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Highlights
ASX 200 opens flat as US markets bounce back amid easing geopolitical concerns
Mining services firms Emeco, Macmahon, and Perenti maintain FY25 financial outlooks
Uranium stocks rally after reports of significant physical uranium purchases
ASX 200 futures saw a muted start despite strong overnight gains across key global indices such as the S&P 500, NASDAQ Composite, and Dow Jones. Market sentiment was lifted by cooling oil prices and tempered geopolitical risks, particularly in the Middle East.
Mining Services Sector Updates
The All Ordinaries sector remained in the spotlight as several mining services companies reaffirmed their financial targets for the upcoming fiscal year. Emeco Holdings (ASX:EHL) reiterated its FY25 operating EBITDA expectations, highlighting the firm’s readiness for earnings growth into the following year.
Macmahon Holdings (ASX:MAH) also reaffirmed its FY25 EBITDA range, reinforcing confidence in its operational stability. Meanwhile, Perenti (ASX:PRN) confirmed revenue expectations for FY25 and reported an increase in work-in-hand, citing multiple recent contract wins. The company indicated ongoing tender opportunities that support expansion across its core regions.
Uranium Sector Momentum
Uranium equities led the gains within the ASX 100, spurred by reports that Sprott is acquiring a substantial amount of physical uranium. Stocks like Paladin Energy, Boss Energy, and Deep Yellow witnessed significant upward movement, bolstered by expectations of tighter supply and rising demand.
The Global X Uranium ETF also rose, achieving levels not seen since the early 2010s. Industry optimism was further amplified by Amazon’s decision to invest heavily in Australian data centre infrastructure, a development viewed favourably for long-term energy demand, including nuclear solutions.
Broader Market and Sector Moves
Globally, equity indices rebounded sharply, with the S&P 500 closing near its session high. Risk appetite improved as oil prices eased following subdued tensions around critical energy infrastructure. Communication services and information technology led US sector gains, while energy and utilities lagged.
In currency markets, the Australian dollar strengthened against the greenback, aided by a broader risk-on sentiment. Gold and oil prices pulled back, reflecting a shift away from safe-haven assets.
Other Notable ASX Developments
Apollo offloaded a stake in Challenger, while Southern Cross Electrical Engineering (ASX:SXE) secured airport and data centre projects with a combined value exceeding expectations. Additionally, Embark Early Education (ASX:EVO) completed its scheduled dividend payout, aligning with the upcoming dividends ASX schedule.
A newly listed IPO, VBX (ASX:VBX), debuted on the board, adding to a string of strong first-day performances seen across global equity markets.
Key Economic Events to Watch
The Bank of Japan’s interest rate decision is expected later today, with no changes anticipated. Meanwhile, US retail sales figures due tonight could provide further insight into global consumer strength.
