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Citi notes the Gas Market report released by the Australian government yesterday had less detail than expected, with the preferred recommendation being the establishment of a domestic gas reservation scheme for LNG exporters.

Minister King’s media release suggested a range of 15-25%, with implementation as early as 2027. The analyst does not view the lead time as sufficient and believes it does not address the pending operational constraints for GLNG to manage and achieve an acceleration in production.

Both existing LNG export and domestic contracts would be met, which raises questions, the broker proposes, around practical implementation.

A minimal impact to Santos is noted, with the Buy rating and $7.25 target price unchanged.

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ANALYSIS & DATA

FNARENA'S MARKET CONSENSUS FORECASTS

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ANZ | ANZ GROUP HOLDINGS LIMITED

Abbreviated format - see the full version here

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$36.43 30 Dec 2025	0.030 OPEN $36.55	0.08% HIGH $36.73	1,940,903 LOW $36.24

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$36.43

30 Dec
2025

market green arrow 0.030

OPEN

$36.55

market green arrow 0.08%

HIGH

$36.73

1,940,903

LOW

$36.24

TARGET
$33.428-8.2% downside
Franking for last dividend paid out: 70%

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY24 Actual	FY25 Actual	FY26 Forecast	FY27 Forecast
EPS (cps)	xxx	198.2	245.8	xxx
DPS (cps)	xxx	166.0	167.4	xxx
EPS Growth	xxx	- 9.1%	24.0%	xxx
DPS Growth	xxx	0.0%	0.8%	xxx
PE Ratio	xxx	N/A	14.8	xxx
Dividend Yield	xxx	N/A	4.6%	xxx
Div Pay Ratio(%)	xxx	83.8%	68.1%	xxx

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Click item/line to change chart

Australia
31 December 2025 Updated : 20:12 AEDT
SPI Overnight
8768.00
-12.00
-0.14%
NZ50
13548.420
+0.290
0.000%
All Ordinaries
9018.80
-3.60
-0.04%

S&P ASX 200
8714.30
-2.80
-0.03%
S&P ASX 300
8679.90
-2.60
-0.03%
Communication Services
1741.30
+0.60
0.03%
Consumer Discretionary
3980.50
-12.50
-0.31%
Consumer Staples
11601.30
-16.40
-0.14%
Energy
8428.60
+63.10
0.75%
Financials
9300.80
-35.50
-0.38%
Health Care
33706.30
-84.20
-0.25%
Industrials
8426.20
+0.80
0.01%
Info Technology
2164.30
+10.20
0.47%
Materials
21238.40
+116.50
0.55%
Real Estate
3950.60
-15.60
-0.39%
Utilities
9657.90
+0.20
0.00%
A-REITs
1818.80
-7.00
-0.38%
All Technology Index
3394.60
-1.90
-0.06%
Banks
4049.50
-18.90
-0.46%
Gold Index
18825.70
+152.60
0.82%
Metals & Mining
7310.40
+43.50
0.60%

Click item/line to change chart

Australasia
31 December 2025 Updated : 20:12 AEDT

AUD/USD
0.6685
0.00
-0.15%
AUD/NZD
1.1590
+0.01
0.52%
NZD/USD
0.5768
0.00
-0.67%
AUD/JPY
104.68
+0.22
0.21%
SGD/AUD
1.16
+0.00
0.09%
AUD/EUR
0.5703
+0.00
0.30%
AUD/GBP
0.4978
+0.00
0.48%
AUDCAD
0.9161
0.00
-0.03%
World
31 December 2025 Updated : 20:12 AEDT
CAD/USD
0.7297
0.00
-0.12%
EUR/JPY
183.59
-0.14
-0.07%
EUR/USD
1.1724
-0.01
-0.42%
GBP/USD
1.3429
-0.01
-0.61%
USD/JPY
156.59
+0.57
0.37%

Click item/line to change chart

World
31 December 2025 Updated : 20:12 AEDT
FTSE100
9929.72
-10.99
-0.11%
DAX30
24490.41
+139.29
0.57%
Hang Seng
25630.54
-224.06
-0.87%
Nikkei 225
50339.48
-187.44
-0.37%
NZ50
13548.420
+0.290
0.000%
DJIA
48367.06
-94.87
-0.20%

S&P500
6896.24
-9.50
-0.14%
Nasdaq Comp
23419.08
-55.27
-0.24%
S&P500 VIX
14.88
+0.68
4.79%
US 10-year yield
4.163
+0.033
0.800%
USD Index
97.63
-0.34
-0.34%
Aus Stocks
31 December 2025 Updated : 20:12 AEDT
Amcor (US)
8.39
-0.06
-0.71%
Newmont (US)
101.86
+2.05
2.05%
Rio Tinto (UK)
5987.00
-39.00
-0.65%
BHP Group (US)
60.92
+0.53
0.88%
Rio Tinto (US)
80.52
+0.12
0.15%
ResMed (US)
243.08
+0.23
0.09%
South32 (UK)
176.21
-0.60
-0.34%
James Hardie (US)
20.86
-0.15
-0.71%
Janus Henderson (US)
47.61
-0.06
-0.13%

Click item/line to change chart

Metals & Minerals
24 December 2025 Updated : 08:17 AEDT
Gold (oz)
4519.35
+46.25
1.03%
Silver (oz)
71.60
+2.73
3.96%
Copper (lb)
5.5653
+0.07
1.20%
Aluminium (lb)
1.3373
+0.00
0.15%
Nickel (lb)
6.7532
+0.15
2.20%
Zinc (lb)
1.4067
+0.01
0.64%
Copper (t)
12264.82
+139.51
1.15%
Aluminium (t)
2947.45
+4.50
0.15%
Nickel (t)
14884.00
+320.00
2.20%
Zinc (t)
3100.30
+19.85
0.64%
Uranium (lb) weekly
81.00
+3.85
4.99%
Iron Ore (t)
106.95
+0.01
0.01%
Energy
24 December 2025 Updated : 08:17 AEDT

West Texas Crude
58.49
+0.52
0.90%
Brent Crude
62.49
+0.44
0.71%