Stocks making the biggest moves at noon: Macquarie, Amcor, gold miners and more

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

Gold miners – Gold prices pulled back sharply overnight, down 1.5% to US$2,743 an ounce. This is driving a sharp pullback across the gold sector, with names like Westgold (-4.5%), Alkane Resources (-4.4%), Ramelius (-3.8%), Genesis Minerals (-3.5%) and Vault Minerals (-3.2%) declined the most.

Macquarie Group (ASX: MQG) – Shares dipped 4.2% to fresh two-month lows after the company reported first-half FY25 earnings that missed market expectations. Looking ahead, Macquarie said it "continues to maintain a cautious stance, with a conservative approach to capital, funding and liquidity that positions it well to respond to the current environment."

• 1H25 net profit up 1.4% to $1.61 billion

• International income 65% of total income in 1H25

• Assets under management up 3% to $916.8 billion

• Interim dividend of $2.60 per share, representing a payout ratio of 61%

• The net profit figure was 6.3% below consensus ($1.72bn) and Citi was expecting a $3.00 per share dividend at a 71% payout ratio

Banks – The Macquarie result coupled with a sharp pullback in US markets has likely weighed on local bank shares. The stocks leading to the downside include NAB (-1.9%), Bank of Queensland (-1.6%), Bendigo Bank (-1.5%), Westpac Bank (-1.4%) and ANZ (-1.3%).

Amcor (ASX: AMC) – Shares in the global packaging company dipped 5.3% to a fresh two-month low after its first quarter FY25 earnings missed analyst expectations.

• Net sales down 3% to $3.35 billion (consensus: $3.43bn or 2.3% miss)

• Adjusted EBIT up 3% to $365 million (consensus: $372.5m or 2.0% miss)

• Net income up 3% to $234 million (consensus: $225.6m or 3.7% beat)

• EBITDA up 2% to $466 million (consensus: $473.1m or 1.5% miss)

• Quarterly dividend of 12.75 cents per share

• Reaffirmed FY guidance including EPS between 72-76 cents and adjusted free cash flow between $900 million and $1.0 billion

Reece Pharmaceuticals (ASX: RCE) – Shares down 4.3% after the company reported net cash outflows of $9.6 million for the September quarter and a remaining cash balance of $6.3 million. The quarterly report noted an estimated 0.65% quarters of funding available. Reece says it expects to receive a rebate on its R&D for both local and overseas expenditure in near weeks. In parallel with the financial update, the company said a non-DSMB review of RECCE 327 Gel's Phase II clinical trial for skin infections, including diabetic foot infections, found no safety concerns and recommended continuing the trial through year-end.

Corporate Travel Management (ASX: CTD) – Shares eased 3.7% after yesterday's announcement, which reaffirmed expectations for a higher-than-typical second half skew of ~65%. The update said ROW (rest of the world) was tracking in-line with guidance but European guidance faces potential risks given uncertainty around UK Government budgets. Macquarie analysts retained a Neutral rating and nudged their target price higher to $13.36 from $13.31. "Uncertainty remains around regional drivers with additional risk to FY25 European expectations emerging. We expect the market will remain cautious on CTD's ability to meet guidance, particularly given the heightened 2H skew. This may prolong a potential re-rate," the analysts said.

Bowen Coking Coal (ASX: BCB) – Shares rallied 12% (but still down 91% year-to-date) after the company successfully raised $70 million to strengthen its balance sheet. " The business is now operating at steady state and while optimisation and cost reduction continue, we are now positioned for Bowen’s future as a low-cost producer of high-quality coking coal," said Executive Chairman Nick Jorss. For context, Bowen reported a $68.8 million loss in FY23.