Morning report 26/09/2025 09:28

ETF Friday: ETFs for commodities exposure as the sector surges higher

The ASX 200 closed up +0.1% on Thursday, but it was a very polarised performance under the market's hood, with 8 of the main 11 sectors retreating, with some standout performances across the resources space required to hold the index in positive territory.

Afternoon report 25/09/2025 16:53

What Mattered Today: Copper stocks surge as the market tightens

Copper stocks were the place to be today, with the sector rallying strongly following production issues at Freeport McMoran’s Indonesian operation, with no clear time frame for resumption. The move in Copper (+4%) highlights how tight the global market is for this critical input, highlighting why we remain bullish over the medium term. Stocks with exposure here from Sandfire (SFR) +7.6% to Aic Miners (A1M) +9.7%, Capstone (CSC) +10.8% and even BHP +3.6% led the line today, mirroring moves seen across copper companies globally. Elsewhere, banks were mildly better after a tough session yesterday, while the market recovered nicely from early morning weakness, the finish up 35 points from the morning lows.

Morning report 25/09/2025 09:13

What Matters Today: Reviewing the Nine stocks that have entered the ASX200 in September – Part 2

The ASX200 fell 0.9% on Wednesday, driven lower by the financials and healthcare stocks. The market struggled early on, following a soft session on Wall Street, before the selling intensified after the monthly inflation read came in hotter than expected. Consumer prices rose 3.0 per cent in the year to August, slightly above the 2.9% expected, effectively killing any hope the RBA would cut interest rates next week.

Afternoon report 24/09/2025 17:22

The Match Out: Weakness across the banks weigh on the ASX

A few cracks started appearing in the ASX today, with the recently buoyant banking sector in the cross hairs, the big 4 dropping an average of ~2.2% accounting for 50% of the main board’s ~80pt decline.

Morning report 24/09/2025 09:18

Portfolio Positioning: Have we underestimated Gold’s bull market?

The ASX200 rose 0.4% on Tuesday, posting its 3rd consecutive gain, led by the financials and in particular the Big Four banks, which averaged a gain of ~0.8%. The materials sector was again strong, testing its 12-month high under the power of the large-cap iron ore miners and rampant gold market, which we will look at later, as China gave the precious metal another reason to charge higher.

Morning report 23/09/2025 09:33

What Matters Today: Reviewing the Nine stocks that have entered the ASX200 in September – Part 1

The ASX 200 finished +0.4% higher on a fairly choppy Monday, which saw a very strong local market opening, eventually losing half of the early gains. The gains were very stock/sector specific, with only 6 of the main 11 sectors closing higher, but a stomping +2.6% session by the materials stocks was enough to drive the market higher, with gold equities again the shining light with the precious metal breaking well above the $US3,700/oz milestone.

Afternoon report 22/09/2025 17:02

The Match Out: Resources underpin a solid start to the week

The ASX traded higher to start the week, supported by strength across the resource complex as iron ore, copper, lithium and gold all pushed up, although the rally was trimmed from early highs as energy and financial stocks lagged.

Morning report 22/09/2025 09:11

Macro Monday: The Fed rate cut propels US stocks ever higher

US stocks have defied sceptics in 2025, surging to record highs despite a global trade war, fiscal uncertainty, and now September’s traditionally weak reputation. The S&P 500 has added $US16 trillion in market value since April, driven largely by Big Tech, notching ~30 records and rallying 38% in five months, a pace surpassed only four times in the last 75 years.

Weekend report 20/09/2025 07:59

Weekend Q&A: The Fed cuts 0.25%, but only US stocks celebrate the easing

The ASX200 ended last week down 1% with only the rate-sensitive tech, consumer discretionary and utilities sectors taking some solace from the Fed's 0.25% rate cut. The energy sector stood out in the losers enclosure, dropping 4% after Abu Dhabi National Oil Co’s investment arm, XRG, walked away from its $36.4bn bid for Santos (STO). The market traded in another tight 150-point/1.7% range as the Fed rate cut failed to deliver any meaningful lead.

Afternoon report 19/09/2025 17:24

The Match Out: ASX chalks up 3rd weekly loss

The ASX opened with a bang this morning but closed with more of a whimper after the Bank of Japan held rates steady at 0.5% as expected but surprised markets by announcing plans to sell down its massive ETF and REIT holdings, weighing on Japanese equities (Nikkei -0.9%), and dragging the ASX back from early highs.