Table of Contents
ASX Market Report – Tuesday, June 3
Welcome to our live coverage of the ASX for today. We encourage you to refresh this page for ongoing updates!
Market Performance
The S&P/ASX 200 closed up 52 points (+0.63%), nearing its all-time high from February 14, only 1% shy. This follows a remarkable rally of 15% from recent lows recorded on April 7. Banks, particularly Commonwealth Bank (CBA) which closed at a record $178 (+0.96%), were major contributors to the upward movement of the Index. However, mining giants BHP (-0.2%) and Rio Tinto (-0.8%) faced slight setbacks.
Unusual Volume Stocks
At 3:15 PM, notable movements in stock volumes were observed. Here’s a summary of stocks that experienced unusual trading activity relative to their 20-day average volumes:
| Ticker | Company | % Change | Price | R-Volume |
|---|---|---|---|---|
| IEL | IDP Education | -46.32% | $4.01 | 902.1% |
| BFL | Bsp Financial Group | +1.71% | $7.75 | 543.6% |
| GNE | Genesis Energy | +0.71% | $2.12 | 406.9% |
| SOL | Washington H Soul | -1.09% | $42.53 | 291.8% |
| BKW | Brickworks | -1.10% | $34.72 | 270.8% |
| GQG | GQG Partners | +1.67% | $2.13 | 204.1% |
Corporate News
1. CEO Resignation: Frontier Digital Ventures
Frontier Digital Ventures saw its shares plummet by 13% following the resignation of CEO Shaun Di Gregorio. Chairman Anthony Klok also announced his immediate departure, prompting the Board to start a search for a new CEO.
2. Citi Upgrades Perenti Target
Citi has increased its target price for diversified mining services firm Perenti by 19% to $1.90, buoyed by a strong outlook in the pipeline and an expected free cash flow generation of $166 million in FY25.
Market Influences
China’s Manufacturing Data
China’s Caixin Manufacturing PMI dropped to 48.3 in May, indicating contraction, and significantly missing market expectations of 50.6. This is the first contraction since September 2024, leading to downward pressure on BHP and Rio Tinto shares.
RBA Meeting Takeaways
The Reserve Bank of Australia’s (RBA) June meeting results revealed a 25-basis-point rate cut to 3.85%. Analysts noted challenges stemming from global trade tensions and projected moderate Australian economic growth.
Small Caps Movement
Here’s a snapshot of the top small-cap performers ($200m to $1bn market cap) as we approach noon:
| Ticker | Company | % Change | Price |
|---|---|---|---|
| TEA | Tasmea | +8.62% | $3.15 |
| PPM | Pepper Money | +7.25% | $1.78 |
| STK | Strickland Metals | +7.14% | $0.15 |
Conversely, the following small caps faced declines:
| Ticker | Company | % Change | Price |
|---|---|---|---|
| DTR | Dateline Resources | -26.21% | $0.11 |
| EVEDA | Eve Health Group | -13.33% | $0.03 |
| MEI | Meteoric Resources | -8.33% | $0.11 |
Noteworthy Developments
Tasmea Declares Special Dividend
Tasmea has declared a fully franked special dividend of 12 cents per share, yielding approximately 4%, signalling strong performance and strategic intent.
IDP Education’s Market Struggles
IDP Education’s shares fell dramatically by 41.77% in early trading due to revised forecasts indicating a significant decline in student placements, greatly missing analyst estimates.
CFO Resignation at Pilbara Minerals
Luke Bortoli, CFO of Pilbara Minerals, has resigned amid declining spodumene prices and pressure on the company’s share valuation.
Conclusion
Market momentum remains robust as the ASX nears historical highs while grappling with corporate volatility and external economic pressures. Continued vigilance on international economic reports and corporate earnings will be key in guiding investment decisions in the coming days.
