ASX 200 Hovers at Breakeven as Defensive Stocks Lift Market
Australian equities steadied near breakeven on Monday as the S&P/ASX 200 slipped just 0.05 percent after initial declines of 0.36 percent. Defensive and value-focused shares performed strongly. Woolworths advanced 1.7 percent, Wesfarmers climbed 1.1 percent and CSL rose 1.0 percent. Their gains helped stabilise the index after a weak start.
ASX 200 Chart as of 12:23 PM AEST
Growth Shares Recover Early Losses
Many growth stocks opened deep in the red but rallied through the morning. Several names that dropped 3 to 5 percent at the open clawed back to breakeven by midday. Zip plunged as much as 7.0 percent early but reduced its decline to 1.3 percent. Droneshield narrowed losses from an early drop of 4.9 percent to just 0.4 percent down. Catapult pared its fall from 4.3 percent to 2.1 percent.
Greatland Gold Faces ASIC Investigation
ASIC has launched an investigation into Greatland Gold after a swift post-listing drop. The company listed at $6.60 on 24 June and briefly traded above $7. The stock then collapsed to $5.18, down 22 percent from its offer price. Less than a month after listing, Greatland warned investors it would miss production targets and face higher-than-forecast costs. The company filed downgraded earnings guidance with ASIC in late May, prompting concerns about the accuracy of its IPO projections and timeline. The investigation will address whether Greatland and its advisers misled investors.
Ramelius Resources Unveils Production Ambitions
Ramelius Resources outlined its strategic vision after merging with Spartan Resources. The company presented at the Diggers and Dealers mining forum, calling itself a leading Western Australian gold producer. Ramelius targets 200,000 ounces of production by FY26 at an all-in sustaining cost (AISC) of A$1,656 per ounce. The company set a long-term aim to surpass 500,000 ounces by FY30. Ramelius targets a long-term AISC of $1,600 to $1,800 per ounce. Management highlighted strong current operations, a growth pipeline, and robust exploration prospects.
Endeavour Group Faces Executive Changes and Weak Outlook
Endeavour Group’s Executive Chairman Ari Mervis has resigned, effective from 3 August 2025, after reported strategic disagreements with the board. The company will begin searching for a new Independent Chair, with an appointment expected before 1 January 2026. Endeavour forecast FY25 sales at $12.06 billion and net profit after tax (NPAT) between $420 million and $425 million. Sales align with JPMorgan’s expectations of $12.02 billion, but NPAT will come in 2.4 percent below the $433 million estimate. The group attributed the profit miss to second-half one-off restructuring and redundancy costs and the closure of the Prowine facility.
Diggers and Dealers Mining Forum Gets Underway
The 34th annual Diggers & Dealers mining investment forum commenced in Kalgoorlie. Monday’s schedule included presentations from Paladin Energy, Boss Energy, Spartan Resources, Australian Vanadium and Ramelius Resources. Other companies scheduled for the week are Northern Star Resources, Greatland Gold, Pilbara Minerals, West African Resources and Gold Road Resources. Presentations could trigger share price moves as asx investors react to company updates.
Beach Energy Posts FY25 Result Amidst Impairment Charges
Beach Energy’s FY25 result confirmed trends flagged in its recent quarterly report. Shares fell 9.3 percent asx last week after disclosure of a $474 million non-cash impairment charge, attributed to a lower pricing outlook, cost inflation and a reduction in Perth basin reserves. For FY25, production increased 9 percent to 19.7 million barrels of oil equivalent (MMboe). Sales volumes rose 16 percent to 24.7MMboe. Sales revenue climbed 13 percent to $2.0 billion. Underlying EBITDA improved 20 percent to $1.1 billion and operating free cash flow surged 46 percent to $1.1 billion. The company declared a fully franked final dividend of 6 cents per share. For FY26, Beach projected production between 19.7MMboe and 22.0MMboe, asx and total capital expenditure of $675 million to $775 million.
Bell Potter Initiates Sigma Healthcare Coverage With Sell Rating
Bell Potter began coverage on Sigma Healthcare asx with a Sell rating and a asx target price of $2.00, compared to its recent close of $2.86. The report highlighted that the current market capitalisation is not supported by earnings or yield. The broker pointed to short-term risks, including the imminent expiry of escrow for co-founders and expectations of a seasonally weaker second half of FY25. Sigma’s FY25 results set for August could prompt FY26 forecast adjustments.
