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ANALYSIS
OPINION
ACTION

ANALYSIS

Market Analysis

29M.AX

-7.78%

4DX.AX

-1.59%

ABG.AX

-3.06%

ASK.AX

-3.53%

AX1.AX

-3.17%

AIS.AX

-11.61%

AGL.AX

-2.08%

AIZ.AX

-0.51%

AAI.AX

-2.04%

ALK.AX

-6.31%

A4N.AX

-3.36%

ALQ.AX

-3.89%

AMC.AX

-1.19%

AOV.AX

-0.59%

AMP.AX

-2.37%

AEL.AX

-3.19%

ALD.AX

-1.64%

ANN.AX

-2.47%

ANZ.AX

-1.52%

APA.AX

-1.8%

ARU.AX

-4.35%

ARB.AX

-2.68%

ARF.AX

-3.62%

ARG.AX

-0.99%

ALL.AX

-2.74%

AYA.AX

-3.25%

APZ.AX

-0.78%

ASX.AX

-0.83%

ALX.AX

-3.58%

AUB.AX

-1.69%

AIA.AX

-0.83%

AZJ.AX

-2.21%

AUC.AX

-4.25%

ABB.AX

0.23%

ASB.AX

-5.91%

AAC.AX

-0.75%

AEF.AX

-1.29%

AFG.AX

-3.71%

AFI.AX

-1.3%

AUI.AX

-0.53%

ASG.AX

-1.71%

BOQ.AX

-2.84%

BMN.AX

-8.36%

BAP.AX

-6.44%

BCI.AX

-3.75%

BPT.AX

-4.58%

BLX.AX

-2.04%

BGA.AX

-2.6%

BGL.AX

-4.89%

BEN.AX

-2.2%

BNZ.AX

0.71%

BHP.AX

-3.12%

BKI.AX

-0.85%

BC8.AX

-3.25%

XYZ.AX

-6.01%

BSL.AX

-0.65%

BOE.AX

-10.06%

BXB.AX

3.48%

BVS.AX

-6.25%

BRE.AX

-8.59%

BRG.AX

-2.71%

BFL.AX

-2.44%

BWP.AX

-1.6%

CMM.AX

-3.07%

CSC.AX

-4.92%

CAR.AX

-4.26%

CIN.AX

-0.43%

CYL.AX

-7.51%

CAT.AX

-0.87%

CWP.AX

-2.37%

CNI.AX

-6.73%

CIP.AX

-2.48%

COF.AX

-3.26%

CHN.AX

-11.03%

CGF.AX

-2.51%

CIA.AX

-4.5%

CHC.AX

-2.54%

CLW.AX

-3.39%

CQR.AX

-1.56%

CQE.AX

-2.03%

CNU.AX

-4.45%

C79.AX

-3.86%

CVL.AX

-6.15%

CU6.AX

-5.54%

CWY.AX

-2.03%

CUV.AX

-5.71%

CBO.AX

-3.4%

COH.AX

-3.31%

CDA.AX

-3.76%

COL.AX

-0.41%

CKF.AX

-0.76%

CBA.AX

-0.23%

CPU.AX

-3.15%

CEN.AX

-0.84%

CXO.AX

-4.55%

CRN.AX

-1.3%

CCP.AX

-2.85%

CMW.AX

-2.33%

CSL.AX

-0.41%

CCL.AX

-4.4%

DBI.AX

-1%

DTL.AX

-3.38%

DTR.AX

-5%

DYL.AX

-12%

DRR.AX

-1.44%

DVP.AX

-5.83%

DXS.AX

-2.29%

DXI.AX

-1.56%

DDR.AX

-0.91%

DGT.AX

-4.22%

DUI.AX

-1.48%

DJW.AX

-0.34%

DMP.AX

-1.56%

DOW.AX

-5.03%

DPM.AX

-0.14%

DRO.AX

-9.09%

DUR.AX

-4.5%

DNL.AX

-2.15%

APE.AX

-0.79%

EBO.AX

-3.34%

ELD.AX

-3.41%

EOS.AX

-16.32%

ELV.AX

-4.89%

ELS.AX

-3.92%

EHL.AX

-0.4%

EMR.AX

-3.34%

EDV.AX

-2.15%

ERA.AX

16.67%

EQR.AX

-2.7%

EQT.AX

-2.6%

EVN.AX

-1.38%

EVT.AX

-1.26%

FCL.AX

-5.33%

FFM.AX

-7.79%

FPH.AX

-3.1%

FPR.AX

-3.28%

FBU.AX

-3.81%

FLT.AX

-10.27%

FML.AX

-5.97%

FMG.AX

-1.16%

FGX.AX

-1.12%

FGG.AX

-1.47%

GLF.AX

-1.23%

GDG.AX

-4.55%

GNE.AX

-0.47%

GMD.AX

-3.2%

GTK.AX

-0.66%

GNP.AX

-5.8%

GMG.AX

-6.05%

GPT.AX

-2.87%

GQG.AX

-1.17%

GNG.AX

-2.6%

GNC.AX

-2.77%

GGP.AX

-6.17%

GOZ.AX

-2.64%

GCI.AX

0.97%

GYG.AX

-0.83%

GWA.AX

-2.65%

HSN.AX

-5.71%

HVN.AX

-1.83%

HLS.AX

-2.17%

HGH.AX

1.4%

HM1.AX

-1.71%

HLI.AX

-0.7%

HMC.AX

-2.73%

HDN.AX

-2.69%

HUB.AX

-6.1%

IEL.AX

-1.81%

IGO.AX

-4.36%

ILU.AX

-3.14%

IMD.AX

-4.2%

IMM.AX

-3.95%

IMR.AX

-2.6%

IFT.AX

-4.3%

INA.AX

-3.39%

ING.AX

-1.59%

IFL.AX

-1.94%

IAG.AX

-1.53%

IDX.AX

-2.41%

IPX.AX

-9.26%

IPH.AX

-1.96%

IRE.AX

-4.61%

JHX.AX

-3.99%

JBH.AX

-3.18%

JDO.AX

-2.39%

JIN.AX

-5.69%

JMS.AX

KAR.AX

-2.7%

KLS.AX

-3.52%

KCN.AX

-9.21%

KKC.AX

GLS.AX

-3.57%

L1G.AX

-1.75%

LSF.AX

-3.79%

LRV.AX

-9.82%

LFS.AX

2.11%

LLC.AX

-2.14%

LFG.AX

0.25%

360.AX

-3.44%

LIC.AX

-0.36%

LNW.AX

-6.34%

LIN.AX

-6.76%

LTR.AX

-1.18%

LOV.AX

-2.74%

LYL.AX

-2.7%

LYC.AX

-3.19%

MA1.AX

MAF.AX

-5.81%

MGH.AX

2.19%

MAH.AX

-6.62%

MQG.AX

-2.17%

MAQ.AX

-3.77%

MAD.AX

-5.15%

MFG.AX

-4.54%

MMS.AX

0.41%

MPL.AX

-0.65%

MEK.AX

-6.82%

MP1.AX

-5.68%

MCY.AX

MEZ.AX

-1.03%

MSB.AX

-6.69%

MTM.AX

-2.92%

MLX.AX

-3.7%

MTS.AX

-3.61%

MOT.AX

-0.52%

MXT.AX

0.76%

MFF.AX

-0.64%

MGX.AX

-1.14%

MIN.AX

-4.66%

MI6.AX

-12.36%

MIR.AX

-1.32%

MGR.AX

-3%

MND.AX

-3.85%

MYR.AX

-4.76%

MYS.AX

-3.44%

NAN.AX

-2.05%

NAB.AX

-1.57%

NSR.AX

NGI.AX

-4.22%

NWL.AX

-3.42%

NEU.AX

-5.15%

NHC.AX

-3.79%

NMG.AX

-6.06%

NEM.AX

-4.93%

NWS.AX

-5.38%

NXG.AX

-5.63%

NXT.AX

-3.86%

NHF.AX

-2.71%

NCK.AX

-3.03%

NIC.AX

-2.2%

NEC.AX

-4.18%

NST.AX

-1.73%

NWH.AX

-4.58%

NUF.AX

-4.48%

NXL.AX

-7.72%

OCL.AX

-5.84%

OML.AX

-4.56%

OPH.AX

-2.31%

OBM.AX

-4.05%

ORI.AX

-2.14%

ORG.AX

-1.8%

ORA.AX

-1.9%

PDN.AX

-10.92%

PNR.AX

-4.29%

PPC.AX

-1.87%

PPM.AX

1.73%

PRN.AX

-4.85%

PPT.AX

-2.13%

PCI.AX

-0.45%

PRU.AX

-3.09%

PXA.AX

1.1%

PNI.AX

-4.48%

PL8.AX

1.05%

PLS.AX

-1.2%

PGF.AX

-0.65%

PNV.AX

-8.04%

PDI.AX

-7.45%

PMV.AX

-0.5%

PME.AX

-4.43%

PFP.AX

-0.6%

PWH.AX

-5.91%

PYC.AX

0.33%

QAN.AX

-1.46%

QBE.AX

0.1%

QOR.AX

-7.32%

QAL.AX

-3.83%

QRI.AX

1.59%

QUB.AX

-1.25%

RMS.AX

-2.25%

RHC.AX

-0.39%

REA.AX

-7.83%

RDX.AX

-1.63%

REH.AX

-1.1%

RF1.AX

-4.75%

RPL.AX

-4.56%

RG1.AX

-3.8%

RGN.AX

-1.73%

REG.AX

-3.75%

RRL.AX

-2.54%

RWC.AX

-3.19%

RMD.AX

1.23%

RSG.AX

-1.95%

SGLLV.AX

-2.41%

RIC.AX

-1.65%

RIO.AX

-0.03%

RXL.AX

-5.77%

RFF.AX

-1.96%

RYM.AX

-4.26%

SFR.AX

-1.9%

SMI.AX

-3.45%

STO.AX

-1.43%

SCG.AX

-2.51%

SEK.AX

-6.72%

SHV.AX

-1.87%

SRV.AX

-2.68%

SSM.AX

-4.04%

SGH.AX

-2.79%

SHA.AX

-0.15%

SIG.AX

-0.95%

SLX.AX

-7.46%

SGM.AX

-3.03%

SDR.AX

-7.94%

SKC.AX

-1.94%

SPZ.AX

-1.52%

SIQ.AX

0.12%

SHL.AX

-2.44%

S32.AX

-4.13%

SX2.AX

-5.45%

SXE.AX

-2.6%

SPK.AX

-1.3%

SRG.AX

-2.72%

SBM.AX

-6.62%

SMR.AX

-6.71%

SDF.AX

-2.98%

SGP.AX

-3%

SNZ.AX

SUN.AX

-1.71%

SRL.AX

-13.23%

SUL.AX

-2.76%

SLC.AX

-1.71%

SNL.AX

-0.93%

SYL.AX

-5.64%

TAH.AX

-3.41%

TEA.AX

-7.29%

TNE.AX

-5.04%

TLX.AX

-2.76%

TLS.AX

-1.01%

TPW.AX

-4.88%

A2M.AX

-3.28%

TLC.AX

-0.95%

SGR.AX

TVN.AX

-7.14%

TWR.AX

-0.92%

TPG.AX

-2.02%

TCL.AX

-2.57%

TWE.AX

-7.97%

TUA.AX

-4.96%

TCG.AX

-4.55%

UNI.AX

-0.46%

VAU.AX

-4.87%

VNT.AX

-2.82%

VCX.AX

-1.95%

VGN.AX

-0.99%

VEA.AX

-3.28%

VUL.AX

-5.35%

VSL.AX

-1.93%

WA1.AX

-4.93%

WGN.AX

WAM.AX

-2.19%

WGB.AX

-1.65%

WLE.AX

-1.82%

SOL.AX

-1.93%

WPR.AX

-1.59%

WEB.AX

-29.52%

WBT.AX

-5.65%

WES.AX

-1.33%

WAF.AX

-3.32%

WGX.AX

-3.47%

WBC.AX

-1.2%

WHF.AX

-1.34%

WHC.AX

-4.11%

WIA.AX

-4.82%

WTC.AX

-4.65%

WDS.AX

-1.62%

WOW.AX

-0.51%

WOR.AX

-4.22%

XRO.AX

-0.4%

YAL.AX

-1.97%

ZIM.AX

-5.38%

ZIP.AX

-3.25%

POPULAR ETFs	Close($)	+/-	%
A200 ASX 200	144.78	-3.19	-2.16
SSO ASX Small Caps	16.21	-0.61	-3.63
IVV S&P 500	64.85	-0.85	-1.29
NDQ Nasdaq	51.68	-0.96	-1.82
F100 FTSE 100	14.97	-0.25	-1.64
ASIA Asia Tech	14.85	-0.11	-0.74
IEU Europe	101.16	-0.85	-0.83
IEM Emerging Markets	84.73	-0.47	-0.55
Gold Gold	63.68	-0.22	-0.34
ACDC Battery Tech	138.58	-4.64	-3.24

COMMODITIES	Close($)	-/+	%
Gold	4,959.94	190.05	3.98
Silver	77.98	6.7449	9.47
Platinum	2,096.10	109.2	5.5
Palladium	1,706.36	89.6082	5.54
Ice Brent Crude	68.10	0.55	0.81
CURRENCIES	Close($)	-/+	%
Australian Dollar	0.7015	0.0091	1.31
Euro	1.1816	0.0003	0.03
British Pound	1.3609	0.0084	0.62
Canadian Dollar	1.3679	-0.0031	-0.23
New Zealand Dollar	0.6016	0.0068	1.14
Chinese Yuan	6.9388	0.001	0.01
Japanese Yen	157.2000	0.18	0.11

What We're Watching

ASX Resource stocks we own

Code	Company	Price($)	Today	1 Year Return	52 Week Range($)
A1M	Aic Mines Ltd	0.55	-7.56%	52.78%	0.28 0.68
BGL	Bellevue Gold Ltd	1.66	-4.89%	0.00%	0.78 2.00
BHP	Bhp Group Ltd	48.79	-3.12%	21.19%	33.25 52.54
FMG	Fortescue Ltd	21.23	-1.16%	9.66%	13.18 23.38
NHC	New Hope Corporation Ltd	4.57	-3.79%	-6.35%	3.33 4.99
WHC	Whitehaven Coal Ltd	8.87	-4.11%	42.60%	4.26 9.59
NEM	Newmont Cdi	154.80	-4.93%	0.00%	66.39 190.54
NXG	Nexgen Ene Cdi	15.60	-5.63%	0.00%	6.44 20.47
SFR	Sandfire Resources Ltd	18.55	-1.9%	79.57%	8.05 21.75

10 Top Gainers | <$500m

Code	Company	Last($)	% Chg
ERA	Energy Resources	0.00	16.67
BXB	Brambles	23.51	3.48
MGH	Maas Group Holdi	4.20	2.19
LFS	Latitude Group	0.97	2.11
PPM	Pepper Money	1.76	1.73
QRI	Qualitas Real Es	1.60	1.59
HGH	Heartland Group	1.09	1.4
RMD	Resmed Inc	37.92	1.23
PXA	Pexa Group	13.74	1.1
PL8	Plato Income Max	1.44	1.05

10 Biggest Fallers | <$500m

Code	Company	Last($)	% Chg
WEB	Web Travel Group	2.96	-29.52
EOS	Electro Optic Sy	6.00	-16.32
SRL	Sunrise Energy	8.13	-13.23
MI6	Minerals 260	0.39	-12.36
DYL	Deep Yellow	2.20	-12
AIS	Aeris Resources	0.50	-11.61
CHN	Chalice Mining	1.74	-11.03
PDN	Paladin Energy	11.01	-10.92
FLT	Flight Centre Tr	13.81	-10.27
BOE	Boss Energy	1.43	-10.06

OPINION

Latest Market Matters Opinions

07/02/2026 10:02

First Up

The ASX 200 ended a volatile week down -1.8%, but it felt far worse on Friday when the index tumbled more than 2% - at least it should recover half of those losses on Monday morning. We received a rate hike last week, but it hardly registered with investors, focusing on three major themes:

06/02/2026 17:20

Broker Moves

• Advanced Energy Minerals (AEM AU): Advanced Energy Minerals Rated New Speculative Buy at Canaccord • Alpha HPA (A4N AU): Alpha HPA Rated New Speculative Buy at Canaccord; PT A$1.20 • Beach Energy (BPT AU): Beach Energy Cut to Sell at UBS; PT A$1.05 • Breville (BRG AU): Breville Raised to Overweight at JPMorgan; PT A$35.50 • Imdex (IMD AU): Imdex Rated New Neutral at Goldman; PT A$3.75 • Maas Group (MGH AU): Maas Group Raised to Buy at Morgans Financial Limited; PT A$5.10 • PLS Group (PLS AU): PLS Group Raised to Buy at UBS; PT A$5 • Treasury Wine (TWE AU): Treasury Wine Cut to Sell at UBS; PT A$4.75

ACTION

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Afternoon report 06/02/2026

Ask James ASK A QUESTION

Ask James

Question asked 07/02/2026

The new Fed Chair.

Hi From what I've been reading it would seem that Trumps pick for the new Chair of the Fed, Kevin Warsh, isn't going to start slashing interest rates down towards 1% which, judging by his various comments in recent months, is where Trump has thought they should be. So why do you think Trump went for Warsh instead of just installing a puppet who would do what he told them to do when it came to setting interest rates? Do you think Trump (or his advisers) had a moment of clarity and decided that it was better for the Fed to maintain the appearance of independence after all? Does the fact that setting interest rates is a majority decision by the FOMC make it too hard for Trump to actually influence those decisions? Or have I missed something about Warsh and he's actually likely to be influenced by Trumps bullying tactics? Regards, Carl

Ask James

Question asked 07/02/2026

Duratec Ltd (DUR)

Hi James and Team Back in 2024 you gave your views on Duratec when it was a $350M company. It has now grown to a $567M organisation and expanded its operations by takeovers. It has won sizeable Defence and Commercial Contracts with long Term Annuity type recurring Revenue streams. With plenty of Cash on the Balance sheet. Also, a strong Pipeline for the future I would appreciate your views In hindsight this would have been a good inclusion in the emerging Cos Portfolio

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