These are the companies and sectors making headlines in afternoon trade.
EML Payments (ASX: EML) – Shares rallied 22.6% after the company issued an upbeat trading update and outlook at its AGM. The key highlights include:
1Q25 performance is in-line with management expectations, including 12% revenue growth to $48.8 million and 46% underlying EBITDA growth to $11.6 million
FY25-28 medium-term plan include lifting underlying EBITDA margins to 35%, targeting EPS improvement of 13 cps by FY28 and holding costs flat
The company says double digit transaction revenue growth by FY27 is expected to become the new norm
Gentrack Group (ASX: GTK) – Shares in the software solutions provider rallied 18.7% to record levels after reporting its FY24 results.
Revenue up 25.5% to $213.2 million and up 50% when excluding the one-off revenues in FY23 from insolvent customers
EBITDA of $23.6 million vs. $23.2 million in FY23 (impacted by one-off $7.1m charge against payroll costs)
Outlook: "We remain confident of our mid-term guidance of growing revenue more than 15% CAGR and an EBITDA margin of 15-20% after expensing all development costs."
Resimac Group (ASX: RMC) – Shares in the non-bank lender rallied 4.4% after the company advised it will undertake an on-market buyback of up to 10 million shares. "The Board considers that the Company’s current share price does not accurately reflect the underlying value of the Company’s assets and the Share Buy-Back represents an opportunity to add value to the remaining shares on issue," the company said in a statement.
Stocks rising on no market-sensitive news include Talga Group (+8.5%), Ainsworth Game Technology (+6.9%), Life360 (+5.7%), Healius (+4.5%), Viva Leisure (+4.4%), PointsBet (+4.0%), Telix Pharmaceuticals (+3.7%) and Vulcan Energy (+3.1%)
Lindian Resources (ASX: LIN) – Shares in the Malawi-based rare earths developer tumbled 13.3% after an unexpected claim by Deep Blue Sea Limited. The claim was made publicly without any direct notification from Malawi's High Court, and Lindian has not received enough details to understand the claim's validity.
For context: Back in 2018, Lindian had preliminary discussions with Deep Blue Sea about a potential business deal involving Rift Valley Developments. Those initial discussions did not lead to an agreement and resulted in a legal dispute that was resolved in May 2022. When Lindian finally made a transaction with Rift Valley Developments in August 2022, the terms were different from the original 2018 proposal. Lindian firmly believes that Deep Blue Sea was not involved in this transaction and should not be entitled to any payment.
ASX (ASX: ASX) – Shares in the exchange operator dipped 3.0% after the company guided to higher costs for its CHESS project. This includes:
CHESS Release 2 implementation targeted for 2029 with estimated project costs of between $270 million and $320 million
CHESS Release 1 costs are expected to be at the upper end of the previously guided range between $105 million and $125 million
Banks – The Big Four banks have pulled back sharply after Commonwealth Bank set another fresh all-time high on Monday. The weakness on Tuesday has been led by CBA (-2.5%), NAB (-1.6%), ANZ (-1.4%) and Westpac (-1.2%)
Gold Miners – Gold prices tumbled 3.2% overnight, giving back the last three days worth of gains and marking the worst day since 22 June. Local gold miners opened to a sea of red, with afternoon weakness led by Pantoro (-6.7%), Spartan Resources (-6.4%), Ora Banda Mining (-4.5%), Resolute Mining (-4.4%), Vault Minerals (-3.7%), Bellevue Gold (-3.7%) and St Barbara (-3.6%).
Stocks falling on no market-sensitive news including TerraCom (-7.6%), Sayona Mining (-7.1%), Generation Development Group (-6.4%), GenusPlus (-3.9%) and Redox (-3.1%)
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