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OPINION
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ANALYSIS

Market Analysis

4DX.AX

-10.14%

ABG.AX

-2.93%

ASK.AX

-3.77%

AGL.AX

-0.44%

AIZ.AX

3.08%

AAI.AX

2.73%

ALK.AX

-4.9%

A4N.AX

-3.2%

ALQ.AX

-0.73%

AMC.AX

-2.04%

AOV.AX

-1.65%

AMP.AX

-1.57%

AEL.AX

-0.58%

ALD.AX

-1.37%

ANN.AX

0.35%

ANZ.AX

-2.11%

APA.AX

ARU.AX

-3.28%

ARB.AX

-2.97%

ARF.AX

-0.62%

ARG.AX

-1.58%

ALL.AX

-1.51%

AYA.AX

-4.51%

APZ.AX

-1.69%

ASX.AX

0.32%

ALX.AX

-1.23%

AUB.AX

-1.86%

AIA.AX

-2.67%

AZJ.AX

-0.94%

ABB.AX

-2.41%

ASB.AX

-3.83%

AAC.AX

AFI.AX

-1.8%

AUI.AX

-1.38%

BOQ.AX

-1.72%

BMN.AX

-7.07%

BCI.AX

BPT.AX

1.31%

BGA.AX

0.76%

BGL.AX

-6.49%

BEN.AX

-0.95%

BNZ.AX

-3.98%

BHP.AX

-2.33%

BKI.AX

-1.11%

BC8.AX

-5.09%

XYZ.AX

-1.58%

BSL.AX

-0.95%

BMC.AX

-1.57%

BOE.AX

-3.98%

BXB.AX

-6.45%

BVS.AX

-3.1%

BRE.AX

-0.51%

BRG.AX

-1.44%

BGP.AX

BFL.AX

1.08%

BWP.AX

-0.52%

CMM.AX

-4.05%

CSC.AX

-3.36%

CAR.AX

-3.33%

CIN.AX

1.36%

CYL.AX

-5.12%

CAT.AX

17.71%

CWP.AX

-4.1%

CNI.AX

1.21%

CIP.AX

-1.68%

COF.AX

-2.15%

CHN.AX

-4.21%

CGF.AX

-1.17%

CIA.AX

CHI.AX

CHC.AX

-3.34%

CLW.AX

-1.42%

CQR.AX

-1.82%

CQE.AX

-1.96%

CNU.AX

-2.03%

C79.AX

-3.16%

CVL.AX

0.3%

CU6.AX

-5.62%

CWY.AX

CBO.AX

-1.95%

COH.AX

-0.63%

CDA.AX

-2.67%

COL.AX

0.47%

CKF.AX

-0.62%

CBA.AX

-0.15%

CPU.AX

1.12%

CEN.AX

CXO.AX

1.59%

CCP.AX

-2.95%

CMW.AX

CSL.AX

-0.22%

CCL.AX

-0.88%

DBI.AX

DTL.AX

-0.24%

DTR.AX

-7.5%

DYL.AX

-6.36%

DRR.AX

0.68%

DVP.AX

-2.97%

DXS.AX

-0.99%

DXI.AX

-0.41%

DDR.AX

-0.46%

DGT.AX

DJW.AX

-0.71%

DMP.AX

-1.04%

DOW.AX

-2.2%

DPM.AX

-4.86%

DRO.AX

-3.74%

DUR.AX

-4%

DNL.AX

-1.37%

APE.AX

-3.88%

EBO.AX

-1.32%

EIQ.AX

12.62%

ELD.AX

-2.82%

EOS.AX

-10.32%

ELV.AX

-2.02%

ELS.AX

-2.71%

EHL.AX

0.96%

EMR.AX

-3.75%

EDV.AX

-1.29%

ERA.AX

EQR.AX

EUR.AX

-7.23%

EVN.AX

-4.85%

EVT.AX

-1.47%

FCL.AX

FFM.AX

-3%

FPH.AX

-0.51%

FPR.AX

-2.76%

FBU.AX

-3.21%

FLT.AX

-3.61%

FML.AX

-4.31%

FRS.AX

-2.52%

FMG.AX

-1.19%

FRW.AX

0.75%

FGX.AX

-0.76%

FGG.AX

-1.21%

GLN.AX

GLF.AX

4.63%

GDG.AX

-0.25%

GNE.AX

-1.73%

GMD.AX

-4.61%

GNP.AX

2.16%

GMG.AX

-2.12%

GPT.AX

-1.68%

GQG.AX

2.24%

GNG.AX

-3.41%

GNC.AX

-2.87%

GGP.AX

-6.25%

GOZ.AX

-1.83%

GCI.AX

-0.49%

GYG.AX

-8.47%

GWA.AX

-0.49%

HSN.AX

-1.85%

HVN.AX

-0.69%

HGH.AX

4.88%

HM1.AX

-2.14%

HLI.AX

0.2%

HMC.AX

-3.15%

HDN.AX

-1.59%

HUB.AX

-0.63%

IEL.AX

-3.99%

IGO.AX

2.3%

ILU.AX

-0.91%

IMD.AX

-3.06%

IMR.AX

-0.84%

IFT.AX

1.04%

INA.AX

-2.59%

ING.AX

-0.77%

IAG.AX

-0.37%

IDX.AX

-1.92%

IPG.AX

-1.28%

IPX.AX

-4.31%

IPH.AX

-0.28%

IRE.AX

-2.08%

JHX.AX

-0.86%

JBH.AX

-0.32%

JDO.AX

-2.95%

JMS.AX

-1.92%

KAR.AX

0.97%

KLS.AX

-0.5%

KCN.AX

-1.35%

KKC.AX

-0.96%

GLS.AX

-4.32%

LGF.AX

-1.5%

L1G.AX

-3.52%

LSF.AX

-2.38%

LRV.AX

-4.07%

LFS.AX

-1.09%

LLC.AX

LFG.AX

-0.31%

360.AX

-0.5%

LIC.AX

LNW.AX

-0.64%

LIN.AX

-2.26%

LTR.AX

-3.14%

LOV.AX

-1.42%

LYC.AX

1.38%

MA1.AX

-0.51%

MAF.AX

-3.32%

MGH.AX

-2.69%

MAH.AX

MQG.AX

-2.03%

MAQ.AX

-2.91%

MAD.AX

1.38%

MFG.AX

-1.96%

MAU.AX

-0.52%

MMS.AX

1.22%

MPL.AX

MP1.AX

-1.75%

MCY.AX

2.15%

MEZ.AX

-3.31%

MSB.AX

-2.45%

MLX.AX

1.27%

MTS.AX

-0.33%

MOT.AX

MXT.AX

-0.78%

MFF.AX

-2.24%

MIN.AX

2.39%

MI6.AX

-1.9%

MIR.AX

-0.8%

MGR.AX

-1.19%

MND.AX

-2.68%

MYS.AX

-2.22%

NAN.AX

0.6%

NAB.AX

-0.65%

NGI.AX

-3.16%

NWL.AX

-1.31%

NEU.AX

-1.66%

NHC.AX

-1.27%

NEM.AX

-4.46%

NWS.AX

-0.31%

NXG.AX

-3.99%

NXT.AX

-2.27%

NHF.AX

-0.59%

NCK.AX

-1.85%

NIC.AX

-1.48%

NEC.AX

-1.06%

NST.AX

-2.57%

NWH.AX

-2.22%

NUF.AX

-2.08%

OCL.AX

-0.66%

OML.AX

2.62%

OPH.AX

-0.39%

OBM.AX

-6.76%

ORI.AX

-1.73%

ORG.AX

-3.11%

ORA.AX

-0.39%

PDN.AX

-4.52%

PNR.AX

-4.44%

PPC.AX

-3.6%

PPM.AX

-1.5%

PRN.AX

-1.93%

PPT.AX

-1.9%

PCI.AX

PRU.AX

-4.28%

PXA.AX

-3.29%

PNI.AX

-2.13%

PL8.AX

PLS.AX

1.86%

PGF.AX

-1.37%

PNV.AX

-1.42%

PDI.AX

-8.98%

PMV.AX

-1.73%

PME.AX

-1.2%

PWH.AX

-4.16%

PYC.AX

-2.27%

QAN.AX

-1.17%

QBE.AX

-1.04%

QAL.AX

2.11%

QRI.AX

-0.95%

QUB.AX

RMS.AX

-4.66%

RHC.AX

0.37%

REA.AX

-1.97%

RDX.AX

-3.4%

REH.AX

-1.02%

RF1.AX

1.15%

RPL.AX

-1.99%

RG1.AX

-2.21%

RGN.AX

REG.AX

