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ASX Live Coverage Summary – Thursday, May 28
Welcome to our live coverage of the Australian Securities Exchange (ASX) for Thursday, May 28. We’ll be providing frequent updates throughout the trading day, concluding around 2:00 PM AEST.
Advanced Innergy Reaffirms FY26 Guidance with Record Orderbook
[9:35 AM] Advanced Innergy has reported a 2.4% decrease in revenue, totalling A$157.9 million, falling short of estimates. The company attributed this to a shift in project delivery timelines, although it reaffirmed its full-year guidance supported by a record orderbook of A$239 million—a 33% year-on-year increase.
- Underlying EBITDA decreased by 9.6% to A$24.7 million.
- Gross margins improved by 11.4 percentage points, now at 36.8%.
- Forecasts for FY26 include A$387.9 million in revenue and A$62.3 million in underlying EBITDA.
- The company plans to acquire Matrix Composites by July 2026 while maintaining a net leverage below 2.0x.
Company Info: Advanced Innergy Holdings (AIH)
ACL Appoints Greg Horan as New Group CEO
[9:31 AM] Australian Clinical Labs has named Greg Horan as the new Group CEO, succeeding Melinda McGrath after her decade-long tenure. Horan, joining on June 1, comes from Healthscope, leading over 20,000 employees across 43 hospitals.
Company Info: Australian Clinical Labs (ACL)
IPH Appoints New CEO Tony O’Malley
[9:18 AM] IPH has appointed Tony O’Malley as Managing Director and CEO, effective July 1. O’Malley’s prior experience includes leading PwC’s Global Legal Business Solutions. He’ll take over from Dr Andrew Blattman, who retires after a 30-year career.
Company Info: IPH (IPH)
SHAPE Acquires APS for Up to A$29 Million
[9:13 AM] SHAPE Australia has signed an agreement to acquire APS, a retail shopfitter, for an upfront payment of A$20.4 million, with additional contingent payments potentially increasing the total to A$29.4 million. The acquisition aims to enhance SHAPE’s margin profile and manufacturing capabilities.
Company Info: SHAPE Australia (SHA)
AGL Energy Sells Wind Farm Stakes Worth Up to A$5 Billion
[9:10 AM] AGL Energy is seeking to sell majority stakes in a 1.7GW wind farm portfolio under Project Constellation. The portfolio, which includes the Pottinger, Hexham, and Barn Hill wind farms, could generate bids worth up to A$5 billion.
Company Info: AGL Energy (AGL)
Mayfield Group in A$30 Million Block Trade
[9:09 AM] Mayfield Group shares are up for sale in a block trade worth approximately A$30 million, representing an 8.6% stake. Nightingale Partners, the major shareholder, is selling the shares after holding them since 2012.
Source: AFR
BofA Analyst Discusses AI Market Concerns
[9:07 AM] BofA’s Michael Hartnett compared the current AI-driven stock rally to historic market bubbles, predicting investor hesitance until prominent IPOs occur and clear signs of Federal Reserve tightening appear.
Snowflake Reports Strong Earnings, Boosting Stock
[9:05 AM] Snowflake reported its highest product revenue growth ever, with a 34% rise. This strong performance led the company to raise its full-year guidance, resulting in a 35% after-hours stock surge.
RBNZ Holds Cash Rate, Signals Future Hikes
[9:04 AM] The Reserve Bank of New Zealand decided to hold interest rates at 2.25%. However, forecasts suggest at least two rate hikes are anticipated before year-end.
China Resumes Urea Exports Amid Fertiliser Supply Crisis
[8:55 AM] China has issued new quotas for urea exports, aiming to stabilise global fertiliser prices strained by geopolitical tensions in the Strait of Hormuz.
Global EV Sales Surge, Battery Electric Vehicles Dominate
[8:54 AM] An IEA report indicates that EVs accounted for 25% of new global car sales in 2025, driven by a resurgence in battery electric vehicle popularity.
JPMorgan Eyes A$20 Billion for Potential Acquisitions
[8:52 AM] Jamie Dimon revealed that JPMorgan could consider deploying A$10-20 billion for acquisitions over the next two years, marking a significant potential transaction in his tenure.
Oil Prices Decline Amid Geopolitical Updates
[8:49 AM] Brent crude prices fell by 3.5%, attributed to easing tensions between the US and Iran amidst ongoing negotiations on reopening key shipping routes.
US Companies and Market Movements
[8:44 AM] The number of US companies over the A$1 trillion market cap mark has risen to ten, supported by strong showings in the semiconductor sector.
Conclusion
The ASX reflects a mix of strategic movements across various sectors, with firms committing to growth strategies amid shifting market dynamics and economic forecasts. Investors should remain alert to these developments as they unfold throughout the trading day.
