Next Week At A Glance – 23-27 Jun 2025

This story features SANTOS LIMITED, and other companies. For more info SHARE ANALYSIS: STO

The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

For a more comprehensive preview of next week’s events, please refer to “The Monday Report”, published each Monday morning. For all economic data release dates, ex-div dates and times and other relevant information, please refer to the FNArena Calendar.

The week that was in Australian Finance

-While last Friday’s trade was overtaken by the Israel attack on Iran, a week on and clarity around the direction of the conflict is none the clearer.

-On one hand, President Trump is tap dancing around a decision on whether the US will enter the conflict, while Prime Minister Netanyahu is beating his chest with what has been described by Stephen Innes from SPI Asset Management as “the rhetoric isn’t just hawkish, it’s apocalyptic.”

-Tony Sycamore from IG highlights the “two-week deadline” is a tactic Trump has used in other key decisions, including those involving Russia and Ukraine, and tariffs. Often, these deadlines expire without concrete action (like TACO), and there is certainly a risk of this happening again, given the complexities of the situation.

-The Energy sector was the standout, up over 5%, boosted by higher oil prices on increased concerns around supply disruption in the Middle East and a sharp rally in uranium stocks. Brent crude has risen from the US$60/bbl level in late May to over US$76/bbl, with some commentators talking US$120US$140/bbl if the war heats up.

-Abu Dhabi National Oil Company’s consortium with Carlyle proposed a $36.4bn enterprise value offer at $8.89/share for Santos ((STO)), making it the biggest all-cash buyout ever in Australia, according to FactSet data.

-The big news of the week was a US$200m equity raising by the Sprott Physical Uranium Trust (SPUT), which will be directed into spot uranium purchases, supporting the U3O8 price. Shorters in ASX-listed uranium stocks were scrambling to cover.

-The Materials sector was under pressure, falling over -4% as iron ore traded at US$92.50, near its lowest level in nine months after the release of a batch of soft activity data from China earlier in the week.

-Utilities were the other sector to fall the most, down by over -3%, while CommBank ((CBA)) shares reached another all-time high on Thursday intra-day at $183.23.

-The ASX200 has traded in a narrow range all week, with profit-taking moving in ahead of US markets re-opening on Friday after the Juneteenth holiday on Thursday, with geopolitical uncertainty galore.

-Treasury Wine Estates ((TWE)) announced an Investor Day for June 24, which might be signaling another earnings update. As we head into fiscal year end, more companies may be inclined to offer FY25 earnings updates.

The team at FNArena wishes everyone a great weekend!

Corporate news in the week that was:

-KKR has acquired Zenith Energy which develops remote power plants for miners.

-Media reports suggest Jarden is in talks for a strategic tie up with Evercore ISM in the US.

-Amazon has agreed to a $20bn additional investment to fund expansion of its data centers in Sydney and Melbourne as well as investment in solar farms.

-Greatland Gold’s IPO, a $490m-plus raising, is reported as being oversubscribed

-Santos ((STO)) backs the $30bn takeover bid from a consortium led by Abu Dhabi’s Adnoc. Headquarters are slated to remain in Adelaide. The deal is subject to FIRB approval.

-Tourism Holdings ((THL)) received a takeover offer from BGH Capital and Trouchet Family for $472m.

-Subject to regulatory approval, Apollo has agreed to sell 4.8% of its stake in Challenger ((CGF)) at $7.45 to Tal Dai-ichi Luje which will take the latter’s stake to 19.9% the maximum without launching a bid.

-Aurizon Holdings ((AZJ)) has won a 15-year copper logistics contract from BHP Group ((BHP)) which will lower truck travel distance by -13km.

-PointsBet Holdings ((PBH)) has rejected the bid from Betr Entertainment ((BBT)) and endorsed the Mixi offer at $1.20.

-ASIC launches an inquiry into ASX ((ASX)) over governance and Chess project issues.

-Mineral Resources ((MIN)) and Ganfeng are both investing -$150m to keep the Mt Marion lithium mine liquid.

-Rio Tinto ((RIO)) and BHP have received environmental approval for the Resolution Copper project.

-CSL’s ((CSL)) Andembry is given FDA approval to treat hereditary angioedema, launching in the US straight away.

-Canva is planning a secondary share sale before the planned IPO in 2026.

-A group back by Janet Holmes-a-Court has started a Supreme Court overturn for the approval of Woodside Energy Group’s ((WDS)) plan to extend its North West Shelf operation.

-Dubber Corp ((DUB)) is suing BDO auditors around $30m of misappropriated funds.

-Platinum Asset Management ((PTM)) and L1 Capital finalise due diligence for merger.

-Kelsian Group ((KLS)) wins a $91m US transport contract with Worley ((WOR)) for Louisiana LNG project.

-Woodside Energy ((WDS)) achieves a 15-year LNG contract with Petronas for one million tonnes of LNG from 2028.

-Macquarie Group ((MQG)) has acquired three UK airports from the Ontario Teachers’ Pension Plan.

-Mayne Pharma ((MYX)) shareholders approve Cosette deal ($672m).

-HomeCo Daily Needs REIT ((HDN)) portfolio is revalued by 3% as FY25 guidance is reaffirmed.

-Rio Tinto ((RIO)) has settles the Mongolian law suit for -US$138.7m.

-Digital infrastructure business Campana, which operates fibre and cables connecting Asian data centres to clients, is re-starting discussions for a possible listing.

-The Future Fund has removed Dexus ((DXS)) as manager of its Melbourne airport stake.

-Global IPO activity has hit a nine-year low in 2025 as US tariffs chill listings, but a tentative recovery may be brewing in Asia and late-year prospects.

-Treasury Wine Estates ((TWE)) has organised an investor update for Tuesday June 24.

Next week’s Corporate Calendar

For a calendar of earnings result releases and a summary of earnings results to date, refer to FNArena’s Corporate Results Monitor (https://www.fnarena.com/index.php/reporting_season/)

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