ASX ends flat after recovering early losses as tech stocks surge
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The news: The Australian sharemarket recovered early losses to end roughly flat as tech stocks surged nearly 5% amid a mixed trading session.
The benchmark ASX 200 index lowered 0.06% to 8,724.4, with five of the 11 sectoral indices in positive territory.
Biggest movers:
- SRG Global (+16.6%) — Secured $1.9 billion in contracts across a number of industries and upgraded its FY26 EBITDA guidance.
- TPG Telecom (-7.5%) — Suggested SpaceX’s satellite subsidiary Starlink should be granted favourable access to satellite spectrum licences on the condition they be captured by the federal government’s proposed mandate that mobile services be available in all unobstructed outdoor areas across the country.
- Northern Star Resources (+13.6%) — Said it welcomed “constructive dialogue” with Florida-based activist fund manager Elliott Management, which reportedly took aim at the gold miner in a 39-page presentation.
Deal news:
- Collins Foods (-1.2%) — Completed the acquisition of eight KFC restaurants in Germany’s Bavaria region, following its announcement earlier this year.
- Atlas Arteria (+0.4%) — Reiterated its recommendation that shareholders should reject a $7 billion hostile takeover approach from IFM Investors, after its independent expert Kroll reconfirmed the validity of its valuation analysis.
Other news:
- 4DMedical (-5.9%) — Launched a new clinical evidence program designed to fast-track the entry of its flagship software CT:VQ into the acute pulmonary embolism market.
- Kelsian Group (-0.2%) — Signed a two-year contract extension with Transport for New South Wales to provide public bus services in Sydney’s inner west region, commencing 1 July.
- Wesfarmers (-0.8%) — Set to transfer its industrial and safety business Blackwoods and Workwear into Bunnings from 1 July.
- Evion Group (flat) — Appointed former Australian Ambassador to the United States, Arthur Sinodinos, as a strategic adviser to support the company’s US critical minerals strategy and North American expansion initiatives.
What’s ahead:
- The Australian Bureau of Statistics will release national accounts, including March quarter GDP figures, on Wednesday at 11:30am AEST.
