1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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Wall Street edged higher overnight after the US Treasury announced it would more than double the size of its debt buybacks, focusing on longer-dated bonds. The move pushed the 30-year Treasury yield down eight basis points to 5.2%, supporting broader risk sentiment. Retail stocks also performed well following solid results from TJX, Target and Lowe’s.
The standout was Moderna (MRNA), which surged 177% after positive late-stage trial results for its personalised mRNA cancer vaccine, developed with Merck’s Keytruda. The treatment reduced both recurrence and spread of melanoma in post-surgery patients.
The positive offshore session supported the local market, with the ASX 200 opening around 0.5% higher.
Fortescue (FMG) reported FY26 underlying net profit of US$3.5 billion, up 3%, while revenue increased more than 9% to US$17 billion. Free cash flow came in at US$3.2 billion, with the company declaring a final dividend of $0.46 per share, taking the full-year dividend to $1.80. FY27 guidance remains unchanged, while the previously announced US$525 million post-tax impairment on the Iron Bridge project was recognised.
Northern Star Resources (NST) delivered underlying earnings of $4.3 billion and underlying net profit after tax of $1.8 billion, up 26% year on year. The gold producer declared a fully franked dividend of $0.55 per share and will continue its $500 million on-market share buyback. Margins improved to 56%, supported by a 26% increase in realised gold prices. FY27 gold production is forecast at 1.5–1.65 million ounces.
Medibank (MPL) reported a 2.9% increase in underlying net profit after tax to $636.8 million. Its health division profit increased more than 31%, driven by growth across wellbeing, primary care and community health services. Medibank declared a fully franked dividend of 19.2 cents per share, up 6.7%.
Sonic Healthcare (SHL) reported FY26 revenue growth of 13% to $10.9 billion, with underlying earnings up 11% and statutory net profit rising 18% to $608 million. Recent acquisitions continued to contribute, with integration progressing as planned and synergies being captured from its German and Swiss businesses. The company maintained its progressive dividend policy, increasing the full-year dividend to $1.08 per share.
Goodman Group (GMG) reported operating profit of $2.67 billion, up almost 16%, while operating earnings per security increased to $1.29. Work in progress grew 53% to $19.7 billion, with data centres representing 78% of the pipeline. Goodman is targeting 9% operating earnings per security growth in FY27, with a distribution of $0.30 per security.
Super Retail Group (SUL) reported FY26 sales growth of more than 3% to $4.2 billion, while profit before tax declined 7% to $306 million. The group said FY27 has started positively, with like-for-like sales up 1.5% and total sales up 3.5% over the first seven weeks. Despite continued pressure from the Middle East conflict, higher interest rates and weaker housing conditions, shares jumped almost 16% in early trade.
Megaport (MP1) reported FY26 net profit before tax of $77 million, up 24%, supported by stronger revenue following its Latitude acquisition. For FY27, the company expects group revenue of between $620 million and $730 million, with earnings before tax expected to increase between 38% and 40%. Megaport is also launching a fully underwritten $837.5 million entitlement offer to fund contracted infrastructure and business expansion.
ZIP Co (ZIP) delivered record FY26 results, with cash earnings jumping almost 58% to about $269 million. Total transaction volume increased more than 27% to $16.7 billion, with the US business continuing to be the standout performer. Its Australian and New Zealand business also returned to growth, led by ZIP Plus. The company is targeting FY27 cash EBITDA of $340 million, representing a further 26% increase.
Cleanaway (CWY) reported FY26 underlying earnings growth of 14% to $470 million on revenue of $3.7 billion. Free cash flow surged 64% to almost $214 million, while the company declared a final dividend of 3.5 cents per share, taking the full-year payout to 6.8 cents. Management is guiding to FY27 underlying earnings of between $500 million and $530 million. Cleanaway also remains in focus following EQT Infrastructure's previously announced $3.13 per share takeover proposal, valuing the company at around $9.4 billion.
