Azzet reports on three ASX stocks with price moving updates today.
BHP moves higher after posting mixed quarterly update ~
Shares in BHP (ASX: BHP) managed to stage a 2.5% gain by 1:55 pm AEDT (2:55 am GMT) despite the big miner’s relatively innocuous quarterly update, which conveniently managed to avoid any real reference to ongoing iron ore export issues with China.
Despite the slowing growth in China, and reports that Beijing has banned steelmakers from buying the miner’s ore after a breakdown in price contract talks, management told the market today it expects global demand for iron ore to remain solid.
One standout within today’s relatively flat quarterly update was total copper production, which increased 4% to 494,000 tonnes on the previous period; however, it was down 4% on the previous quarter.
Overall, copper production guidance for FY26 remains unchanged at between 1.8 million tonnes and 2 million tonnes, backed by strong output from the Escondida mine in South America.
The average sale price for copper was 8% higher at US$4.59 per pound.
Meanwhile, BHP’s iron ore production was down 1% to 64 million tonnes, compared with the previous period - due to planned maintenance works – and down 9% on the previous quarter.
Production guidance for FY26 also remains unchanged at between 258Mt and 269Mt.
Sales were broadly in line with the prior year, with a 5% increase in sales of higher-value lump iron ore, and the average sale price achieved was up 5% at US$84.04 per tonne.
Commenting on today’s update, BHP’s chief executive Mike Henry reiterated that the miner was placing its coal operation Saraji South – part of the Saraji mine complex in Queensland's Bowen Basin – into care and maintenance from November due to market conditions and the unsustainable impact of the Qld government’s coal royalties on business returns.
“Overall macro-economic signals for commodity demand remain resilient, and global growth forecasts are moving higher,” said Henry.
“In copper, major disruptions at some of our competitors’ mines have tightened overall market fundamentals,” said Henry.
While BHP derives most of its earnings from iron ore, China’s state-controlled buyer of iron ore, China Mineral Resources Group, is understood to have ordered its steelmakers not to buy iron ore from BHP.
Meanwhile, BHP has made no comment on the reported ban but has held multiple meetings with senior government officials about its negotiations over its iron ore exports, which account for almost 60% of the group’s underlying earnings.
While marine tracking data suggests BHP’s shipments of iron ore continue to depart from the Pilbara’s Port Hedland to hubs in China, disruptions to BHP’s shipments aren’t expected to become apparent until November, when the miner begins selling iron ore to deliver in January.
BHP has a market cap of $224 billion; the share price is up 3.75% in one year and up 11% in the last month.
Long-suffering shareholders have waited patiently for the stock to regain its two-year high of $50.00 it reached late in 2023.
The share price has been treading water since mid-April 2024.
Based on the questionable performance of some recently acquired assets, management appears gun-shy when it comes to placing bets on its next major acquisitions.
Until it does so, many institutional investors appear reluctant to take a position on the stock.
Meanwhile, there’s growing pressure on management to either invest or return surplus cash to investors by way of a special dividend.
The stock appears to be in a long-term uptrend, confirmed by multiple indicators. Specifically, both the 20 and 200-day moving averages are upward sloping and signal that the stock can be expected to continue rallying in both timeframes.
Consensus is Hold.
Hub24 rallies on quarterly update
Shares in Hub24 (ASX: HUB) were up over 9.2% after funds under administration in the investment platform business recorded quarterly net flows of $5.2 billion, a 28% increase on the previous period.
At the end of the September quarter, the group reported:
- Total funds administration (FUA) of $146.5 billion at the end, up 30%.
- Platform FUA increase of 33% to $122 billion.
- Admin and reporting services FUA of $24.5 billion, up 14%.
Commenting on today’s update, management told shareholders that continued momentum in net inflows reflected the strength of its innovative platform solutions, service excellence, and strong adviser and licensee relationships.
“Demand from licensees and advisers continues to provide a solid pipeline of opportunities from both new and existing client relationships,” the group said.
During the quarter, 41 new distribution agreements were signed and the total number of advisers using the platform increased to 5229.
Management attributed the strong start to FY26 to significant opportunities for growth, which are underpinned by strong demand for professional advice and ongoing industry transformation.
Notable updates during the quarter included the launch of Engage, the next evolution of Hub24’s market-leading reporting after previously being available to a select group of clients.
The group also noted that HUB24 Private Invest is resonating well with advisers since launching in Q4 FY25, providing a strong pipeline of opportunities.
During the quarter, Class continued to deliver enhancements and enhanced its market-leading share registry connection capability.
After posting a 38% increase in underlying earnings and a statutory net profit surge of 68% for FY25, Macquarie confirmed its neutral stance on the stock and raised its 12-month target price to $103.30, up from $95.90.
Meanwhile, UBS downgraded Hub24 to neutral and raised its price target to $112.00 from $105.00, after citing valuation concerns despite a positive long-term outlook.
Management is expected to provide additional updates during its next Investor Strategy Day in November.
As at 30 June, Hub24 had increased its market share to 9%, up from 7.6% a year earlier and is now the sixth largest platform by FUA, up from seventh largest in the prior quarter.
Hub24 has a market cap of $9.5 billion; the share price is up 70% in one year and up 17% in the last week.
The stock is in a long-term bullish pattern confirmed by multiple indicators.
Consensus is Hold.
Wildcat Resources jumps after boosting Tabba Tabba economics
Shares in Wildcat Resources (ASX: WC8) were up around 4.4% after the junior lithium and gold explorer completed Stage 1 metallurgical testwork on the Chewy lithium and Tabba Tabba tantalum resources at its Tabba Tabba Project near Port Hedland.
The Chewy deposit, previously considered waste, has now been shown to yield a spodumene concentrate (>5.5% Li₂O, ~62% recovery) and a petalite concentrate (>4.2% Li₂O, ~53% recovery).
Meanwhile, gravity processing of the Tabba Tabba tantalum resource produced >5% Ta₂O₅ concentrate at 60–65% recovery, with niobium and tin by-products.
The Tabba Tabba Project is an advanced lithium and tantalum development project that is located on granted Mining Leases just 80km by road from Port Hedland, Western Australia.
It is located near some of the world’s largest hard-rock lithium mines (47km by road from the 414Mt Pilgangoora Project2 and 87km by road to the 259Mt Wodgina Project.
The company remains fully funded with $51.2 million in cash and is advancing the Definitive Feasibility Study, targeting improved economics and lower strip ratios.
Commenting on today’s update, Wildcat’s Project Director James Dornan told the market that a processing pathway for the Chewy and Tabba Tabba mineral resources should provide a positive economic outcome for the DFS.
“… particularly during the early mine life of the Project, while also reducing the strip ratio for the open pit identified in the PFS,” he said.
Today’s market update follows revelations late August that the company had extended the Harry pegmatite swarm at its Bolt Cutter Central lithium discovery in WA to over 700m down dip.
Diamond drilling revealed stacked pegmatites with abundant spodumene, while RC drilling confirmed extensions north, south, and at depth. Assays include 6m at 1.5% Li2O and 4m at 2.2% Li2O, adding to earlier high-grade intercepts.
Lithium mineralisation was also confirmed at the Hermione prospect, though initial holes may have missed the main trend.
Wildcat plans follow-up RC drilling across multiple pegmatite trends to further define scale.
Wildcat Resources has a market cap of $314 million; the share price is down 32% in one year and up 12% in the last week.
The stock appears to be in a medium-term rally confirmed by multiple indicators.
Consensus is Strong Buy.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
