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The ASX 200 started the week slowly, with the U.S session on Friday night largely in the rearview mirror, and closed for tonight, there was little in the tank to drive a move either way as strength across Energy, Materials and the banks was cancelled out by weakness in Technology. The market remains firmly in post-reporting-season mode, with attention shifting back to oil, bond yields and central-bank policy to determine the next move.
- ASX 200: +5.01pts (+0.06%) to 9,010.90
- AUD/USD: 0.7210, flat
- Best sectors: Energy +1.78%, Materials +0.42%, Industrials +0.20%
- Worst sectors: IT -2.60%, Utilities -0.99%, Healthcare -0.81%
- Technology -2.60% remains the clear weak spot, with the sector now back around late-February levels after an 11% fall over two weeks. WiseTech (ASX: WTC) -3.79% to $36.26, Xero (ASX: XRO) -3.94% to $76.24, TechnologyOne (ASX: TNE) -3.89% to $29.68 and Audinate (ASX: AD8) -9.43% to $2.40 were all hit again as investors continued to reduce exposure to higher-duration growth names. WiseTech Global held in the Active Growth Portfolio.
- Coal stocks were among the strongest names on the board, with Whitehaven (ASX: WHC) +7.03% to $8.98, Yancoal (ASX: YAL) +3.92% to $6.37 and New Hope (ASX: NHC) +4.10% to $6.35. The move came alongside the broader strength in fossil fuels as Middle East tensions continued to support energy pricing. WHC held in Active Growth & NHC held in the Active Income Portfolio.
- Iron ore pushed back above US$100/t, hitting a one-month high as steelmakers looked to restock ahead of China’s National Day holiday. BHP (ASX: BHP) +1.09% to $62.93 and Rio Tinto (ASX: RIO) +0.83% to $177.36 benefited, helping Materials offset some of the weakness elsewhere. BHP held in the Active Growth and Income Portfolios.
- Ingenia Communities (ASX: INA) +14.79% to $4.19 surged after rejecting an unsolicited $4.75 per security takeover proposal from Warburg Pincus. The Board said the offer materially undervalued the company and reiterated its commitment to the proposed Peet acquisition, which Warburg required it to abandon as part of the approach.
- Corporate Travel Management (ASX: CTD) -2.22% to $2.20 kept finding new lows, falling to around $2.16, its weakest level since 2012. The stock is now down roughly 87% since resuming trade last Thursday, with a class action over the accounting scandal adding another layer to the governance mess.
- Austal (ASX: ASB) +2.08% to $4.42 remained firmly in play after confirming counterbid discussions involving a Florida-based group. Citi said the interest reinforces its view that Austal is undervalued, although Hanwha’s existing 19.9% stake remains an obvious hurdle to any competing deal.
- Mader Group (ASX: MAD) +0.81% to $6.26 announced an on-market buyback of up to $30m, with the Board arguing the current share price does not reflect the underlying value of the business. The balance sheet gives it room to act, with FY26 free cash flow of $57.5m and net cash of $35.7m.
- Tamboran Resources (ASX: TBN) +9.09% to 30c delivered a milestone for the Beetaloo, with first gas from Shenandoah South entering the Northern Territory market over the weekend. Volumes are expected to ramp toward the contracted 40TJ/day by early 2027.
- ASX index changes also created some noise, with Mineral Resources (ASX: MIN) +0.99% to $63.06 and NextDC (ASX: NXT) -0.86% to $12.75 moving into the ASX 50, while Cochlear (ASX: COH) -1.65% to $140.39 and WiseTech (ASX: WTC) -3.79% to $36.26 drop out. At the ASX 200 level, Weebit Nano (ASX: WBT) +0.85% to $3.56 and Smartgroup (ASX: SIQ) -0.61% to $11.43 are joining the club while GrainCorp (ASX: GNC) +0.59% to $6.85, GQG Partners (ASX: GQG) +0.82% to $1.23, Pantoro (ASX: PNR) -5.88% to $2.72 and Tuas (ASX: TUA) -1.86% to $2.11 are among those leaving.
- Gold: ~US$4,395 / -0.7%
- Brent crude: ~US$97.60/bbl / +1.4%
- Iron Ore: US$100.70/mt / +1.2%
- S&P 500 E-mini futures: -7.25pts / -0.09%
- Dow E-mini futures: -261.00pts / -0.49%
- FTSE futures: -24.00pts / -0.22%
