The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1852 ET - Nine Entertainment's acquisition of outdoor advertiser QMS is seen by UBS analysts as a way for the Australian broadcaster to grow its share of the free-to-air TV market, rather than reverse its structural decline. The analysts write in a note that a combination of TV and out-of-home offerings is attractive to advertisers, with cross-sell and bundling opportunities offering potential upside to earnings forecasts. They assume A$8 million in cost synergies by FY 2029, but warn that high levels of competition in outdoor advertising means that further reinvestment could be necessary. UBS trims its target price 1.6% to A$1.22 and stays neutral on the stock, which is up 6.6% at A$1.22. (stuart.condie@wsj.com)
1847 ET - Japanese stocks may rise as a weaker yen supports hopes for domestic earnings. Nikkei futures areup 0.7% at 53625 on the SGX. USD/JPY is at 155.09, compared with 153.89 as of Friday's Tokyo stock market close. Investors are focusing on quarterly earnings. Daiwa Securities Group and Murata Manufacturing are scheduled to report their results later Monday. Prime Minister Sanae Takaichi's economic plans are also being closely watched ahead of the general election on Feb. 8. The Nikkei Stock Average fell 0.1% to 53322.85 on Friday. (kosaku.narioka@wsj.com)
1831 ET - ResMed's bull at Macquarie stays positive on the breath-tech provider amid strong growth across all its revenue streams. ResMed's December-quarter revenue and profit were stronger than anticipated, while its gross margin was about 30 bps wider than Macquarie's forecast. A note from one of Macquarie's analysts flags revenue strength in masks, accessories and devices, adding that positive demand catalysts from weight-loss drugs and wearables support the stock's continued status as the investment bank's preferred sector exposure. Macquarie expects a full-year gross margin of 62.3%, compared with guidance of 62%-63%. Macquarie cuts its target price on ResMed's Australia-listed stock by 3.4% to A$47.50 and keeps an outperform rating. Shares are down 0.9% at A$37.20. (stuart.condie@wsj.com)
1755 ET - UBS is increasingly bullish about silver. As investors seek to diversify portfolios and turn to hard assets, silver should benefit through increased speculative flows. "Market deficits and declining inventories imply that the silver market is now increasingly vulnerable to periods of strong investment demand, which in turn could lead to bouts of liquidity tightness," UBS says. Its silver price forecasts rise by more than 40%. UBS projects an average silver price of US$105/oz and US$85/oz in 2026 and 2027, respectively. One stock that can benefit: South32. UBS says Ebitda from South32's Cannington silver mine rises by up to 40% on its new forecasts. UBS lifts its price target on South32 by 8.2% to A$5.30/share. South32 ended last week at A$4.62. (david.winning@wsj.com; @dwinningWSJ)
1749 ET - Origin Energy's bull at Jefferies pares earnings expectations from the Energy Markets business in FY26-28. Analyst Amit Kanwatia now expects Origin to report divisional Ebitda of A$1.61 billion in FY26. That represents a 1.8% cut to Jefferies's prior forecast. "Forward electricity prices have also weakened," Jefferies says. That's driven by record renewable output and increased household battery uptake under the Cheaper Home Batteries program. It assumes a decline of A$8/MWh in FY27 forward prices. That creates a A$128 million earnings headwind. "This is partially offset by lower contracted domestic coal prices expected to be down by A$10-15 per ton, providing a A$60 million-A$90 million potential benefit," Jefferies says. It cuts FY27 and FY28 Ebitda forecasts by 2.7% and 5.6% to A$1.72 billion and A$1.95 billion, respectively. (david.winning@wsj.com; @dwinningWSJ)
1739 ET - The acceleration in Australian credit growth in late 2025 is seen by Macquarie analysts as presenting possible upside risk to consensus earnings forecasts for Australian banks. They point out that the pace of credit growth increased to an annualized 9% in the December quarter, which is the highest since 2022. They write in a note that they expect this to moderate to about 7% in 2026 as interest-rate rises weigh on consumer confidence, but that they still see positive risks. Term deposit spreads are looking supportive for funding costs, they add. (stuart.condie@wsj.com)
1651 ET - Ramelius Resources has demonstrated the benefit of high-grade material entering its Mt Magnet mill in Australia. Ord Minnett expects this trend to continue as Ramelius adds ore from the Dalgaranga deposit to the mix over time and moves closer to annual output of 500,000 oz of gold by FY 2030. Analyst Paul Kaner says Ramelius trades on a price-to-net asset value of 1.1x, comparing favorably to peers which have a multiple of 1.4x. "We anticipate outperformance on continued growth/free cash flow delivery and organic news flow which could highlight upside relative to the conservative 5-year plan (in our view), Ord Minnett says. It retains a buy call, but a 50% share-price rise since early November prompts the bank to remove Ramelius from its Analyst Conviction List. (david.winning@wsj.com; @dwinningWSJ)
1651 ET - Australian stocks look likely to fall at the start of a week in which markets expect the Reserve Bank of Australia to raise interest rates for the first time in more than two years. ASX futures are down by 0.7% ahead of Monday's session, suggesting the S&P/ASX 200 will follow Friday's soft lead from U.S. indices. The ASX 200 benchmark index is also coming off three straight declines. The RBA meets Tuesday, with markets and increasing numbers of economists anticipating a rate hike in response to renewed worries over stubbornly high inflation. (stuart.condie@wsj.com)
1631 ET - There's lots to like about Imdex, except its current valuation, contends Jefferies. Analyst John Campbell highlights a strengthening backdrop. Global exploration activity is rising, rig utilization has increased across all regions and Imdex tools on hire have grown since 4Q. "The Orebody Intelligence expansion continues to gain traction, although near term payoff remains uncertain," Jefferies says. Notably, junior raisings point to a 2026 exploration boom. Jefferies expects Imdex to report 1H revenue of A$239 revenue, and A$74 million of underlying Ebitda. "We remain constructive on long-term tech optionality, but valuation keeps us at a Hold," says Jefferies. Imdex ended last week at A$3.79. (david.winning@wsj.com; @dwinningWSJ)
1625 ET - Lotus Resources remains Ord Minnett's top pick among ASX-listed uranium producers, despite a delay to the rampup of production at its Kayelekera uranium mine in Malawi. Analyst Matthew Hope says Lotus's mill recoveries at Kayelekera were well above expectations in the December quarter. Lotus was able to recover 82% of U3O8, a common compound of uranium. "The negatives were that production rates at nameplate levels, and first U3O8 shipments, have both been pushed back one quarter," Ord Minnett says. So, the bank trims its price target by 2.6% to A$4.20/share. "Lotus is yet to enjoy a major price run, but should grow in visibility as it ramps-up," Ord Minnett says. Lotus ended last week at A$3.05. (david.winning@wsj.com; @dwinningWSJ)
0335 ET - The Indian budget's proposal to raise the Securities Transaction Tax on futures to 0.05% from 0.02% is negative and poses headwinds for capital-market-linked stocks, says Raj Gaikar at Samco Securities. Higher transaction costs are likely to reduce trading volumes, dampen short-term momentum, and lower profitability for active market participants, the research analyst says in an email. Foreign institutional investment participation in derivatives may also moderate, impacting overall liquidity. This can create a cascading effect on revenue streams of broking companies, exchanges, and depositories, which are closely linked to market turnover, Gaikar adds. (monica.gupta@wsj.com)
(END) Dow Jones Newswires
February 01, 2026 18:52 ET (23:52 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments