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ASX Live Coverage – May 30, 2025: Key Developments in Business and Finance
Welcome to our live coverage of the Australian Stock Exchange (ASX) for Friday, May 30, 2025. We are eager to provide you with real-time updates. Remember to refresh the page for the latest information, and please share your feedback on how we can enhance your experience.
Meeka Metals Eyes First Gold Production by Mid-2025
9:05 AM: Meeka Metals has announced that the expansion and upgrades at its Murchison Gold Project are nearing completion. The commissioning of the process plant is slated for June 2025, with the company targeting its first gold production in mid-2025.
The Murchison project is projected to yield an average of 65,000 ounces of gold annually over the first seven years of production. Notably, Meeka Metals is fully exposed to fluctuations in gold prices, as it currently holds no hedges. A rise of $100 per ounce in gold prices could lead to a $52 million increase in pre-tax free cash flow.
Despite being one of the top-performing gold stocks with a 75% rise over the past year, Meeka’s share price has decreased by 12% in the last month.
NRW Secures Contract from Rio Tinto
9:00 AM: NRW Holdings’ subsidiary, Primero, has been granted a contract by Rio Tinto for the Hope Downs iron ore project, valued at approximately $157 million. Work on design and procurement is set to commence immediately, with project completion expected by December 2026. Such contracts typically have a minimal or slightly positive effect on NRW’s stock price.
US Economic Update: GDP Shows Signs of Weakness
8:55 AM: In the US, the economy has contracted by 0.2% in the first quarter, which slightly undercuts forecasts of a 0.3% decline. However, annualised growth has been reported at 2.1%, surpassing the expected 2.0%. Consumer spending, a critical economic driver, has risen just 1.2%, below the anticipated 1.7% and showing a decline from 1.8% in the fourth quarter of 2024. Additionally, net exports have negatively impacted GDP by almost five percentage points, marking the largest decline ever recorded.
Highlights from Livewire
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Buy Hold Sell: Five Overlooked Growth Stocks – Analysts James Barker and Andrew Peros discuss five ASX-listed companies poised for substantial growth, including innovative tech firms and healthcare disruptors.
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Current Growth Opportunities – Active managers like Sebastian Mullins from Schroders are responding to the market turbulence caused by policy changes in the US, leveraging diversified asset strategies to navigate volatility effectively.
- China’s Tech Evolution – Major Chinese tech companies such as Alibaba, Tencent, and BYD are transitioning from basic infrastructure investments to becoming leaders in global markets through innovations in AI and EV technologies.
Market Outlook: What’s Influencing Stocks?
8:50 AM: Major US stock indices ended on a positive note, although they retreated from earlier highs. The Equal-weight S&P 500 index underperformed the standard benchmark by 16 basis points.
- Initial gains were fuelling optimism after a ruling by the US Court of International Trade declared some tariffs imposed by former President Trump illegal.
- These gains were tempered when a federal appeals court temporarily stayed the ruling, citing potential diplomatic repercussions.
- Notably, Nvidia’s shares climbed 3.2% after it reported strong earnings for the first quarter, surpassing market expectations, despite expectations of significant revenue loss from export restrictions to China.
- Contributing to the market’s uncertainty, the US GDP contraction and disappointing consumer spending figures have added volatility to the economic landscape.
Morning Market Snapshot
8:40 AM: The S&P/ASX 200 futures are indicating a decline of 17 points (0.20%) following a volatile session on Wall Street. For those new to our coverage, previous updates can be found in today’s Morning Wrap.
This summary encapsulates the key points from today’s market updates, focusing on significant developments, economic indicators, and the overall landscape for investors and stakeholders. Stay tuned for more real-time updates!
