Azzet reports on three stocks with price moving updates today.
Orora tanks on lower guidance ~
Shares in Orora (ASX: ORA) were sold off at the open, down 18.6% by 1:25 pm AEST (3:25 am GMT) after the glass bottle and can maker’s two-pronged update gave the market little to crow about.
Underpinning the negative market sentiment were warnings by management to expect a major blowout in earnings guidance for its UAE-based Saverglass division, with the Middle East war severely disrupting operations and demand.
With the war in the Middle East disrupting shipping and overland routes, the company has placed its Ras al Khaimah (RAK) furnace – accounting for around 15% of Saverglass capacity - into "hot-idle" mode.
This means that it’s currently being kept warm without active production – with no bottle production taking place.
It’s understood that the one-off impact on 2H26 earnings is between €9- €11 million.
The production of bottles – most of which are geared towards global premium and ultra-premium wines for the North American market – will now shift to Mexico, with moulds being sent to the Acatlan operation to facilitate production from late FY26.
As a result, Orora now expects FY26 underlying earnings of €63 million to €68 million, down from the previous guidance of €79.2 million, which was “broadly in line with FY25 earnings”.
A further €11 million to €16 million drag is expected from weaker volumes and a deterioration in product mix, with softer demand for premium spirits weighing on pricing and margins.
Orora said production from the UAE facility would be transferred to Mexico later in FY26.
Within its second major missive this morning, management told the market that, in light of direct and indirect fallout from the Middle East war, it will put its on‑market buyback - announced during the 1H26 results on ice until further notice.
During the first half of FY26 (ending 31 December 2025), Orora bought back 47.6 million shares for $100.7 million, and on 12 February announced a new, refreshed on-market buyback to purchase up to another 10% of the company's issued capital, representing approximately 123 million shares worth about $270 million.
Commenting on today’s update, management told the market that in relation to energy price and related inflation impacts, the Saverglass business has mitigation strategies in place, in the form of existing 12-18 month fixed and hedged energy arrangements.
Additionally, for the majority of all large Saverglass customer contracts, those contracts contain built-in inflation/energy price formulas.
“Overall, we still expect total sales volumes in 2H26 and FY26 to be higher than the prior comparative periods but lower than we previously anticipated,” the company said.
“2H26 EBIT will be negatively impacted by this volume reduction and a greater than anticipated negative mix shift towards premium wine and champagne compared to the now lower premium spirits volumes, with category mix impact lowering average selling price and margin.”
Other key numbers reported today:
- FY26 Saverglass underlying EBIT (€) expected at €63 million €68 million (down from €79.2m in FY25).
- FY26 reported EBIT (€) for Saverglass now forecast at €52 million –€59 million.
- Direct 2H26 EBIT impact from Middle East conflict: €9 million – €11 million.
- Indirect 2H26 EBIT impact due to weaker volumes and negative mix: €11 million – €16 million.
- No change to existing FY26 guidance for Cans or Gawler divisions.
- Leverage ratio expected to remain below 1.5x at June 2026.
Orora has a market cap of $2.4 billion; the share price is up 16% in one year and down 2% in the Last month.
The stock’s shares are in a downtrend confirmed by multiple indicators.
Consensus is Hold.
Bendigo and Adelaide Bank jumps on trading update
Investors looked past revelations that Bendigo and Adelaide Bank (ASX: BEN) had laid off people within its technology and business operations teams and is planning to cop major transition costs - associated with new strategies - and appeared more focused on today’s strong third-quarter trading update.
On the back of a reported 12.8% increase in third-quarter cash earnings after tax to A$137.9 million, and net interest margin (NIM) improvement to 1.98%, up 6 basis points from the previous quarter - reflecting deposit repricing, recent interest rate rises and higher swap rates - the share price rose 9.3%.
Underpinning the result were higher margins, improving lending growth and lower costs.
Key numbers announced in the bank’s quarterly update today:
- Unaudited cash earnings rose 7.6% to $137.9 million in the March quarter.
- Net profit came in at $109.4 million.
- Lending growth strengthened over the quarter, rising 5.6% on an annualised basis.
- Business and agribusiness lending growth of 12.7 %.
- Residential lending growth of 4.2%.
- Operating expenses fell 4.1% following staff cuts.
- $2.1 million flagged in credit expenses from bad loans.
The bank flagged emerging headwinds, notably higher funding costs, used to support its lending program.
Within today's update, the bank also flagged plans to access leading global capabilities to drive innovation for customers and support operational excellence.
Following the Google partnership announced in November, the bank announced two new strategic partnerships with leading providers of technology services and business operations.
The first is a seven-year technology service partnership with Infosys (NYSE: INFY) to improve its IT service delivery capability and provide access to enhanced capabilities, software engineering, and AI talent to deliver greater capacity to innovate.
The second is a six-year business operations partnership with Genpact (NYSE: G) to bring deep expertise in process optimisation and delivery to drive greater productivity and support stronger risk management across the bank.
While these changes are expected to result in an annual run rate expense benefit of between $65 million and $75 million - to be realised by FY28 – the bank also expects to cop upfront transition costs of between $85 million and $95 million; most of which will be incurred in FY27.
Commenting on today’s update, the bank CEO Richard Fennell told the market that operational efficiencies delivered through this change will support our previous stated guidance of business as usual expenses to be no higher than inflation through the cycle.
Bendigo and Adelaide Bank has a market cap of $6.5 billion; the share price is up 13% in one year and up 12% in the last week.
The stock’s shares appear to be in a long-term bearish trend confirmed by multiple indicators.
Consensus is Hold.
Ardea Resources rallies following IFD pilot update
Shares in Ardea Resources (ASX: ARL) were trading 6.4% higher after the nickel developer announced that its flagship Kalgoorlie Nickel Project (KNP) has been selected for the Australian Government's Investor Front Door (IFD) pilot program.
The Kalgoorlie Nickel Project (KNP) is owned and developed by Kalgoorlie Nickel Pty Ltd (KNPL), a joint venture between Ardea Resources and a Japanese Consortium comprising Sumitomo Metal Mining Co., Ltd. (SMM) and Mitsubishi Corporation (MC).
Participation in the Investor Front Door program - which recognises the project’s role in Australia’s critical minerals supply chain - will provide Ardea with dedicated federal support to streamline multi-agency approvals, enhance regulatory coordination and improve certainty around development timelines.
The program also facilitates access to government financing pathways, complementing strong interest already received from partners including Export Finance Australia and the Export-Import Bank of the United States.
This enhanced coordination between Federal and State regulators is expected to support the timely progression of key KNP approvals, particularly for the Goongarrie Hub.
As a large-scale, multi-decade nickel-cobalt project located in WA, the Goongarrie Hub is a major component of the larger Kalgoorlie Nickel Project (KNP), situated about 70 km northwest of Kalgoorlie-Boulder.
Commenting on today’s update, Ardea’s CEO, Andrew Penkethman told the market that IFD support provides enhanced regulatory coordination and access to government financing, strengthening certainty as the company progresses the Goongarrie Hub through key approvals and development milestones.
Development of the Kalgoorlie Nickel Project (KNP) and its sub-set the Goongarrie Hub - a globally significant series of nickel-cobalt and critical mineral deposits - are understood to host the largest nickel-cobalt resource in Australia and one of the largest in the developed World at 854Mt at 0.71% nickel and 0.045% cobalt for 6.1Mt of contained nickel and 386kt of contained cobalt.
Within the KNP, the Goongarrie Hub has 584Mt for 4.0Mt of contained nickel (Consortium right to earn 50%) and Kalpini Hub has 270Mt for 2.1Mt of contained nickel (Ardea 100% unencumbered interest), located in a jurisdiction with exemplary Environmental Social and Governance (ESG) credentials.
Ardea Resources has a market cap of $125 million; the share price is up 56% in one year and down 3% in the last month.
The stock’s shares are in a downtrend confirmed by multiple indicators.
In the medium-term, the 5-day moving average is beneath the 50-day moving average.
Consensus does not cover this stock.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
