Azzet reports on three stocks with price moving updates today.
Medibank Private rises after Fed court rejects application for leave to appeal ~
Shares in Medibank Private (ASX: MPL) defied this morning’s share market carnage - up 2.9% by 1:55 pm AEDT (2:55 am GMT) - after falling 2.7% on Friday following revelations that the Full Federal Court refused the private health insurer’s application for leave to appeal a critical ruling regarding its 2022 cybercrime event.
Given the court's decision significantly impacts the company's legal position in the ongoing consumer class action, it’s not immediately clear why the stock is defying the sea of red across all market sectors today.
However, the upward movement is likely driven by investor interest following its recent dividend payout and positive outlook for premium increases.
Today’s vote of confidence could be a delayed response to last month’s 1H FY26 result, which had a lot for the market to digest.
Within its first half result, Medibank reported a 1.9% increase in net resident policyholders, with growth momentum doubling compared to the same period last year.
In addition to receiving a fully franked interim dividend of 8.3 cents per share, a 6.4% increase over the previous year, the market also liked revelations that the federal health minister has approved its health insurance premium increase by an average of 5.10% on April 1, 2026.
It’s understood that the increase sits above the industry-wide approved average of 4.41%, and within a range of outcomes across major brands.
To help offset any increase in premiums, management reminded the market that to help keep costs down, it had removed around $125 million in costs over the last 8 and a half years, which has kept our expense ratio among the lowest in the industry.
In a move to diversify revenue through its Medibank Health segment, the company recently announced the $159 million acquisition of Better Medical, expanding its healthcare service network to 168 clinics.
During its 1H FY26 results, the insurer reported a 5.5% rise in group revenues to $4.5 billion, group operating profit increased 6% to $381.7 million, while underlying net profit after tax was effectively unchanged at $297.8 million.
Interestingly, while the court's decision significantly impacts the company's legal position in ongoing consumer class actions, this doesn’t appear to be impacting investor sentiment.
While the release of these "unvarnished" reports is expected to strengthen the case against Medibank - which faces allegations of misleading conduct and breaches of continuous disclosure obligations – this may have already been factored into the price.
Medibank Private has a market cap of $11.7 billion; the share price is down 2.7% in one year and down 11% year to date.
The stock’s shares appear to be in a long-term bearish trend, confirmed by multiple indicators.
Consensus is Hold.
Perseus Mining tanks despite signalling a pivot toward Côte d'Ivoire
Despite signalling a pivot toward Côte d'Ivoire through its announced a 9.9% strategic investment in Aurum Resources (ASX: AUE), Perseus Mining (ASX: PRU) was trading 5% lower.
At face value, it looks as if today’s update has been eclipsed by a significant decline in the price of gold, which has dragged down the entire S&P/ASX All Ordinaries Gold index, causing most major miners to fall simultaneously.
Meanwhile, the gold miner’s 9.9% stake in Aurum Resources - through participation in an equity raising - gives Perseus a position in Aurum’s Boundiali Gold Project, a 3 million-ounce resource located near its existing Sissingué operation.
Commenting on today’s update, Perseus’ CEO Craig Jones told the market that the location of Aurum’s discoveries presents potential future synergies, and Perseus is pleased to be able to support Aurum in developing the project.
“For a total cost of A$23.69M, the Aurum Share Acquisition provides a compelling opportunity to fast-track value creation in the region,” said.
Boundiali sits along strike from Sissingué and adjacent to Perseus’s Bagoé mining area, offering potential strategic synergies.
While Aurum’s gold project is still at a pre-development stage, Perseus told the market that the acquisition aligns with its strategy to expand its footprint in West Africa.
Today’s update follows the release of a research note by the Barrenjoey team last Thursday, which suggests the gold miner is deeply undervalued at current prices.
After a "challenging" 2025, the broker notes that the company enters 2026 in a net cash position, "with its two key assets humming and on track to produce 475,000 ounces at an all in sustaining cost of US$1,991 per ounce on our estimates''.
“The shares have traded down 30% since January and are now imputing an almost unbelievable 43% free cash flow yield in 2026 with the potential to deliver a dividend yield exceeding 10%,” the broker said.
“Uncertainty around the government's request to purchase a stake in Kiaka remains unresolved, but the shares are now pricing in a scenario materially worse than the recently reported additional 25%. We expect the business will deliver $1.1bn in free cash flow this year and will be in a strong position to make material capital returns to shareholders.”
Barrenjoey has increased its price target for Perseus from $6.50 to $6.80.
The broker expects Perseus to be in a position to "meaningfully" lift its full-year dividend following the sales of its 70% stake in the Meyas Sand Project in Sudan to a Chinese company for US$260 million.
As at 31 December 2025, Perseus had cash on hand of $683.1 million and 16,450 ounces of gold bullion valued at $71.8 million.
Perseus Mining has a market cap of $6.2 billion; the share price is up 44% in one year and down 12% in the last week.
While the stock’s 200-day moving average is trending higher, there is significant evidence that the long-term bullish trend is near an end.
Consensus is Moderate Buy.
Macmahon Holdings rises on contract update
Shares in Macmahon Holdings (ASX: MAH) were trading 4.8% higher this afternoon after the mining services company signed a letter of intent with Wolfram Limited to restart operations at the Mount Carlton gold mine in north Queensland, with work already underway ahead of a formal contract.
It’s understood that the $250 million contract represents a significant capital deployment commitment spanning 33 months of operational delivery.
Early works, including road repairs, have begun, with surface mining targeted to restart in April 2026 and underground operations to follow shortly after.
The contract is expected to be worth about $250 million once finalised, with no additional capital required from Macmahon’s FY26 budget.
Commenting on today’s update, Macmahon reminded the market that its FY26 guidance remains unchanged as negotiations on final terms continue.
“We welcome this strategically important opportunity to demonstrate how effectively Macmahon’s businesses, surface and underground mining, and civil infrastructure, combine to deliver a comprehensive and seamless “whole of mine” solution to our valued client,” said CEO Michael Finnegan.
In the last six months Macmahon has secured several major contracts and extensions across its mining and civil infrastructure divisions, notably through its subsidiary Decmil.
driven by an increased contribution from the civil infrastructure business and continued growth in underground mining, including Indonesia, Revenue for 1H26 increased by 11% to $1.3 billion.
The company reported an increased Net Profit After Tax (NPAT) of $48.2 million (1H25: $30.0 million) with underlying NPAT up 17% to $54.9 million.
Management reaffirmed guidance for FY26 revenue of $2.6 billion to $2.8 billion and underlying EBIT of $180 million to $195 million.
Macmahon Holdings has a market cap of $1.3 billion; the share price is up 138% in one year and down 16% in the last month.
While the stock’s 200-day moving average is trending higher, there is significant evidence that the long-term bullish trend is near an end.
Consensus is Strong Buy.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
