0358 GMT - NextDC's bull at Citi reckons there is a decent chance that consensus earnings forecasts for fiscal 2027 and fiscal 2028 are too low. Analyst Siraj Ahmed tells clients in a note that market forecasts only account for the Australian data-center operator's current contracted demand backlog. They don't include potential further contract announcements, which Ahmed thinks could emerge in Melbourne. He acknowledges that NextDC needs capital to meet the stronger-than-expected demand shown in its recent contract announcements, but writes that it has flexibility to fund near-term growth through mechanisms such as subordinated notes. Citi has a last-published buy rating on the stock, which is added to its Pan-Asia focus list. (stuart.condie@wsj.com)
0332 GMT - Metcash's relative strength in convenience-led formats is supported by the continued underperformance of the larger supermarket-owned chain stores, Morgan Stanley analysts say. Pointing to subdued commentary and results from owners of big-box stores, the MS analysts write in a note that Metcash's focus on smaller, localized retail looks like a positive. However, they warn that even here momentum has moderated amid changing consumer habits and pressure on consumer spending. Less positively for IGA supplier Metcash, the MS analysts see large supermarket operators Woolworths and Coles are gaining share of the grocery market due to their investment in pricing. MS cuts its target price 5.7% to A$3.30 and stay equal-weight on the stock, which is down 2.4% at A$3.035. (stuart.condie@wsj.com)
0328 GMT - Rox Resources is expected to outperform its peers, according to Euroz Hartleys. That is partly because the Youanmi underground gold project is less exposed to rising oil prices than open-pit operations. "As an entirely underground operation the company is less susceptible to oil price as underground fleets are smaller [and thus consume less fuel]," the broker says in a note. Rox should also "outperform based on its grade and scale at full production," Euroz Hartleys says. "Grade is king." The broker keeps a speculative buy recommendation on Rox. Its 1.06 Australian dollar target is under review. The stock is down 3.9% at A$0.50. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0319 GMT - Australian equity markets are in an unforgiving mood, Bell Potter analysts say. They tell clients in a note that S&P/ASX 200 companies that fell short of consensus forecasts in the recent reporting season were punished with an average 5% one-day drop in their share price. They think most of any good news had already been priced in by investors, with earnings beats rewarded with an average price rise of just 1%. Overall, they see the recent reporting season as the strongest in a decade, with guidance upgrades outpacing downgrades, and beats outnumbering misses by almost 2-to-1. (stuart.condie@wsj.com)
0249 GMT - Australia's S&P/ASX 200 is on track for its biggest one-day fall in 11 months in a widespread selloff of everything other than oil and coal stocks. With investors taking fright at surging oil prices and other impacts of U.S. and Israeli strikes on Iran, the benchmark index opened lower and keeps dropping. Midway through Monday's session, the ASX 200 is down about 4.2%. It hasn't fallen as much across a full session since April 2025, when markets were spooked by the Trump administration's tariff announcements. Every materials and financial stock is lower, with gold, lithium, iron-ore and rare-earths miners all caught up in the selling. Banks Commonwealth, NAB, ANZ, Westpac and Macquarie, which account for more than 25% of the ASX 200's market capitalization, are down between 3.5% and 4.4%. (stuart.condie@wsj.com)
0141 GMT - Oil-price gains could unwind quickly when the Strait of Hormuz eventually reopens, says Macquarie. Spot LNG may take longer to drop, as it will take time to restart suspended operations in Qatar, the bank says. Among Australian stocks, Macquarie names Santos as its top pick. It reiterates an outperform rating, although notes that "upside to our valuation is now becoming more limited." It keeps a neutral rating on Woodside, which it says its now trading well above long-term discounted cash flow. Santos is up 2.7% at A$7.66. Woodside is up 0.7% at A$30.97. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0041 GMT - Rox Resources' announcement of A$350 million in committed debt facilities marks "a major step toward production," says Canaccord Genuity. The funding package means the Youanmi gold project in Western Australia is now fully financed ahead of a final investment decision expected later this month, the broker says. Canaccord Genuity keeps a speculative buy recommendation and A$1.15 price target on Rox. The stock is down 3.9% at A$0.50. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0034 GMT - Santos's bull at Macquarie warns that potential upside to their valuation forecast is diminishing. An analyst at the investment bank tells clients that Santos remains their preferred Australian energy exposure amid higher oil and spot liquefied natural gas prices. They raise their 2026 EPS forecast by 66% on the near-term impact of the U.S. and Israeli strikes on Iran, but see upside becoming more limited. The stock is up 13% so far this month, and by almost 25% in 2026. Macquarie lifts its target price 7.3% to A$8.10 and keeps an outperform rating on the stock, which is up 2.1% at A$7.62. (stuart.condie@wsj.com)
0013 GMT - Boss Energy's A$208 million in cash and liquid assets provides the uranium company with "a substantial buffer" as it continues to ramp up the Honeymoon operation and completes some studies, says Canaccord Genuity. It will also help the company "weather any near-term challenges associated with early production from East Kalkaroo," the broker says. Canaccord Genuity keeps a speculative buy recommendation and A$2.80 price target on Boss. The stock is down 4.9% at A$1.54. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2344 GMT - Australian stocks tumble in early trade as investors continue to cut risk on worries about the impact of U.S. and Israeli strikes on Iran. The S&P/ASX 200 is down by 3.1% after about 30 minutes of Monday's session, taking the benchmark index's decline since the strikes began to 6.8%. Australia's materials, tech and financial stocks led the falls. Liontown Resources, Pilbara Minerals, Iluka, Sandfire and Capstone Copper drop between 7.7% and 8.7%. Banks ANZ, NAB, Westpac, Commonwealth and Macquarie, which account for more than 25% of the ASX 200's market capitalization, lose between 2.8% and 4.0%. With oil prices racing higher on the conflict, energy is the only one of the ASX 200's 11 sectors in the black. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 09, 2026 00:00 ET (04:00 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments