Stocks making the biggest moves at noon: Banks, Metcash, Collins Foods and more

These are the companies and sectors making headlines in afternoon trade.

5G Networks (ASX: 5GN) – Shares in the data centre and IT services company rallied 6.6% after the Board approved an on-market buyback of up to 100 million shares (vs. shares on issue of 305.2 million).

Metcash (ASX: MTS) – Shares rallied 6.7% after Citi upgraded the stock to a Buy (from Hold) and raised their target price to $3.70 (from $3.40). The analysts believe earnings have likely bottomed for the company's hardware division, combined with resilient earnings for food and a reasonable valuation. They expect the hardware business to post a significant earnings recovery from FY26 and Food-related earnings growth of ~4% over the next two years.

Steadfast Group (ASX: SDF) – Shares in the general insurance broker rallied 3.7% after completing a review of large specialist strata broker and underlying agency subsidiaries. The company said this review has not found any evidence of channeling incentives between Steadfast or related entities.

Major banks have lifted the S&P/ASX 200 to all-time highs, with gains led by Westpac (+2.0%), Bendigo Bank (+1.9%), NAB (+1.4%), ANZ (+1.3%) and Bank of Queensland (+1.1%).

Stocks rallying on no market-sensitive news include Omni Bridgeway (+6.3%), Nuix (+5.6%), Life360 (+4.4%), Neuren Pharmaceuticals (+4.0%), Tasmea (+3.7%) and MinRes (+3.1%)

GTN (ASX: GTN) – Shares in the advertising platform dipped 5.3% to 53 cents after major shareholder Viburnum Funds agrees to sell 19.99% stake to TTG Group at 46.5 cents per share.

Collins Foods (ASX: CKF) – Shares eased 3.7% after the company reported its first-half FY25 earnings, which included:

• First-half FY25 revenue up 1.2% to $703.5 million with modest growth in Australia offset by softness in Europe

• Underlying EBITDA down 6.6% to $102.7 million with margins impacted by a combination of flat same-store sales and ongoing inflationary pressures

• Underlying NPAT down 23.8% to $23.7 million

• Net debt reduced to $158.9 million (vs. $173.0 million a year ago)

• Interim dividend down 12% to 11 cents per share

Stocks falling on no market-sensitive news include Web Travel Group (-3.8%), Bannerman Resources (-3.6%), Webjet Group (-2.7%) and Northern Star Resources (-2.5%).