Table of Contents
ASX Market Update: 24 June 2026
Welcome to our live coverage of market activities. Expect frequent updates throughout the day, concluding around 2:00 PM AEST.
Nickel Industries to Invest US$169 Million in TMI HPAL Project
[9:36 AM] Nickel Industries plans to invest US$169 million for a 17.5% stake in Indonesia’s PT Teluk Metal Industry (TMI) High-Pressure Acid Leach (HPAL) project, enhancing its role in the electric vehicle (EV) battery supply chain.
- TMI will expand the existing ENC project at the Morowali Industrial Park, focusing on mixed hydroxide precipitate production, with the payment due by 26 November 2026.
- The 17.5% interest complements a 72.5% stake held by a Korean-Japanese consortium, alongside a 10% stake from Sumber International Investment.
- A construction guarantee ensures total acquisition costs remain capped at US$169 million, aiming for production readiness by September 2027.
- TMI’s annual capacity will provide Nickel Industries with approximately 6,775 Ni tonnes via its nameplate capacity of 38,640 Ni tonnes.
Baby Bunting Issues FY26 Profit Guidance Downgrade
[9:26 AM] Baby Bunting has revised its FY26 profit forecast downwards, responding to lower-than-expected sales in the fourth quarter.
- Forecasts now expect net profit after tax (NPAT) to range between $16.0 million and $17.0 million, about 11% less than previous estimates.
- Projected total sales will be $553-555 million, missing expectations by about 3%.
- Comparable store sales growth is expected at 3.5%, far below the earlier guidance of 5-7%.
- Gross margins improved to over 41%, up from 40.2% last year.
Tasmea Acquires JPS Group for $75 Million
[9:23 AM] Tasmea has reached an agreement to acquire JPS Group, an integrated energy services provider, for up to $75 million, expanding into LNG and gas infrastructure.
- The upfront payment includes $50 million, split between $24.5 million in cash and $25.6 million in shares.
- An additional $25 million earn-out is tied to JPS achieving a maintainable EBIT of at least $12 million annually over the next four years.
- The acquisition is expected to add approximately 5% pro forma EPS by FY26.
IFM’s Takeover of Atlas Arteria Extended
[9:15 AM] IFM’s off-market takeover bid for Atlas Arteria has been extended following a voting power surpassing 50%.
- The offer is now open for acceptance until 7:00 PM AEST on 7 July 2026.
- The bid is aimed at acquiring all remaining shares not already owned by IFM.
Block Trade in 3P Learning
[9:15 AM] A block of 16.2 million shares in 3P Learning was transacted at 32.97 cents each, representing 5.9% of the company’s stock.
US Economic Activity Insights
[9:05 AM] US business activity shows growth for the first time in five months amid a concerning rise in job cuts.
- The composite PMI has increased to a five-month high of 52.2, indicating modest growth.
- Manufacturing and services activity demonstrates early signs of resilience, albeit with persistent employment declines, particularly in factories.
UK Services Sector Contracts Further
[9:04 AM] Private sector activity in the UK has contracted for the second consecutive month, chiefly due to a slowdown in services.
- The composite PMI fell to 49.4, signalling economic contraction and the lowest levels in over a year.
- Labour market activity also continues to decline, with firms reducing headcounts for the 21st month.
Eurozone Economic Brief
[9:02 AM] The Eurozone’s private sector contraction has eased, with inflation indicators showing signs of moderating.
- The composite PMI rose to 49.5, marking a gradual improvement, though still below the growth threshold.
- Services recovered slightly, while manufacturing production has declined.
Strait of Hormuz Traffic on the Rise
[8:54 AM] Tanker transit through the Strait of Hormuz has increased, with vessels resuming location broadcasts, signalling recovery in maritime confidence post-Iran-US discussions.
SpaceX Bond Sale Debut
[8:52 AM] SpaceX’s initial bond offering drew mixed reactions from investors, indicating challenges tied to cash flow.
- The bond pricing showed demand but reflected concerns over financial sustainability amid upcoming cash burn forecasts.
Evercore’s Positive Outlook for Tech Earnings
[8:51 AM] Evercore ISI forecasts a rebound for mega-cap tech stocks as earnings are poised to fuel market recovery.
Barclays and Stifel Adjust S&P 500 Target Upwards
[8:50 AM] Barclays and Stifel have raised their year-end forecast for the S&P 500 to 7,800, buoyed by robust earnings potential.
South Korea’s KOSPI Experiences Sharpe Decline
[8:46 AM] South Korea’s KOSPI index plunged nearly 10% due to adverse news regarding chip production affecting global markets.
Summary of Market Context
[8:45 AM] The Federal Reserve indicates a shift in outlook, with rate increases anticipated amidst steady labour and inflation data. The market appears to be pricing out previous rate cut expectations.
[8:38 AM] US equities faced declines, largely influenced by momentum unwinding in the memory and semiconductor sectors, with specific focus on earnings reports due soon.
[8:29 AM] ASX 200 futures have risen by 21 points (+0.23%) as the market anticipates mixed international economic signals and commodities trends.
This summary encapsulates significant news and updates from the market environment today.
