Evening Wrap: ASX 200 notches new record on strong performances from ANZ, BHP, FMG and RIO, lithium dips

The S&P/ASX 200 closed 36.0 points higher, up 0.41%.

Another record close for Aussie stocks today, but perhaps without the flourish of positivity seen in recent sessions (there were roughly as many gainers as losers). Still, a win is a win and most investors will see an improvement in their portfolios as major banks and resources companies led the gains.

The lithium sector's heroics from yesterday was not to be repeated, however, as most stocks in the sector logged a modest pullback from yesterday's strong gains. In China, the benchmark lithium carbonate contract closed 1.9% higher after resuming trading after yesterday's limit-up-interrupted session – but this was notably 7% below its high for the day.

To make sense of all the above, I have detailed technical analysis on the Nasdaq Composite, S&P/ASX 200, and GFEX Lithium Carbonate Futures in today's ChartWatch.

Be sure to click/scroll through for the usual reporting of the major sector and stock-specific moves, the broker responses to them, as well as all the key economic data in tonight's Evening Wrap.

Let's dive in!

Today in Review

Tue 12 Aug 25, 4:59pm (AEST)

Name	Value	% Chg
Major Indices
ASX 200	8,880.8	+0.41%
All Ords	9,150.3	+0.36%
Small Ords	3,456.3	-0.05%
All Tech	4,212.9	+0.24%
Emerging Companies	2,492.0	-0.18%
Currency
AUD/USD	0.6498	-0.23%
US Futures
S&P 500	6,406.25	+0.10%
Dow Jones	44,149.0	+0.15%
Nasdaq	23,650.75	+0.06%

Name	Value	% Chg
Sector
Utilities	9,926.1	+0.84%
Consumer Discretionary	4,369.9	+0.83%
Financials	9,473.6	+0.83%
Communication Services	1,907.6	+0.49%
Materials	17,668.6	+0.37%
Energy	9,387.4	+0.34%
Health Care	44,414.7	+0.23%
Consumer Staples	12,288.8	+0.18%
Real Estate	4,096.8	-0.13%
Information Technology	2,977.7	-0.16%
Industrials	8,405.9	-0.85%

Markets

ASX 200 Session Chart

The S&P/ASX 200 (XJO) finished 36.0 points higher at 8,880.8, 0.59% from its session high and just 0.06% from its low. Despite the heroics in the benchmark, in the broader-based S&P/ASX 300 (XKO) advancers only narrowly beat decliners by 138 to 134 (that’s the second day of record setting without a clear majority of winners to losers!).

Banks ⬆️

+ Big Resources ⬆️

= ASX 200 ⬆️

Is pretty much an equation that's hard to fault most days. It was certainly the case today.

Add in bounces in recent sell-off victims QBE Insurance (QBE) (+2.1%), JB Hi-Fi (JBH) (+5.6%), and Light & Wonder (LNW) (+6%), and there were always going to be enough index points to push us to a win (despite that rather tepid market breadth stat!).

The only really damp spot was this-and-last week's brightest spot – lithium. Generally pullbacks after yesterday's massive gains, but with Pilbara Minerals (PLS) (-0.87%) sporting a net 3-day gain of 29%, Mineral Resources (MIN) (-1.6%) at net 3-day gain of 12%, and IGO (IGO) (-0.2%) a net 3-day gain of 15% – I suspect most of the lithium faithful won't be too concerned.

Gold (XGD) (-0.35%) was also disappointing as the gold price fell overnight on comments that gold would not be subject to US tariffs.

Today's best blue chip gainers

Company	Last Price	Change $	Change %	1mo %	1yr %
Life360 (360)	$40.77	+$2.95	+7.8%	+24.9%	+174.2%
Light & Wonder (LNW)	$130.43	+$7.39	+6.0%	-11.1%	-18.4%
JB HI-FI (JBH)	$113.85	+$6.02	+5.6%	+4.6%	+73.2%
Car Group (CAR)	$39.07	+$1.87	+5.0%	+4.2%	+19.6%
Insurance Australia (IAG)	$8.50	+$0.32	+3.9%	+0.5%	+21.6%
Suncorp Group (SUN)	$20.10	+$0.56	+2.9%	-2.4%	+25.5%
Whitehaven Coal (WHC)	$7.24	+$0.2	+2.8%	+18.3%	-3.3%
ANZ Group (ANZ)	$31.93	+$0.69	+2.2%	+6.2%	+15.5%
QBE Insurance (QBE)	$21.44	+$0.44	+2.1%	-5.5%	+31.3%
Lynas Rare Earths (LYC)	$13.21	+$0.25	+1.9%	+32.1%	+123.1%
AGL Energy (AGL)	$10.22	+$0.18	+1.8%	+6.8%	-4.9%
Steadfast Group (SDF)	$6.08	+$0.1	+1.7%	+3.1%	-4.1%
Sonic Healthcare (SHL)	$27.98	+$0.42	+1.5%	+2.7%	+2.9%
Challenger (CGF)	$8.33	+$0.12	+1.5%	+3.7%	+25.6%
Medibank Private (MPL)	$5.07	+$0.07	+1.4%	+0.2%	+33.1%
Metcash (MTS)	$4.06	+$0.05	+1.2%	+1.0%	+16.0%
Rio Tinto (RIO)	$116.72	+$1.43	+1.2%	+4.5%	+2.2%
Fortescue (FMG)	$19.66	+$0.24	+1.2%	+16.3%	+8.6%

Today's worst blue chip losers

Company	Last Price	Change $	Change %	1mo %	1yr %
SGH (SGH)	$47.45	-$4.41	-8.5%	-5.8%	+28.9%
IDP Education (IEL)	$4.32	-$0.24	-5.3%	+14.9%	-68.2%
Lendlease Group (LLC)	$5.50	-$0.19	-3.3%	+7.4%	-8.2%
Block (XYZ)	$112.79	-$2.83	-2.4%	+14.3%	+28.0%
Xero (XRO)	$172.70	-$3.84	-2.2%	+0.1%	+33.8%
AMP (AMP)	$1.710	-$0.03	-1.7%	+15.5%	+33.6%
Pinnacle Investment (PNI)	$22.94	-$0.38	-1.6%	+9.6%	+40.4%
Mineral Resources (MIN)	$37.50	-$0.62	-1.6%	+34.4%	-26.4%
Brambles (BXB)	$23.00	-$0.35	-1.5%	-1.4%	+56.0%
Atlas Arteria (ALX)	$5.24	-$0.07	-1.3%	+3.8%	+3.8%
Telix Pharmaceuticals (TLX)	$16.68	-$0.21	-1.2%	-28.9%	-4.6%
James Hardie (JHX)	$43.20	-$0.52	-1.2%	+4.7%	-12.9%
A2 Milk Company (A2M)	$7.62	-$0.09	-1.2%	+5.5%	+15.8%
Technology One (TNE)	$38.75	-$0.43	-1.1%	-1.5%	+86.1%
Cleanaway Waste (CWY)	$2.87	-$0.03	-1.0%	+0.4%	+1.4%
Northern Star (NST)	$17.58	-$0.17	-1.0%	+6.4%	+27.4%
Mirvac Group (MGR)	$2.29	-$0.02	-0.9%	+5.5%	+19.3%
Pilbara Minerals (PLS)	$2.29	-$0.02	-0.9%	+38.8%	-23.2%

ChartWatch

NASDAQ Composite Index

An interesting chart (

6th day of zebra pattern candles – which is quite interesting in itself… it might happen a few times a year. 6 days of zebra pattern where the average range of each of the zebra candles is greater than 1%... that’s rarer again… order of magnitude once or twice a year only (e.g. this is the 3rd time this year, there was 1 instance in 2024, 3 in 2023, 2 in 2022, and 0 in 2021… for example!).

So, we’re working through a modest and somewhat rare volatility pulse at the moment. Which just means stay on one’s toes but continue to follow the trend – which remains up/up as far as short/long term lookbacks go.

Monday’s candle suggests we’re seeing a small supply side response around 21458. Nothing I’m too worried about at this stage, although the next few candles will tell the story.

Zebra or not, the demand-side remains firmly in control here. Therefore, no change from previous Comp analysis: FRP.

S&P/ASX 200 (XJO)

An interesting chart (click here for full size image)

No change here either. The Golden Le Creuset is a picture of demand-side control. Today’s candle was orderly and par for the course:

• The supply-side does not want to engage (they want to own stocks)

• The demand-side is showing moderate motivation, resulting in a moderate increase in prices (they want to own stocks, but at the same time don’t feel a great need to ramp up bids to attract out greater supply).

With both sides wanting to own stocks, the path of least resistance is likely up.

Until we substantial supply-side candles (i.e., long black bodies and or long upward pointing shadows), or a close below 8760-8777 (moderate concern) or below the short term uptrend ribbon (short term uptrend likely over), there only one option I can see: Stay the course = FRP.

Lithium Carbonate Futures (Benchmark month, back-adjusted)

An interesting chart (click here for full size image)

In recent updates on GFEX lithium I’ve called the end of the near-3-year bear market and set out a path to calling a potential new bull market. Since the last update on Friday, there have been continued positive developments, so that the technicals now look like this:

• The price is above the long term trend ribbon

• The long term trend has neutralised (i.e., it is not down)

• The price action rising peaks and rising troughs

• The short term trend is up and the short term trend ribbon acting as a zone of dynamic demand

• Candles are predominantly demand-side in nature (i.e., white-bodied and or downward pointing shadows)*

• The 80840 point of supply has been consumed

• The 82000 point of supply has been consumed

The only thing I’m lacking that I’d really like to see is the long term trend ribbon acting as a zone of dynamic demand. This means a point of demand (i.e., a trough) has formed in or above the ribbon – ideally in the upper half of the ribbon or above.

The price performance this week has been so strong, that it’s hard to argue this requirement must be in place before calling a new bull market. So, I’ll tentatively go there (i.e., call a new bull market), but naturally, I’d be more comfortable of this call once seeing "that trough". FYI, the top of the downtrend ribbon is presently 78000.

Even so, transitions from bear to bull are always higher risk than continuations. Take the recent uranium rally for example. My strategy is never all in or all out. It favours incrementally adding risk to a trend as it develops and strengthens.

So really, all the recent move in GFEX lithium implies is a greater propensity to add risk in the ASX lithium universe. You will likely have noted several battery minerals stocks have appeared in the ChartWatch ASX Scans Uptrends List as early as Monday last week (i.e., the first edition back after my holiday).

The greatest risk I see to the lithium trend is the possibility a speculative bubble is building – that the benchmark contract has become the plaything of Chinese traders who are notorious for loving a punt! As the price rises, it drags in more capital, which fuels the rise again and potentially pushes the price away from fundamentals.

When the fundamentals catch up, prices can come back to earth with a thud – and therefore crush the rally. This will be evident in volume and volatility – which are both substantially elevated – so this possibility is very much on my radar.

The "*" in Point 5 above deserves a mention here: Today's volatility and massive volume, plus the long black candle formed, smacks of an overheated market that now has a bunch of traders stuck in at today's highs – a high that's consistent with the 87330-91380 supply zone.

It tells us that the supply-side responded today, and they responded with motivation and size. However, supply-side responses in fledgling bull markets aren't a bad thing, quite the opposite – they allow us to see how strong the demand-side really is.

If this really is a new bull market, the demand-side will soak up any subsequent supply-side push. If it's not, it will falter, and the price will slip back below the long term uptrend ribbon. Hence my requirement for the higher trough / trough at or above the long term trend ribbon – it will confirm the newly acquired demand-side control and therefore the bull market.

The next move (up or down) will likely be critical, and old zones of excess supply really must begin to behave as new zones of excess demand… we shall see… and you will see it unfold here 💪!

Economy

Today

AUS RBA Cash Rate and Monetary Policy Statement

RBA Inflation Forecast, 12 August 2025

• Cash Rate: -0.25% to 3.60% as forecast (decision was unanimous)

• Statement: "The Board decided it was appropriate to lower the cash rate because inflation is expected to remain around target. However, the Board remains cautious given uncertainty is high and is ready to respond if needed."

• RBA Governor Michelle Bullock press conference: "We don’t have a point estimate for where we might end up. In the forecasts we have inflation coming back down to target and the unemployment rate remaining where it is, with a couple of more cash rate cuts in there. That’s the best sort of guess, but things can change. The Board has to be taking things meeting by meeting and absorbing the data and thinking about what that might mean for whether or not we’re on track to meet our goals."

Later this week

Tuesday

• 22:30 USA Core Consumer Price Index (CPI) July (+0.3% m/m and +3.0% p.a. forecast vs +0.2% m/m and +2.9% p.a. in June)

Wednesday

• 11:30 AUS Wage Price Index June Quarter (+0.8% q/q forecast vs +0.9% q/q in March)

Thursday

• 11:30 AUS Employment Data July

  • Employment change: +25,300 forecast vs +2,000 in June

  • Unemployment rate: 4.2% forecast vs 4.3% in June

• 22:30 USA Core Producer Price Index (PPI) July (+0.2% m/m forecast vs +0.0% m/m in June)

Friday

• 12:00 CHN China Data Dump July

  • New Home Prices m/m

  • Industrial Production y/y: +6.0% p.a. forecast vs +6.8% p.a. in June

  • Retail Sales y/y: +4.6% p.a. forecast vs +4.8% p.a. in June

  • Fixed Asset Investment ytd/y: +2.7% ytd/y forecast vs +2.8% ytd/y in June

  • Unemployment Rate: +5.1% forecast vs +5.0% previous

• 22:30 USA Core Retail Sales July (+0.3% m/m forecast vs +0.5% m/m in June)

Saturday

• 00:00 USA Prelim UoM Consumer Sentiment August (61.9 forecast vs 61.7 in July)

Latest News

Markets

Buy the dip! Bull market in US stocks has more to run – Citi

Tue 12 Aug 25, 12:36pm (AEST)

Technical Analysis a1g acdc

ChartWatch ASX Scans: BHP Group, Fortescue, Pilbara Minerals, Mineral Resources, Global X Battery Tech & Lithium ETF

Tue 12 Aug 25, 9:00am (AEST)

Market Wraps

Morning Wrap: ASX 200 to fall, S&P 500 slips ahead of CPI report + Life360, SGH results

Tue 12 Aug 25, 8:40am (AEST)

Market Wraps

ASX 200 Live Today - Tuesday, 12th August

Tue 12 Aug 25, 8:34am (AEST)

Market Wraps cxo dcc

Evening Wrap: ASX 200 sets fresh record as Pilbara Minerals jumps 20%, Mineral Resources 12%, in lithium's big day out

Mon 11 Aug 25, 5:44pm (AEST)

Reporting Season jbh

JB Hi-Fi earnings are up. So why is the stock getting smashed?

Mon 11 Aug 25, 2:52pm (AEST)

More News

Interesting Movers

Trading higher

• +37.0% Lindian Resources (LIN) - Continued positive response to , rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up 🔎📈

• +29.6% Tuas (TUA) - Completion of Institutional Placement.

• +23.6% The Star Entertainment Group (SGR) - Execution of binding documentation - DBC & DGCC.

• +13.7% Electro Optic Systems (EOS) - No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +13.5% Argosy Minerals (AGY) - No news, general strength across the broader Lithium sector today, rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up, added to ChartWatch ASX Scans Uptrends list this morning 🔎📈

• +12.9% Green Critical Minerals (GCM) - GCM Scales up VHD Graphite Production Output, general strength across the broader Battery Materials sector today, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +12.4% Chrysos Corporation (C79) - June 2025 Trading Update Presentation, rise is consistent with prevailing short and long term uptrends, added to ChartWatch ASX Scans Uptrends list this morning 🔎📈

• +10.7% Dateline Resources (DTR) - Continued positive response to 11-Aug REE Target Found Beneath Fenite Outcrops, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +10.6% Tyro Payments (TYR) - Response to ASX Price Query, rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up, a recent regular in ChartWatch ASX Scans Uptrends list 🔎📈

• +9.9% Bisalloy Steel Group (BIS) - No news, rise is consistent with prevailing short and long term uptrends 🔎📈

• +9.8% Coronado Global Resources (CRN) - Half Year Results and Investor Presentation, general strength across the broader Coal sector today, rise is consistent with prevailing short term uptrend and rising peaks and rising troughs 🔎📈

• +8.7% Core Lithium (CXO) - No news, general strength across the broader Lithium sector today, rise is consistent with prevailing short term uptrend and long term trend is transitioning from down to up 🔎📈

• +8.5% Southern Cross Gold (SX2) - SX2 Achieves Significant Metallurgical Development.

• +7.8% Southern Cross Electrical Engineering (SXE) - Services and manufacturing awards over $110m, rise is consistent with prevailing short and long term uptrends 🔎📈

• +7.8% Life360 (360) - SEC Form 10-Q.

• +6.7% Botanix Pharmaceuticals (BOT) - Canaccord Genuity 45th Annual Growth Conference Presentation.

• +6.0% Light & Wonder (LNW) - Statement of Changes in Beneficial Ownership.

• +5.6% JB HI-FI (JBH) - No news, rebounded after yesterday's sharp sell-off due to Results Presentation - 2025 Full Year Results.

• +5.0% Car Group (CAR) - Continued positive response to 11-Aug FY25 Results Presentation.

• +4.5% Genusplus Group (GNP) - No news, rise is consistent with prevailing short and long term uptrends, a regular in ChartWatch ASX Scans Uptrends list 🔎📈

Trading lower

• -10.7% Ioneer (INR) - No news, pulled back in the wake of recent sharp rally.

• -10.0% Audinate Group (AD8) - No news, downgraded to Hold from Buy at Jefferies and price target cut to $7.50 from $9.50, fall is consistent with prevailing short and long term downtrends, one of the most Featured (highest conviction) stocks in ChartWatch ASX Scans Downtrends list 🔎📉

• -9.6% Alkane Resources (ALK) - Becoming a substantial holder, Becoming a substantial holder, and Becoming a substantial holder.

• -8.5% SGH (SGH) - SGH 2025 Annual Report.

• -8.0% Clarity Pharmaceuticals (CU6) - No news 🤔.

• -8.0% Liontown Resources (LTR) - No news, pulled back in the wake of recent sharp rally.

• -7.6% Energy Transition Minerals (ETM) - Completion of Strategic Placement and Director Appointment.

• -6.9% DigiCo REIT (DGT) - No news since 11-Aug SYD1 Data Centre Receives HCF Strategic Certification.

• -6.6% Hipages Group (HPG) - No news, pulled back in the wake of recent sharp rally.

• -6.3% 4DMEDICAL (4DX) - No news, pulled back in the wake of recent sharp rally.

• -6.2% Vulcan Energy Resources (VUL) - No news, fall is consistent with prevailing long term downtrend 🔎📉

• -5.3% IDP Education (IEL) - No news, fall is consistent with prevailing long term downtrend 🔎📉

• -4.0% Capstone Copper Corp. (CSC) - No news, pulled back in the wake of recent sharp rally.

• -3.9% Novonix (NVX) - No news, pulled back in the wake of recent sharp rally.

Broker Moves

29Metals (29M)

• Retained at Neutral at Barrenjoey; Price Target: $0.30

Astral Resources NL (AAR)

• Retained at Speculative Buy at Canaccord Genuity; Price Target: $0.64 from $0.54

Acusensus (ACE)

• Initiated at Speculative Buy at Morgans; Price Target: $1.20

Audinate Group (AD8)

• Downgraded to Hold from Buy at Jefferies; Price Target: $7.50 from $9.50

AGL Energy (AGL)

• Retained at Buy at Citi; Price Target: $12.00

Argo Investments (ARG)

• Upgraded to Outperform from Neutral at Macquarie; Price Target: $1.20 from $1.08

Aurizon Holdings (AZJ)

• Retained at Underweight at Morgan Stanley; Price Target: $3.03

Bellevue Gold (BGL)

• Retained at Neutral at Barrenjoey; Price Target: $1.10

BHP Group (BHP)

• Retained at Neutral at Barrenjoey; Price Target: $41.00

Boss Energy (BOE)

• Retained at Underweight at Barrenjoey; Price Target: $1.95

CAR Group (CAR)

• Retained at Neutral at Macquarie; Price Target: $39.00

• Retained at Overweight at Morgan Stanley; Price Target: $43.00 from $42.50

• Retained at Accumulate at Morgans; Price Target: $40.80

• Upgraded to Outperform from Sector perform at RBC Capital Markets; Price Target: $41.00 from $39.00

• Retained at Buy at UBS; Price Target: $46.50 from $46.00

Charter Hall Group (CHC)

• Retained at Sell at UBS; Price Target: $18.41

Chalice Mining (CHN)

• Retained at Underweight at Barrenjoey; Price Target: $0.90

Capricorn Metals (CMM)

• Retained at Overweight at Barrenjoey; Price Target: $11.00

Charter Hall Social Infrastructure REIT (CQE)

• Downgraded to Hold from Buy at Moelis Australia; Price Target: $3.39 from $3.14