-2.53%

RRL.AX

-4.33%

RWC.AX

-1.59%

RMD.AX

1.77%

RSG.AX

-4.42%

SGLLV.AX

-3.66%

RIC.AX

RIO.AX

-1.45%

RXL.AX

-4.71%

RFF.AX

-1.5%

RYM.AX

-2.34%

SFR.AX

-2.77%

SMI.AX

-5.79%

STO.AX

SCG.AX

SEK.AX

-3.08%

SHV.AX

-0.55%

SRV.AX

-0.97%

SSM.AX

-0.44%

SGH.AX

3.11%

SHA.AX

-0.27%

SIG.AX

-0.35%

SLX.AX

-2.71%

SGM.AX

-1.2%

SDR.AX

-3.97%

SKS.AX

-1.66%

SIQ.AX

0.79%

SHL.AX

0.05%

S32.AX

-0.49%

SX2.AX

-7.62%

SXE.AX

-2.26%

SPK.AX

-2.72%

SRG.AX

-2.3%

SBM.AX

-6.45%

SMR.AX

4.4%

SDF.AX

-1.45%

SGP.AX

-1.27%

SNZ.AX

-1.34%

SUN.AX

-0.95%

SRL.AX

2.05%

SUL.AX

-1.16%

SLC.AX

-2.25%

SNL.AX

-2.78%

SYL.AX

-4.28%

TAH.AX

-0.73%

TEA.AX

-1.33%

TNE.AX

7.34%

TLX.AX

-1.48%

TLS.AX

-1.08%

TPW.AX

-4.04%

A2M.AX

-3.92%

TLC.AX

-3%

SGR.AX

-4.76%

TVN.AX

-1.82%

TWR.AX

-3.98%

TPG.AX

-0.95%

TCL.AX

-1.24%

TWE.AX

0.69%

TUA.AX

-16.85%

TCG.AX

-6.54%

VAU.AX

-4.9%

VNT.AX

-1%

VCX.AX

-1.96%

VGN.AX

-4.66%

VEA.AX

1.3%

VUL.AX

-2.04%

VSL.AX

-4.39%

WA1.AX

-3.49%

WGN.AX

-1.53%

WAM.AX

-0.31%

WGB.AX

WLE.AX

-1.13%

SOL.AX

-1.83%

WPR.AX

-2.04%

WEB.AX

-6.3%

WBT.AX

-5.65%

WES.AX

1.01%

WAF.AX

-5.21%

WGX.AX

-4.99%

WBC.AX

-2.42%

WHF.AX

-1.04%

WHC.AX

0.49%

WIA.AX

-14%

WC8.AX

-3.51%

WTN.AX

WTC.AX

-0.79%

WDS.AX

0.68%

WOW.AX

0.64%

WOR.AX

-2.1%

XRO.AX

-0.34%

YAL.AX

1.61%

ZIM.AX

0.45%

ZIP.AX

-2.22%

POPULAR ETFs	Close($)	+/-	%
A200 ASX 200	142.45	-1.71	-1.19
SSO ASX Small Caps	15.20	-0.23	-1.49
IVV S&P 500	69.00	0.08	0.12
NDQ Nasdaq	59.91	0.32	0.54
F100 FTSE 100	14.67	-0.02	-0.14
ASIA Asia Tech	19.45	-0.02	-0.1
IEU Europe	98.64	-0.27	-0.27
IEM Emerging Markets	90.75	-0.34	-0.37
Gold Gold	57.60	-0.64	-1.1
ACDC Battery Tech	161.56	-3.39	-2.06

COMMODITIES	Close($)	-/+	%
Gold	4,481.90	0.6264	0.01
Silver	75.37	1.5395	2.09
Platinum	1,935.03	12.68	0.66
Palladium	1,371.75	18.3534	1.36
Ice Brent Crude	110.92	-1.18	-1.05
CURRENCIES	Close($)	-/+	%
Australian Dollar	0.7112	0.0003	0.04
Euro	1.1601	-0.0003	-0.03
British Pound	1.3393	0	0
Canadian Dollar	1.3762	0.0018	0.13
New Zealand Dollar	0.5840	0.0006	0.1
Chinese Yuan	6.8041	-0.0103	-0.15
Japanese Yen	158.9200	-0.12	-0.08

