and contrasts with Macquarie analysts’ April 2025 expectations of 6.5% revenue growth and 6.2% underlying EBITDA growth.
Reliance shares are down 19% year-to-date, but the guidance downgrade should place further downward pressure on the stock.
CSL reaffirms FY25 guidance
[9:05 am] CSL's 'shareholder information meetings' in Sydney and Brisbane on 5 May and 9 May 2025 reaffirms its full-year NPATA guidance of 10-13% growth to $3.2-3.3 billion. The presentation noted the following key points.
Behring: Strong underlying demand for immunoglobulin in core indications, with growing uptake of HEMGENIX and preparations underway for the launch of ANDEMBRY. The RIKA roll-out is complete, Horizon 1 is yielding tangible benefits, Horizon 2 initiatives are on track, and gross margins are improving.
Seqirus: Higher H5 avian influenza revenue is expected in the second half, with preparations for the FLUAD launch in Germany advancing and the Tullamarine facility moving toward validation.
Vifor: The company maintains its leadership in iron, continues to build momentum in nephrology, and is expanding geographically.
PlaySide Studios Co-Founder resigns
[9:00 am] PlaySide Studios' Co-Founder and Creative Director has resigned, following his decision to step down as CEO in March 2025 and the successful completion of the company's restructure. Shares in the video game developer and publisher have plummeted 80% over the past year due to multiple earnings downgrades and financial challenges, including a significant downturn reported in its first-half FY25 results on January 28, which drove the share price down by 48%
.As a major shareholder with approximately 66.48 million shares (16.2% of the company), Sakkas remains committed to PlaySide. He has offered to escrow up to 90% of his shares for twelve months, though he is permitted to sell up to six million shares, valued at approximately $990,000.
Westpac 1H25 dividend and margins miss
[8:55 am] Westpac reported a mixed 1H25 result. Here are the key numbers from the result:
Net profit after tax (ex-items) down 1% to $3.5bn, in-line with market expectations
CET1 ratio of 12.2%, in-line with market expectations
Earnings per share flat year-on-year at 101 cents vs 98 cents UBSe (3.0% beat)
Interim dividend of 76 cents per share vs. 82 cents UBSe (7.3% miss)
Group NIM down 1 bp to 1.88% vs. 1.94% UBSe (6 bp miss)
The result is a net negative, given the weaker-than-expected dividend and net interest margins. These are the two most important metrics for banks, and will likely offset the strength Westpac has shown in its balance sheet and resilient credit impairment metrics.
What's driving stocks higher?
[8:40 am] The S&P 500 recorded its ninth straight gain overnight. The momentum was largely driven by:
De-escalation of trade tensions, with further relief for US auto-related tariffs, China said late in the week it is weighing a response to recent US overtures on trade talks and constructive talks between the US and Japan
Stable consumer spending trades highlighted by Amazon, Visa and Mastercard earnings
Strong US jobs report, with nonfarm payrolls up 177,000 month-on-month (vs. 130,000 consensus) and unemployment rate steady at 4.2%, in-line with market expectations
Good morning!
[8:30 am] The market continues to run hot – S&P/ASX 200 futures are pointing towards a 32pt gain (+0.38%) at the open after a strong lead from Wall Street.
If you’re new to the blog – catch up quick via today’s Morning Wrap.
