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BROKER CALL

Investor Sentiment Yet To Turn For Pantoro Gold

Pantoro Gold’s operational setbacks and missed production targets overshadow a high-quality gold asset

1:24 PM

AI Dilemma: Value Creation Versus Value Capture

Artificial intelligence is poised to change the world, but identifying who will ultimately create shareholder value out of this new technology remains a challenge, says Robert M. Almeida, Portfolio Manager and Global Investment Strategist MFS Investment Management

11:00 AM

The Short Report – 16 Jul 2026

FNArena’s weekly update on short positions in the Australian share market

10:32 AM

Aussie Broadband And The Threat From SpaceX

While SpaceX is reshaping the long-term telecommunications landscape, analysts believe Aussie Broadband’s near-term earnings outlook and valuation remain attractive

10:00 AM

The Overnight Report: Grinding And Churning Up

A global perspective on what happened overnight

8:36 AM

Morgans rates 29M as Hold

Copper production from 29Metals missed forecasts in the June quarter yet Morgans asserts sales of copper along with zinc, gold and silver production made up for this, which meant revenue was 30% ahead of forecasts.

Copper production of 4800t was affected by lower grades and recoveries. The broker asserts the Golden Grove by-product base has proven to offset near-term copper volatility with the resulting cash and liquidity a "welcome buffer".

Morgans continues to look for progress on non-dilutive funding options at Capricorn Copper over coming quarters. Hold rating. Target edges down to $0.26 from $0.27.

Citi rates EVN as Neutral

Evolution Mining's June quarter result was softer than expected by Citi, with gold production of 180koz missing the consensus estimate by -4% and costs (AISC) of -$1,706/oz worse by -7%.

Record realised copper prices of $19,314/t and stronger-than-expected copper production partly offset weaker gold output, the analyst explains.

June quarter capital expenditure of -$345m exceeded both Citi and consensus forecasts, although closing cash of $1.35bn met expectations despite a $406m dividend.

Commentary notes Ernest Henry recovered strongly from weather disruptions, helping Evolution meet FY26 production, cost and capital expenditure guidance.

Target $15. Neutral.

UBS rates L1G as Neutral

June quarter FUM for L1 Group came in 2% above consensus but below UBS' forecast by -4.7% at $19.1bn.

Quarter-on-quarter growth lifted by 12.4% due to markets improving. The miss on the analysts' forecasts was attributed to weaker than expected performance from the Gold fund and weaker flows for the Long/Short Fund and the Capital Global Long Short Strategy/Fund.

Outflows from Platinum remained high at -$308m, similar to the prior quarter.

Management guidance for 2H26 realised performance fees are highlighted as 7% above the UBS forecast due to the Catalyst Fund.

EPS forecasts are trimmed by -2.6% in FY26 and -5% for FY27. Neutral rating retained with an unchanged $1.25 target price.

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ANALYSIS & DATA

FNARENA'S MARKET CONSENSUS FORECASTS

To display the stock analysis for a company please enter the company code:

ANZ | ANZ GROUP HOLDINGS LIMITED

Abbreviated format - see the full version here

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$35.95 15 Jul 2026	-0.160 OPEN $36.17	-0.44% HIGH $36.38	3,590,548 LOW $35.55

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$35.95

15 Jul
2026

market red arrow -0.160

OPEN

$36.17

market red arrow -0.44%

HIGH

$36.38

3,590,548

LOW

$35.55

TARGET
$34.517-4.0% downside
Franking for last dividend paid out: 75%

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY24 Actual	FY25 Actual	FY26 Forecast	FY27 Forecast
EPS (cps)	xxx	198.2	247.0	xxx
DPS (cps)	xxx	166.0	166.8	xxx
EPS Growth	xxx	- 9.1%	24.6%	xxx
DPS Growth	xxx	0.0%	0.5%	xxx
PE Ratio	xxx	N/A	14.7	xxx
Dividend Yield	xxx	N/A	4.6%	xxx
Div Pay Ratio(%)	xxx	83.8%	67.5%	xxx

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RBC Capital on $BHP Group: "BHP has released its 4QFY26/FY26 update and provided production guidance for FY27. "FY26 Copper production of 1,953kt was in line with consensus of 1,973kt (RBCe 1,963kt). FY26 WAIO production of 291 Mt was also in line with consensus of 291 Mt (RBCe

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RBC Capital on Tech1 $TNE: "New leadership structure appears well considered with the creation of 2 new executive leadership roles, EVP of Regulated Industries and EVP of Government, mirroring the existing leadership model driven by strong execution in Local Government and

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Goldman Sachs has downgraded $GQG Partners on weak investment performance, funds outflows and relative valuation, to Sell. Price target drops to $1.40.#stockinfocus #XJO #equities #investing

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RBC Capital on Macquarie Technology $MAQ: "MAQ's exercise of its call option to purchase land for its new ~200 MW data centre campus, upgraded from previously disclosed 150 MW+, will see the company fork out $240m for ~34,200 sqm of light industrial land located between Talavera

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RBC Capital: "Bloomberg reports that First Quantum is looking to sell a minority stake in its undeveloped Taca Taca project in Argentina with Rio Tinto, Mitsubishi and Mitsui in the running. All parties have declined to comment. "We flagged this possibility in our recent

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15h

Macquarie: "RIO reported in-line Group Fe (-2%), Group Cu (-1%) and Al (-1%) production. "CY26 production guidance unchanged but OT cost guidance reduced from US$0.65-0.75/lb to US$0.30-0.50/lb. "Whilst Simandou's miss is "market positive", Kenecott and RTIOC turned a beat

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15h

RBC Capital on Amplitude Energy $AEL: "Amplitude's 4Q FY26 result was broadly in line with our production and sales volume forecast. "Sales revenue was a slight miss from a lower realised gas price, mainly due to a weak spot gas market. Orbost delivered solid performance over

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16h

RBC Capital: "Our global energy research equities commodity price update comes amid intensified oil price volatility driven by increased tanker flows in the Gulf region and ongoing flareups amid the US-Israeli-Iran conflict as framed in Helima Croft’s (Head of Global Commodity

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19h

RBC Capital: "RIO has released its 2Q26 production results with Pilbara iron ore shipments slightly ahead of expectations, Copper a slight miss and Aluminium in line. "Importantly, 2026 production guidance remains unchanged while Copper C1 cost guidance is reduced from 65-75

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20h

Regal Partners' Charlie Aitken: "The hardest part of equity asset class investing is holding your conviction when short-term price action is against you. "A world where equity trades like “confetti” on a daily basis, due to market structure changes and high levels of retail

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DAILY FINANCIAL NEWS

Investor Sentiment Yet To Turn For Pantoro Gold

Pantoro Gold’s operational setbacks and missed production targets overshadow a high-quality gold asset

1:24 PM - Commodities

AI Dilemma: Value Creation Versus Value Capture

11:00 AM - International

Aussie Broadband And The Threat From SpaceX

While SpaceX is reshaping the long-term telecommunications landscape, analysts believe Aussie Broadband’s near-term earnings outlook and valuation remain attractive

10:00 AM - Small Caps

ESG Focus: War Accelerates Energy Transition

Middle East conflict accelerating the global energy transition, although it’s not that easy; Macquarie’s fossil fuel financing questioned; US slavery tariff exposes Australian weakness; winners & losers in human capital management

Jul 15 2026 - ESG Focus

Supermarkets Behemoths Remain In Focus

Supplier surveys and consumer spending data have analysts divided over supermarket valuations and where the best value lays across the consumer sector

Jul 15 2026 - Australia

Technical Views On Nasdaq, ASX200 & Oil

Tony Sycamore, Market Analyst, IG shares his technical views on the Nasdaq, ASX200, gold and crude oil

Jul 15 2026 - Technicals

Are Headwinds Building For ResMed In FY27?

Jul 14 2026 - Australia

Clouds Are Clearing For Rio Tinto Shares

Jul 14 2026 - Technicals

AI: It Is And Isn’t A Bubble

Jul 14 2026 - International

Material Matters: Copper, Aluminium And Zircon

Jul 13 2026 - Commodities

Silicon Shock: The Macro Of Tech Inflation

Jul 13 2026 - International

The Market In Numbers – 11 Jul 2026

Jul 11 2026 - Australia

Netwealth Sacrifices Margin For Growth

Jul 10 2026 - Small Caps

Treasure Chest: WiseTech Global

Jul 09 2026 - Treasure Chest

The AI Backdoor Financial Institutions Need To Close

Jul 09 2026 - FYI

Treasure Chest: ASX

Jul 08 2026 - Treasure Chest

Material Matters: Agriculture, LNG, Oil & Gold

Jul 08 2026 - Commodities

Technical Views On Nasdaq, ASX200 & Oil

Jul 08 2026 - Technicals

PR NEWSWIRE

Vield partners with Integral to automate hedging as crypto-backed lending scales

2:35 PM - PR NewsWire

Telix Opens Australian-First Facility to Accelerate Delivery of New Cancer Treatments and Expand Sovereign Manufacturing

10:30 AM - PR NewsWire

First Patients Dosed in OPTIMAL-e Trial for Earlier Stage Prostate Cancer

6:30 AM - PR NewsWire

Pepperstone Expands Perpetual CFDs as Markets Move Toward a 24/7 Future

Jul 15 2026 - PR NewsWire

LumaCina Appoints Gary Bird as CEO to Accelerate Growth and Expand Global Sterile Injectables Portfolio

Jul 15 2026 - PR NewsWire

The University of Western Australia appoints SRM Technologies as Information Technology Partner for its India Branch Campuses

Jul 15 2026 - PR NewsWire

RUDI'S VIEWS

Rudi’s View: Telstra’s Premium Under Scrutiny

SpaceX is looking to invade Australian telecom skies. Should Telstra shareholders be worried?

Jul 15 2026

DAILY MARKET REPORTS

The Overnight Report: Grinding And Churning Up

A global perspective on what happened overnight

8:36 AM

Today’s Financial Calendar – 16-07-2026

Significant Scheduled Events For 16 July, 2026

8:15 AM

ASX Winners And Losers Of Today – 15-07-26

The table inside ranks the 20 biggest percentage winners and losers among stocks in the ASX300 at the end of each trading day

Jul 15 2026

Australian Broker Call Extra Edition – Jul 15, 2026

Extra Edition of the Broker Call Report

Jul 15 2026

The Overnight Report: US Inflation Softens

A global perspective on what happened overnight

Jul 15 2026

Today’s Financial Calendar – 15-07-2026

Significant Scheduled Events For 15 July, 2026

Jul 15 2026

ASX Winners And Losers Of Today – 14-07-26

The table inside ranks the 20 biggest percentage winners and losers among stocks in the ASX300 at the end of each trading day

Jul 14 2026

WEEKLY REPORTS

The Short Report – 16 Jul 2026

FNArena’s weekly update on short positions in the Australian share market

10:32 AM

Weekly Update On LICs & LITs – 14-Jul-2026

Weekly update of Listed Investment Companies (LICs) & Listed Investment Trusts (LITs) on the ASX

Jul 14 2026

Uranium Week: India Boosts U308 Demand

Global nuclear investment is accelerating. India opens a new export market for Australian producers

Jul 14 2026

Australian Listed Real Estate Tables – 13-07-2026

FNArena provides a weekly update of Australian listed real estate trusts (REIT) and property developers, current pricing yield and valuation data

Jul 13 2026

Weekly Ratings, Targets, Forecast Changes – 10-07-26

Weekly update on stockbroker recommendation, target price, and earnings forecast changes

Jul 13 2026

Next Week At A Glance – 13-17 Jul 2026

A brief look at important company events and economic data releases next week

Jul 10 2026

Weekly Top Ten News Stories – 10 July 2026

Our top ten news stories from 02 July 2026 to 09 July 2026

Jul 10 2026

In Case You Missed It – BC Extra Upgrades & Downgrades – 10-07-26

A summary of the highlights from Broker Call Extra updates throughout the week past

Jul 10 2026

In Brief: Telstra Group, Duratec, South32

In Brief this week highlights how technology, defence and the energy transition are challenging incumbents while creating new growth opportunities

Jul 10 2026

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Click item/line to change chart

Australia
16 July 2026 Updated : 17:12 AEDT
SPI Overnight
8821.00
+15.00
0.17%
NZ50
13614.780
-20.290
-0.150%
All Ordinaries
9036.90
+2.30
0.03%

S&P ASX 200
8840.70
-0.40
0.00%
S&P ASX 300
8774.20
+0.30
0.00%
Communication Services
1613.40
+17.60
1.10%
Consumer Discretionary
4036.10
+43.60
1.09%
Consumer Staples
12911.90
-40.00
-0.31%
Energy
9873.50
-153.90
-1.53%
Financials
9698.30
+84.80
0.88%
Health Care
26821.00
+103.60
0.39%
Industrials
8308.50
+6.60
0.08%
Info Technology
1776.00
+6.70
0.38%
Materials
23021.80
-369.20
-1.58%
Real Estate
3548.50
+16.60
0.47%
Utilities
9370.40
-19.90
-0.21%
A-REITs
1651.60
+7.20
0.44%
All Technology Index
3001.70
+16.30
0.55%
Banks
4081.80
+48.20
1.19%
Gold Index
15153.20
-124.80
-0.82%
Metals & Mining
7907.70
-134.20
-1.67%

Click item/line to change chart

Australasia
16 July 2026 Updated : 17:12 AEDT

AUD/USD
0.6999
+0.00
0.21%
AUD/NZD
1.1956
0.00
-0.41%
NZD/USD
0.5853
+0.00
0.58%
AUD/JPY
113.43
+0.01
0.01%
SGD/AUD
1.11
+0.00
0.07%
AUD/EUR
0.6103
0.00
-0.26%
AUD/GBP
0.5170
0.00
-0.92%
AUDCAD
0.9827
+0.00
0.06%
World
16 July 2026 Updated : 17:12 AEDT
CAD/USD
0.7121
+0.00
0.14%
EUR/JPY
185.87
+0.51
0.27%
EUR/USD
1.1468
+0.01
0.47%
GBP/USD
1.3537
+0.02
1.13%
USD/JPY
162.07
-0.32
-0.20%

Click item/line to change chart

World
16 July 2026 Updated : 17:12 AEDT
FTSE100
10476.58
-39.34
-0.37%
DAX30
24999.53
-147.50
-0.59%
Hang Seng
25035.23
+354.13
1.43%
Nikkei 225
66835.54
-1915.97
-2.79%
NZ50
13614.780
-20.290
-0.150%
DJIA
52658.64
+150.37
0.29%

S&P500
7572.40
+28.81
0.38%
Nasdaq Comp
26269.23
+162.22
0.62%
S&P500 VIX
15.67
-0.83
-5.03%
US 10-year yield
4.545
-0.040
-0.870%
USD Index
100.36
-0.37
-0.36%
Aus Stocks
16 July 2026 Updated : 17:12 AEDT
Amcor (US)
43.40
+0.62
1.45%
Newmont (US)
95.21
+0.46
0.49%
Rio Tinto (UK)
6818.00
-49.00
-0.71%
BHP Group (US)
85.48
+1.13
1.34%
Rio Tinto (US)
93.62
+0.33
0.35%
ResMed (US)
198.57
+5.56
2.88%
South32 (UK)
207.20
-2.40
-1.15%
James Hardie (US)
26.30
+0.52
2.02%
Janus Henderson (US)
51.95
-0.02
-0.04%

Click item/line to change chart

Metals & Minerals
16 July 2026 Updated : 07:17 AEDT
Gold (oz)
4067.05
+8.85
0.22%
Silver (oz)
58.10
-0.94
-1.59%
Copper (lb)
6.3830
+0.02
0.25%
Aluminium (lb)
1.4281
-0.01
-0.88%
Nickel (lb)
7.4887
-0.04
-0.51%
Zinc (lb)
1.6100
-0.02
-1.32%
Copper (t)
14068.13
+35.26
0.25%
Aluminium (t)
3147.50
-28.10
-0.88%
Nickel (t)
16505.00
-85.00
-0.51%
Zinc (t)
3548.45
-47.45
-1.32%
Uranium (lb) weekly
84.80
-0.20
-0.24%
Iron Ore (t)
98.88
-0.04
-0.04%
Energy
16 July 2026 Updated : 07:17 AEDT

West Texas Crude
80.24
+0.36
0.45%
Brent Crude
85.38
+0.04
0.05%

CALENDAR

Thursday, 16 July 2026

EZ	May Trade Bal
UK	May GDP, Ind Prod'n, Trade Bal
US	Jul Phil Fed
US	June Retail Sales
AAI	FY26 earnings report
AMP	Qtrly update
BHP	Qtrly Update
ELV	AGM
NWL	Qtrly update