News | Market Wraps
Evening Wrap: ASX 200 ends flat, CBA weighs, PME powers through $300 per share
The S&P/ASX 200 closed 1.9 points lower, down 0.02%.
The S&P/ASX 200 closed 1.9 points lower, down 0.02%.
In a nutshell:
ASX 200 backs away from record levels, in a wobbly session
CBA weighed on the index, whilst materials propped it up
Gold pulled back after a three-session rally, oil retreated
Let's dive in.
Today in Review
Thu 03 Jul 25, 4:16pm (AEST)
Name | Value | % Chg |
|---|---|---|
Major Indices | ||
| ASX 200 | 8,595.8 | -0.02% |
| All Ords | 8,833.6 | +0.06% |
| Small Ords | 3,261.0 | +0.19% |
| All Tech | 4,044.1 | +0.19% |
| Emerging Companies | 2,321.2 | +1.32% |
Currency | ||
| AUD/USD | 0.6571 | -0.20% |
US Futures | ||
| S&P 500 | 6,279.75 | +0.08% |
| Dow Jones | 44,808.0 | +0.07% |
| Nasdaq | 22,866.75 | +0.10% |
Name | Value | % Chg |
|---|---|---|
Sector | ||
| Materials | 16,608.2 | +3.02% |
| Energy | 8,815.1 | +0.83% |
| Health Care | 42,001.1 | +0.60% |
| Industrials | 8,282.8 | -0.15% |
| Real Estate | 3,988.2 | -0.23% |
| Information Technology | 2,877.0 | -0.28% |
| Consumer Staples | 12,185.8 | -0.46% |
| Utilities | 9,247.2 | -0.62% |
| Consumer Discretionary | 4,149.2 | -1.08% |
| Financials | 9,400.3 | -1.27% |
| Communication Services | 1,840.7 | -1.47% |
ASX 200 Session Chart
[TBC Caption] ASX 200... (Source: Market Index)
Markets
It was a wobbly session, with the index falling from the outset, only to recover in the back half of the session
CBA was the biggest drag, whilst iron ore miners rallied - BHP jumped 5.5%
Clearly there was some rotation at the top end - out of banks and into miners
Iron ore rallied as much as 2% amid reports Beijing will to crack down on "disorderly" price competition
Materials were supported by energy and healthcare, with communication services and financials the worst
New ASX entrant, housing developer GemLife, closed 4.1% higher on debut
Lithium stocks surged on hopes of China stimulus
Retailers took a hit, led lower by JB Hi-Fi down 3%. Wesfarmers, Harvey Norman and Myer were also weaker
Economy
Australia’s trade surplus shrank significantly in May 2025, coming in at AUD 2.24 billion - less than half of April’s revised AUD 4.86 billion and well below the anticipated AUD 5.0 billion.
This marked the slimmest surplus since August 2020 and the contraction was the result of falling exports and rising imports.
Export values declined 2.7% from the previous month to AUD 42.40 billion, the lowest in three months, following a 1.7% drop in April. A notable factor behind the decline was a 5.5% fall in exports to the United States, partly due to tariffs reinstated under the Trump administration.
UBS economists brought forward RBA rate cut expectations to July from August, with one of Australia's top economic teams now forecasting a 25 basis point reduction next week
Latest News
Interesting Movers
Trading higher
+11.31% Pilbara Minerals (PLS) – Rallied on the iron ore price, hopes of China stimulus
+10.93% Stanmore Resources (SMR) - Miner sentiment
+10.87% WIA Gold (WIA) – High-grade gold discovery
+9.25% Regal Partners (RPL) – 1H25 performance fees estimate
+8.65% Amaero (3DA) – No news
+7.78% Pro Medicus (PME) – 2 new contract wins
+7.14% 29Metals (29M) – Miner sentiment
Trading lower
-18.18% Energy World Corporation (EWC) –No news
-7.53% Ausgold (AUC) – Gold price weakness
-7.44% G8 Education (GEM) – No news
-6.31% Boss Energy (BOE) – No news
-4.92% Titomic (TTT) – No news
Broker notes
Alcoa Corporation (AAI)
Downgraded to Neutral from Buy at UBS; Price Target: $50.00
Amplitude Energy (AEL)
Retained at Buy at Bell Potter; Price Target: $0.27 from $0.26
Aristocrat Leisure (ALL)
Retained at Neutral at Jarden; Price Target: $64.00 from $61.00
ALS (ALQ)
Initiated at Buy at Citi; Price Target: $19.45
AMP (AMP)
Retained at Outperform at Macquarie; Price Target: $1.44 from $1.34
Bellevue Gold (BGL)
Downgraded to Neutral from Overweight at JPMorgan; Price Target: $0.90 from $1.00
BHP Group (BHP)
Retained at Buy at Citi; Price Target: $43.00 from $45.00
Retained at Neutral at UBS; Price Target: $40.00
Boss Energy (BOE)
Downgraded to Hold from Buy at Jefferies; Price Target: $5.00 from $5.40
Beach Energy (BPT)
Retained at Neutral at UBS; Price Target: $1.35 from $1.95
Retained at Neutral at UBS; Price Target: $1.95 from $1.35
Brightstar Resources (BTR)
Retained at Speculative buy at Canaccord Genuity; Price Target: $1.40 from $1.50
Cuscal (CCL)
Retained at Buy at Ord Minnett; Price Target: $3.75
Codan (CDA)
Retained at Hold at Bell Potter; Price Target: $17.25
Capricorn Metals (CMM)
Upgraded to Accumulate from Hold at Ord Minnett; Price Target: $10.90
Coles Group (COL)
Retained at Buy at Citi; Price Target: $21.00
Capstone Copper Corp. (CSC)
Retained at Buy at Ord Minnett; Price Target: $12.00
Domino's Pizza Enterprises (DMP)
Downgraded to Sell from Neutral at Citi; Price Target: $14.20 from $23.82
Upgraded to Hold from Outperform at CLSA; Price Target: $15.10 from $40.10
Upgraded to Neutral from Negative at E&P; Price Target: $21.00 from $28.26
Retained at Buy at Goldman Sachs; Price Target: $37.30
Retained at Buy at Jefferies; Price Target: $42.00 from $39.00
Retained at Equal weight at Morgan Stanley; Price Target: $24.00
Upgraded to Buy from Hold at Ord Minnett; Price Target: $28.00 from $31.00
Retained at Sector perform at RBC Capital Markets; Price Target: $18.00 from $30.00
Downer EDI (DOW)
Retained at Neutral at Macquarie; Price Target: $6.50 from $5.73
DroneShield (DRO)
Retained at Buy at Bell Potter; Price Target: $2.60
Emerald Resources NL (EMR)
Upgraded to Hold from Lighten at Ord Minnett; Price Target: $4.00 from $4.10
Electro Optic Systems Holdings (EOS)
Retained at Buy at Bell Potter; Price Target: $3.10
Fortescue (FMG)
Retained at Buy at Ord Minnett; Price Target: $20.00
G8 Education (GEM)
Downgraded to Neutral from Outperform at Macquarie; Price Target: $1.15 from $1.53
Downgraded to Hold from Buy at Moelis Australia; Price Target: $1.15 from $1.49
Greatland Resources (GGP)
Initiated at Neutral at Goldman Sachs; Price Target: $7.80
Genesis Minerals (GMD)
Initiated at Neutral at Goldman Sachs; Price Target: $5.00
Downgraded to Neutral from Overweight at JPMorgan; Price Target: $4.40 from $4.60
Helia Group (HLI)
Retained at Underperform at Jefferies; Price Target: $3.60
Upgraded to Neutral from Underperform at Macquarie; Price Target: $3.35 from $3.25
HUB24 (HUB)
Retained at Neutral at Citi; Price Target: $89.80 from $84.80
Downgraded to Underweight from Neutral at Jarden; Price Target: $79.50 from $63.00
Harvey Norman Holdings (HVN)
Retained at Buy at Citi; Price Target: $5.80
JB Hi-Fi (JBH)
Retained at Buy at Citi; Price Target: $110.00
James Hardie Industries Plc (JHX)
Retained at Accumulate at Morgans; Price Target: $49.00 from $50.00
Macquarie Group (MQG)
Retained at Equal weight at Morgan Stanley; Price Target: $216.00 from $199.00
Newmont Corporation (NEM)
Retained at Buy at Ord Minnett; Price Target: $115.00
Retained at Buy at UBS; Price Target: $105.00
Northern Star Resources (NST)
Retained at Hold at Ord Minnett; Price Target: $18.10 from $19.40
Neurizon Therapeutics (NUZ)
Retained at Speculative buy at Morgans; Price Target: $0.42
Netwealth Group (NWL)
Downgraded to Neutral from Buy at Citi; Price Target: $33.65 from $26.50
Downgraded to Underweight from Neutral at Jarden; Price Target: $27.90 from $24.30
Origin Energy (ORG)
Retained at Buy at UBS; Price Target: $11.70 from $12.10
Retained at Buy at UBS; Price Target: $12.10 from $11.70
Paladin Energy (PDN)
Upgraded to Buy from Hold at Jefferies; Price Target: $9.00 from $8.00
Downgraded to Underweight from Neutral at JPMorgan; Price Target: $6.00
Pilbara Minerals (PLS)
Downgraded to Sell from Hold at Ord Minnett; Price Target: $1.15 from $1.75
Pantoro Gold (PNR)
Initiated at Buy at Goldman Sachs; Price Target: $3.70
Rio Tinto (RIO)
Retained at Neutral at UBS; Price Target: $120.00
Ramelius Resources (RMS)
Initiated at Neutral at Goldman Sachs; Price Target: $2.75
Resolute Mining (RSG)
Retained at Buy at Ord Minnett; Price Target: $0.90 from $1.00
South32 (S32)
Retained at Neutral at JPMorgan; Price Target: $3.30 from $3.50
Retained at Neutral at UBS; Price Target: $3.10
Superloop (SLC)
Retained at Buy at UBS; Price Target: $3.80 from $2.55
Santana Minerals (SMI)
Retained at Speculative buy at Bell Potter; Price Target: $1.18 from $1.30
Retained at Buy at Bell Potter; Price Target: $1.18 from $1.30
Retained at Outperform at RBC Capital Markets; Price Target: $0.75 from $0.85
SRG Global (SRG)
Initiated at Buy at Moelis Australia; Price Target: $2.00
Santos (STO)
Retained at Buy at UBS; Price Target: $7.90 from $9.20
Retained at Buy at UBS; Price Target: $9.20 from $7.90
Super Retail Group (SUL)
Retained at Buy at Citi; Price Target: $16.50
Transurban Group (TCL)
Upgraded to Trim from Hold at Morgans; Price Target: $13.04 from $12.65
Vault Minerals (VAU)
Retained at Buy at Canaccord Genuity; Price Target: $0.68
Initiated at Buy at Goldman Sachs; Price Target: $0.48
Woodside Energy Group (WDS)
Retained at Neutral at Citi; Price Target: $21.50
Retained at Neutral at UBS; Price Target: $23.30 from $23.20
Westgold Resources (WGX)
Initiated at Buy at Goldman Sachs; Price Target: $3.50
