ASX live updates: All the latest news from company reporting season on the Australian market
We’re digging deeper into the last big week of reporting season - and today we have Fortescue ready to step on stage.
We all know the Andrew Forrest-controlled miner can dig up and ship a truck-load of iron ore. But what about its much hyped (but yet yet-to-be-realised) green hydrogen ambitions?
Are investors sit of constant setbacks getting closer to calling time on Twiggy’s clean energy dreams and demand the company rein in the spending?
That’s already happened to some degree but it’s still costing the mine a hefty sum as it aims to shift away from its bread and butter and bring to the world a clean source of fuel. Scalability has been the issue, as has Donald Trump.
Then there’s green iron. Fortescue is ready to hit the start button on a hydrogen-powered green metal plant at its Christmas Creek hub. But some, including BHP’s Tim Day, say getting the costs of smelting iron ore using lower emissions fuels to compete with traditional blast furnaces is at least 10 years away.
Also reporting today are Coles, G8 Education and Kelsian.
Stay with us for live updates on everything you need to know throughout the day.
Key Events
ASX retreats further below 9000
The Aussie share market is slipping further from last week’s record closing high (and yesterday’s record intraday high), led by falls in eight of 11 sectors.
Consumer staples were the one bright spot on the bourse after the first 90 minutes of trade, up 3.5 per cent - led by a stunning 8.9 per cent rise in $27.8 billion supermarket giant Coles which reported strong sales growth momentum heading into the first eight weeks of FY26.
Uranium miners Boss Energy, Deep Yellow and Paladin Energy were among the top-five winners, each with gains above 4.7 per cent.
On the flip side, Imdex, Web Travel, Clarity Pharma, Deterra Royalties and Reece were the market laggards.
West African rides golden price run with $215m profit
A run of record spot gold prices earlier this year has lit a fire under West African Resources’ half-year profit result.
The Burkina Faso-focused miner today reported a 4 per cent fall in total ounces sold - down from 101,954oz in the first half of FY24 to 98,178oz in the six months to the end of June this year.
Average prices rose from $US2199/oz to $3049/oz - up 39 per cent - while all-in costs of production rose only 12 per cent to $US1374/oz - including a one per cent hike in the Burkina Faso government’s royalty rate which kicked in from the start of April.
But gold’s surge after US President Donald Trump sent tariff shockwaves around the world in April propelled West African’s profit 133 per cent higher to $214.6 million - up from $92.2m a year earlier.
Total revenue was 39 per cent higher at $477.3m.
“WAF has delivered another outstanding half year result with a profit after tax of $215m from revenue of $477m and operating cash flow of $159m,” said executive chair and CEO Richard Hyde.
“Our unhedged resources now stand at 12.2 million ounces of gold and ore reserves at 6.5 million ounces of gold.”
Subiaco-headquartered West African in June ceded an extra 5 per cent stake in three of its mines to Burkina Faso’s rulers amid a broader trend of resource nationalism sweeping WestAfrica.
Burkina Faso’s military junta now has a 15 per cent free-carry stake in WAF’s Sanbrado, Kiaka and Toega projects.
“WAF’s decision follows extensive discussions with the Ministry of Mines, the Burkina Faso Chamber of Mines and other mining industry stakeholders in Burkina Faso,” the company said at the time..
“Other than this change to (Burkina Faso’s) equity interest, all other material aspects of the company’s existing mining agreements with the state remain in place.”
Another contract win for Macmahon
Just a day after picking up a $55 million underground mining services contract at Black Cat Syndicate’s Majestic gold mining hub near Kalgoorlie, Macmahon has returned to the market with a multimillion-dollar win.
Macmahon has been selected by PT Tambang Tondano Nusajaya, a subsidiary of PT Archi Indonesia, as the underground services contractor at the Toka Tindung gold mine in Indonesia’s North Sulawesi.
The $33m contract includes all underground exploration mine development services and associated works using existing fleet.
Macmahon boss Michael Finnegan said the mine was a high-quality asset with “significant growth potential”.
“I would like to thank our team for the commitment and effort they have invested over the past two years to build a trusted relationship with PT Archi, one that we look forward to strengthening in the years ahead,” he said.
Cedar Woods well positioned for new year
Residential developer Cedar Woods Properties reckons it has started the new financial year on a strong footing after beating its expectations with a 19 per cent rise in annual profit.
Net earnings for the year to June 30 came in at $48.1 million, bettering the company’s guidance for 15 per cent growth.
“We start the new financial year in an excellent position, underpinned by $660m of presales contracts,” managing director Nathan Blackburne said.
“Backed by a national pipeline of more than 9400 dwellings, lots and offices, and capacity to make further strategic acquisitions and grow partnerships, the business is well placed to continue growing earnings,” he said.
Cedar Woods is targeting profit growth of 10 per cent for the 2026 financial year.
Directors declared a final dividend of 19 cents a share, lifting the full-year payout by 16 per cent.
Shoppers still cutting back on takeaways, treats, says Coles boss
Coles boss Leah Weckert says shoppers are feeling more optimistic thanks to the three rounds of interest rate cuts this year, but it is yet to see a change in cost-cutting behaviours.
Ms Weckert on Tuesday said it continued to observe customer behaviours like cutting back on takeaways, treats, shopping across multiple stores, researching prices and using loyalty points.
“I think we’re seeing those green shoots around sentiment,” she told media on a call.
“The question is going to be, when do we start to see some of the behaviour change and catch up with that? And the timing on that is a bit unclear at this stage.”
Her comments came as Coles reported a revenue of $44.5 billion in the 2025 financial year, up 1.8 per cent from a year earlier.
Sales at its 860 supermarket rose 4.3 per cent to $39.9b on a normalised basis — accounting for an extra week of trade in 2024. That offset weaker sales in liquor.
That delivered a profit of $1.08b, down 3.5 per cent, but up 2.4 per cent on a normalised basis.
Underlying earnings before interest, tax, depreciation and amortisation was up 6.8 per cent to $2.22b.
Mader Group eyes $1 billion of revenue after another record year
Mining equipment maintenance company Mader Group is eyeing $1 billion of revenue for the new financial year after another record result.
The group has posted a 13 per cent increase in net profit to $57.1 million for the 12 months to June 30 on a 13 per cent rise in revenue to $872.2m.
Mader, founded by major shareholder and former diesel mechanic Luke Mader, has tipped at least $1 billion of revenue for this year and a profit of $65m or more.
“The outlook remains positive across all markets in which Mader operates,” it said.
Revenue in its flagship Australian market rose 17 per cent, but reassuringly, North America returned to growth with turnover in the June half-year improving 8 per cent on the first half.
Mader declared a final dividend of 4.8 cents a share.
AusPost halts many US services due to tariff rules
Australia’s postal service will stop sending many items to the US until further notice, due to recent changes to import tariffs and customs rules.
Australia Post announced the temporary ban on Tuesday, saying it was effective immediately.
The government-owned entity’s decision is in response to recent significant changes made by the US government to customs and import tariff rules for parcels sent to America.
Those changes include the US suspending the “De Minimis” exemption for inbound goods valued below $US800 (about $1200) and requiring the pre-payment of tariffs prior to items arriving.
The temporary suspension will impact business contracts, MyPost business and retail customers sending goods through the postal network to the US.
Gifts under $US100 (about $150), letters and documents are unaffected.
Australia Post is not the only postal operator to pause operations to the US.
Read the full story here.
Coles profit slips, warns of illegal tobacco trade
Coles has started the new financial year with a bang, with sales up 4.9 per cent in the first eight weeks.
But the grocer said the result had been partially offset by a further decline in tobacco following the impact of new tobacco legislation and growth in the illicit market.
Its reported noted a 30 per cent decline in tobacco sales, representing less than 3 per cent of total supermarket sales - down from their peak of more than 8 per cent in FY19.
Excluding tobacco, sales were up 7 per cent.
Like Dan Murphy’s owner Endeavour Group yesterday, Coles has reported flat sales for its retail liquor division, noting “the market remains subdued” as drinkers favour more out-of-home experiences.
Coles today reported full-year revenue of $44.35 billion for FY25, up 1.8 per cent from a year earlier. Supermarket sales rose 4.3 per cent on a normalise dbasis - account for an extra week of trade in FY24. That offsetting weaker sales in liquor,
That delivered a profit of $1.08b, down 3.5 per cent but up 2.4 per cent on a normalised basis.
Underlying earnings before interest, tax, depreciation and amortisation was up 6.8 per cent to $2.22b.
It will pay out a final fully franked dividend of 32c a share.
CEO Leah Weckert said value, quality and availability remained important to its customers.
Coles’ ‘other’ revenue segment, which includes a product supply arrangement with service station operator Viva Energy, saw sales drop a normalised 15.2 per cent, which it pinned on declining tobacco sales.
Fortescue profit slides on weaker iron ore prices
The Andrew Forrest-chaired iron ore miner has revealed a 41 per cent lower profit for the 2025 financial year of $US3.4 billion ($5.25b).
It comes as the average price fetched for a tonne of iron ore fell by 18 per cent for the 12 months, from $US103.01 to $US84.79 on record shipments of 198.4 million tonnes.
As a result, revenue was down 15 per cent to $US15.5b
Production costs, however, inched lower by one per cent. Total free cashflow was also lower, by 50 per cent to $US2.6b.
The board declared a fully franked finaldividend of 60c a share, taking the payout for the year to $1.10.
“We’ve delivered another strong set of results – record shipments, disciplined cost performance, solid earnings and a continued focus on safety,” iron ore chief executive Dino Otranto said.
While you were sleeping ...
Here’s what happened on the US markets overnight.
Wall Street stocks ended lower as investors parsed the outlook for US interest rates and looked ahead to AI chipmaker Nvidia’s quarterly earnings this week, while digesting a rally late last week that lifted the Dow Jones Industrial Average to a record high close.
On Friday, stocks jumped after US Federal Reserve Chair Jerome Powell hinted at the Jackson Hole Symposium that an interest-rate cut could be considered at the central bank’s September meeting, citing recent labour market weakness.
“The market has a Jackson Hole hangover,” said Jake Dollarhide, CEO of Longbow Asset Management in Tulsa, Oklahoma.
“Investors are taking a little bit of a breather.”
The Personal Consumption Expenditures Price Index - the Fed’s preferred inflation gauge - is due to be released on Friday, while official nonfarm payrolls data is expected next week.
The reports will be crucial, especially after Powell said a rate cut was not certain.
“The focus right now is the labour market,” said Brian Klimke, investment director at Cetera Investment Management.
“We have the job market that’s rolling over a little bit and the economy is weakening, so the Fed needs to act sooner than later and they’re seeing it too.”
Read the full market wrap-up here.
Originally published on The West Australian