Charter Hall Retail REIT (CQR)

• Retained at Neutral at UBS; Price Target: $3.95

Coronado Global Resources Inc (CRN)

• Retained at Underweight at Barrenjoey; Price Target: $0.19

Capstone Copper Corp. (CSC)

• Retained at Overweight at Barrenjoey; Price Target: $12.00

• Retained at Outperform at Macquarie; Price Target: $12.50 from $13.30

Clarity Pharmaceuticals (CU6)

• Retained at Speculative Buy at Bell Potter; Price Target: $5.70 from $5.00

Core Lithium (CXO)

• Retained at Neutral at Barrenjoey; Price Target: $0.11

Delta Lithium (DLI)

• Retained at Neutral at Barrenjoey; Price Target: $0.17

Deterra Royalties (DRR)

• Retained at Neutral at Barrenjoey; Price Target: $4.30

Dexus Convenience Retail REIT (DXC)

• Retained at Buy at Bell Potter; Price Target: $3.45 from $3.35

Deep Yellow (DYL)

• Retained at Neutral at Barrenjoey; Price Target: $1.80

Emerald Resources NL (EMR)

• Retained at Underweight at Barrenjoey; Price Target: $3.60

Evolution Mining (EVN)

• Retained at Underweight at Barrenjoey; Price Target: $7.60

FireFly Metals (FFM)

• Retained at Overweight at Barrenjoey; Price Target: $1.60

Fortescue (FMG)

• Retained at Overweight at Barrenjoey; Price Target: $20.00

Greatland Resources (GGP)

• Retained at Overweight at Barrenjoey; Price Target: $10.00

Global Lithium Resources (GL1)

• Retained at Neutral at Barrenjoey; Price Target: $0.20

Genesis Minerals (GMD)

• Retained at Neutral at Barrenjoey; Price Target: $4.20

Gold Road Resources (GOR)

• Retained at Underweight at Barrenjoey; Price Target: $3.25

Hastings Technology Metals (HAS)

• Retained at Neutral at Barrenjoey; Price Target: $0.28

IGO (IGO)

• Retained at Overweight at Barrenjoey; Price Target: $5.20

• Retained at Outperform at Macquarie; Price Target: $5.00

• Retained at Sell at UBS; Price Target: $4.80 from $3.60

Iluka Resources (ILU)

• Retained at Overweight at Barrenjoey; Price Target: $5.40

Investore Property (IPL)

• Upgraded to Outperform from Neutral at Macquarie; Price Target: $1.30 from $1.19

IRESS (IRE)

• Retained at Hold at Jefferies; Price Target: $8.50 from $8.40

• Downgraded to Neutral from Overweight at JPMorgan; Price Target: $9.00

• Retained at Accumulate at Morgans; Price Target: $9.69 from $10.50

• Retained at Buy at Ord Minnett; Price Target: $10.40 from $10.70

• Retained at Overweight at Wilsons; Price Target: $10.00

JB Hi-Fi (JBH)

• Retained at Buy at Bell Potter; Price Target: $119.00 from $114.00

• Retained at Buy at Citi; Price Target: $120.00

• Retained at Underweight at Morgan Stanley; Price Target: $83.40

• Upgraded to Trim from Sell at Morgans; Price Target: $95.00 from $92.00

• Downgraded to Lighten from Hold at Ord Minnett; Price Target: $97.00 from $89.00

• Upgraded to Neutral from Sell at UBS; Price Target: $112.00 from $109.00

James Hardie Industries Plc (JHX)

• Retained at Buy at UBS; Price Target: $50.00

Kelly Partners Group Holdings (KPG)

• Upgraded to Outperform from Neutral at Macquarie; Price Target: $1.04 from $0.99

Latitude Group Holdings (LFS)

• Retained at Equal-weight at Morgan Stanley; Price Target: $1.25 from $1.30

Lifestyle Communities (LIC)

• Retained at Buy at UBS; Price Target: $8.83

LendLease Group (LLC)

• Downgraded to Hold from Outperform at CLSA; Price Target: $5.69 from $7.40

Liontown Resources (LTR)

• Retained at Underweight at Barrenjoey; Price Target: $0.70 from $0.50

Lynas Rare Earths (LYC)

• Retained at Overweight at Barrenjoey; Price Target: $11.50

Meteoric Resources NL (MEI)

• Retained at Overweight at Barrenjoey; Price Target: $0.25

Mirvac Group (MGR)

• Downgraded to Hold from Outperform at CLSA; Price Target: $2.36 from $2.44

Mineral Resources (MIN)

• Retained at Overweight at Barrenjoey; Price Target: $33.00

• Downgraded to Sell from Neutral at UBS; Price Target: $37.40 from $26.00

Metro Mining (MMI)

• Retained at Buy at Shaw and Partners; Price Target: $0.17

Newmont Corporation (NEM)

• Retained at Overweight at Barrenjoey; Price Target: $115.00

Neuren Pharmaceuticals (NEU)

• Retained at Buy at Bell Potter; Price Target: $22.00 from $20.00

Nickel Industries (NIC)

• Retained at Overweight at Barrenjoey; Price Target: $1.80

Northern Star Resources (NST)

• Retained at Neutral at Barrenjoey; Price Target: $20.00

Predictive Discovery (PDI)

• Retained at Overweight at Barrenjoey; Price Target: $0.45

Paladin Energy (PDN)

• Retained at Neutral at Barrenjoey; Price Target: $7.60

Pilbara Minerals (PLS)

• Retained at Underweight at Barrenjoey; Price Target: $1.20

• Retained at Outperform at Macquarie; Price Target: $1.90

• Retained at Sell at UBS; Price Target: $1.60 from $1.10

Patriot Battery Metals Inc. (PMT)

• Retained at Buy at UBS; Price Target: $0.65 from $0.33

Perseus Mining (PRU)

• Retained at Neutral at Barrenjoey; Price Target: $3.80

PEXA Group (PXA)

• Retained at Outperform at CLSA; Price Target: $18.00 from $16.10

• Retained at Overweight at Jarden; Price Target: $17.75

• Retained at Overweight at JPMorgan; Price Target: $18.20 from $16.00

Reece (REH)

• Retained at Sell at UBS; Price Target: $13.50

Rio Tinto (RIO)

• Retained at Overweight at Barrenjoey; Price Target: $121.00

Ramelius Resources (RMS)

• Retained at Overweight at Barrenjoey; Price Target: $3.60

Regis Resources (RRL)

• Retained at Underweight at Barrenjoey; Price Target: $3.10

Resolute Mining (RSG)

• Retained at Overweight at Barrenjoey; Price Target: $0.90

Reliance Worldwide Corporation (RWC)

• Retained at Neutral at UBS; Price Target: $4.50

South32 (S32)

• Retained at Overweight at Barrenjoey; Price Target: $3.95

• Downgraded to Hold from Buy at Jefferies; Price Target: $3.20 from $3.40

• Retained at Neutral at UBS; Price Target: $3.10 from $3.20

Sandfire Resources (SFR)

• Retained at Overweight at Barrenjoey; Price Target: $12.00

SGH (SGH)

• Retained at Buy at UBS; Price Target: $60.00

Stanmore Resources (SMR)

• Retained at Neutral at Barrenjoey; Price Target: $2.30

Syntara (SNT)

• Retained at Speculative Buy at Bell Potter; Price Target: $0.06 from $0.12

SPC Global Holdings (SPG)

• Upgraded to Outperform from Neutral at Macquarie; Price Target: $1.48 from $1.40

Seven West Media (SWM)

• Retained at Sell at UBS; Price Target: $0.14

Sayona Mining (SYA)

• Retained at Outperform at Macquarie; Price Target: $0.02

TPG Telecom (TPG)

• Upgraded to Outperform from Neutral at Macquarie; Price Target: $5.80 from $5.40

Vault Minerals (VAU)

• Retained at Overweight at Barrenjoey; Price Target: $0.68

West African Resources (WAF)

• Retained at Overweight at Barrenjoey; Price Target: $3.40

Wildcat Resources (WC8)

• Retained at Overweight at Barrenjoey; Price Target: $0.30

Woodside Energy Group (WDS)

• Retained at Neutral at Macquarie; Price Target: $27.50 from $26.00

Westgold Resources (WGX)

• Retained at Buy at Canaccord Genuity; Price Target: $5.25 from $5.35

Whitehaven Coal (WHC)

• Retained at Neutral at Barrenjoey; Price Target: $6.60

Wisetech Global (WTC)

• Retained at Buy at Citi; Price Target: $127.40

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