What We're Watching

ASX Resource stocks we own

Code	Company	Price($)	Today	1 Year Return	52 Week Range($)
A1M	Aic Mines Ltd	0.60	-3.23%	87.88%	0.30 0.75
BGL	Bellevue Gold Ltd	1.44	-6.49%	0.00%	0.78 2.00
BHP	Bhp Group Ltd	57.33	-2.33%	51.48%	35.52 62.72
FMG	Fortescue Ltd	21.62	-1.19%	35.31%	14.31 23.38
NHC	New Hope Corporation Ltd	5.44	-1.27%	50.96%	3.63 6.14
WHC	Whitehaven Coal Ltd	8.19	0.49%	51.77%	5.31 9.90
NEM	Newmont Cdi	146.59	-4.46%	0.00%	80.26 190.91
NXG	Nexgen Ene Cdi	14.90	-3.99%	0.00%	8.25 20.47
SFR	Sandfire Resources Ltd	17.58	-2.77%	72.03%	10.11 21.75

10 Top Gainers | <$500m

Code	Company	Last($)	% Chg
CAT	Catapult Sports	3.39	17.71
EIQ	Echoiq	1.16	12.62
TNE	Technology One	29.84	7.34
HGH	Heartland Group	0.86	4.88
GLF	Gemlife Communit	4.52	4.63
SMR	Stanmore Resourc	2.61	4.4
SGH	Sgh	41.45	3.11
AIZ	Air New Zealand	0.34	3.08
DBI	Dalrymple Bay In	5.49	3
AAI	Alcoa Corpor Cdi	89.20	2.73

10 Biggest Fallers | <$500m

Code	Company	Last($)	% Chg
TUA	Tuas	2.22	-16.85
WIA	Wia Gold	0.43	-14
EOS	Electro Optic Sy	7.91	-10.32
4DX	4dmedical	3.28	-10.14
PDI	Predictive Disco	0.76	-8.98
GYG	Guzman Y Gomez	16.00	-8.47
SX2	Southern Cro Cdi	9.45	-7.62
DTR	Dateline Resourc	0.19	-7.5
EUR	European Lithium	0.39	-7.23
BMN	Bannerman Energy	3.42	-7.07

OPINION

Latest Market Matters Opinions

20/05/2026 17:10

What Mattered Today

The ASX fell to a seven-week low as bond yields surged to multi-decade highs on war-driven inflation fears, with miners and banks bearing the brunt of a broad global risk-off session. The selling ticked up as the day progressed, and while US Futures also tracked lower for much of it, we failed to embrace a late rally, with the ASX closing near the session lows.

20/05/2026 17:10

Broker Moves

• Technology One Raised to Accumulate at Morgans Financial Limited • SGH Ltd. Rated New Outperform at RBC; PT A$47 • Wesfarmers Raised to Neutral at Barrenjoey; PT A$70 • Technology One Raised to Overweight at Barrenjoey; PT A$32 • Gemlife Communities Group Rated New Buy at UBS; PT A$5.50 • Boss Energy Rated New Accumulate at Morgans Financial Limited • Paladin Energy Rated New Buy at Morgans Financial Limited • Brambles Raised to Neutral at Goldman; PT A$19.34

ACTION

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Market Matters Content

Portfolio Positioning: Equity markets steady ahead of Nvidia’s (NYSE: NVDA) earnings

Morning report 20/05/2026

Afternoon Report

The Match Out: ASX hit again as stubbornly high bond yields weigh confidence

Afternoon report 20/05/2026

Ask James ASK A QUESTION

Ask James

Question asked 16/05/2026

Budget, CGT changes etc Questions x 6

Hi MM, Broadly speaking: - Many (most?) major policy change proposals end up being negotiated/amended prior to being passed into law. Unanimous support in its exact form from party members is not always guaranteed. - Sometimes significant pressure and push-back might arise from business/the community in relation to certain elements of proposed changes. Enough pressure, including in the media, and perhaps some changes may be watered down etc In relation to the specific proposed changes to CGT: this may involve some crystal-ball gazing/political analysis, but what do you see as the likelihood that some elements of the proposed CGT changes in relation to shares in particular are ultimately watered down, what specifically do you predict (speculate) may be watered down, and what is your rationale for your view? Thanks, Darren Firstly thanks for your (MM team) work and great insights and information. It's much appreciated. If i have understood the budget CGT changes correctly it seems there could be a risk that many investors may want to sell shares before the CGT change deadline for existing shares is reached. Do you think that is a risk and what impact do you think it could have on the market over the next 12 months. Thanks Trish Dear Market Matters, Thanks for your description of the budget in the newsletter of 13 May. Although you state that "from July 2027 any new property investment in established housing loses negative gearing entirely" is this the case? AI tells me : New Purchases (After 12 May 2026): If you purchase an established home, you can only offset losses against rental income. You cannot use it to reduce your taxable income from wages or other sources. This would then bring Australia in line with other western democracies e.g UK and NZ. I believe that Australia was the only country which permitted rental losses to be offset against other income. Kind Regards, Angela A Okay, I've read as many articles post-budget as my head can handle. But please allow me to ask some basic, if naive, questions: 1. The CGT discount changes only apply to assets ACQUIRED AFTER July 2027? So, all current share holdings still attract the 50% discount even if sold after July 2027? 2. There will be a 30% minimum tax on capital gains - does that still apply if your total income/capital gains are below the $18,600 threshold? 3. How do you think this will affect Super Fund returns? 4. A bit more individual, but it seems that my money will now be better off in an Income Stream account than in the share market? Thanks again, gentlemen. David O. To the MM Team, I know that the budget changes related to CGT on shares have not been finalized and may not go ahead. However, given the potential impact of the changes it seems best to do some forward thinking. I read in Fin today that companies on high PE's, driven by high forecast share price growth, could be negatively affected. They specifically mentioned: PME, XRO, TNE and HUB. I would appreciate the MM view on the potential impact of possible CGT changes on high growth companies. Thank you. Charles Could you clarify how CGT will be calculated on gains made for existing shares that are sold after July 2027? Does it mean that the inflation adjusted method needs to be applied to all the gains made since the original purchase date or only those gains made since July 2027 ? Simon

Ask James

Question asked 16/05/2026

ASX Silver stocks

ASX Silver stocks are currently in a lull. I hold Andean Silver (ASX: ASL), Unico Silver (ASX: USL) and Sun Silver (ASX: SS1), all of which are up, but off their highs so far this year. Would you buy at current prices, do you have any preferred silver stocks and how do you see the valuations going forward? Thanks.

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Latest View Points

JHX

CAT

DBI

NHC

IREN US

SOL

ALL

LNW

TNE

WHC

GQG

SUN

Chart of the week

US 30-Year Bond Yield v S&P 500 Index

Aus. Investment blog Subscribe to blog

Why is DroneShield (ASX: DRO) down 11%?

DroneShield is trading down over 10% after the company announced that ASIC was investigating director share sales from lats November.

Uncategorized 06/05/2026

ASX Gold Merger Creates a New $10bn Powerhouse

The fight for control of WA’s premier gold regions continues, with elevated bullion prices continuing to fuel consolidation pressure across the sector.

ASX:RRL 06/05/2026

Morning Report

Portfolio Positioning: Equity markets steady ahead of Nvidia’s (NYSE: NVDA) earnings

Morning report 20/05/2026

Afternoon Report

The Match Out: ASX hit again as stubbornly high bond yields weigh confidence

Afternoon report 20/05/2026

Ask James ASK A QUESTION

Ask James

Question asked 16/05/2026

Budget, CGT changes etc Questions x 6

Ask James

Question asked 16/05/2026

ASX Silver stocks

Latest View Points

JHX

CAT

DBI

NHC

IREN US

SOL

ALL

LNW

TNE

WHC

GQG

SUN

Chart of the week

US 30-Year Bond Yield v S&P 500 Index

Aus. Investment blog Subscribe to blog

Why is DroneShield (ASX: DRO) down 11%?

DroneShield is trading down over 10% after the company announced that ASIC was investigating director share sales from lats November.

Uncategorized 06/05/2026

ASX Gold Merger Creates a New $10bn Powerhouse

The fight for control of WA’s premier gold regions continues, with elevated bullion prices continuing to fuel consolidation pressure across the sector.

ASX:RRL 06/05/2026

Opinion + Action