I've picked out three companies that brokers have tipped for differing fortunes.

Let's have a look.

Mesoblast Ltd (ASX: MSB)

Bell Potter published a research report last week which said that the outlook for Mesoblast's short term revenue growth "remains highly attractive''.

There are also some pivotal events in the wings next year, including the interim readout on the clinical study for Mesoblast's drug Ryoncil to be used in adults to treat graft versus host disease, and the headline data for a study of another compound in treating chronic lower back pain.

Bell Potter said:

Both are substantially larger markets than paediatric GvHD, nevertheless the market remains cautious. Australian biotech has had a difficult 12 months with several randomised clinical trials failing to meet clinical endpoints and we expect this has undermined investor confidence in the sector and is a contributing factor to the recent MSB share price.

The broker said the lower back pain drug could be a blockbuster in its own right, but the bar for approval was high.

They added:

Randomised controlled trials in pain management are difficult, however, the first Phase 3 in this indication achieved highly statistically significant reductions in pain from baseline. Since then patient selection criteria has been tightened and clinical endpoints refined in moves which we believe enhance the prospects for meeting the clinical endpoints in next year's headline data readout.

Bell Potter has a $4.45 price target on Mesoblast shares compared to $1.98 currently.

Dicker Data Ltd (ASX: DDR)

Computer hardware company Dicker Data has just announced a deal to buy Sektor Group in New Zealand for $111.8 million.

Broker UBS said the motivation for the deal was to drive more growth in the southeast Asian region, "and further bolster its dominant Trans-Tasman offering within high margin technology''.

UBS said it was a positive incremental step for Dicker Data with the deal transacted at an attractive multiple.

The broker added:

Given the transaction consideration is entirely cash and no explicit management retention arrangements have been disclosed, retention of key personnel and vendor/ reseller relationships will be important to successful integration.

UBS has a neutral recommendation on Dicker Data shares and a $15.40 price target compared to $16.08 currently.

ASX Ltd (ASX: ASX)

Macquarie released a new research report into ASX, saying they were cautious on the company due to leadership transition and downside earnings risk from potential higher than expected capital expenditure.

The broker increased their price target from $52 to $53. However, it remains well below the current price of $61.10.

They also have an underperform rating on the company. At the time of writing, ASX is valued at $11.96 billion.

The post Buy, hold, sell: Mesoblast, Dicker Data, ASX shares appeared first on The Motley Fool Australia.

This tough Thursday for ASX investors follows a similarly downbeat morning over on Wall Street.

The Dow Jones Industrial Average Index (DJX: .DJI) was hit hard, dropping 0.66%.

The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) was a little tamer, but still fell 0.22%.

But let's get back to the local markets now and dive a little deeper into what was happening amongst the different ASX sectors this Thursday.

Winners and losers

Despite the broader market's losses, we still saw a few sectors make hay.

But first, it was mining stocks that were hit the hardest. The S&P/ASX 200 Materials Index (ASX: XMJ) was smashed, tanking 2.03%.

Gold shares found themselves in a similar vein, with the All Ordinaries Gold Index (ASX: XGD) crashing 1.38%.

Financial stocks had a day to forget, too. The S&P/ASX 200 Financials Index (ASX: XFJ) sank 0.99% today.

Industrial shares were in the same ballpark, as you can see by the S&P/ASX 200 Industrials Index (ASX: XNJ)'s 0.92% dive.

Tech stocks also found themselves on the nose. The S&P/ASX 200 Information Technology Index (ASX: XIJ) took a 0.77% hit this session.

Healthcare shares were our last losers today, with the S&P/ASX 200 Healthcare Index (ASX: XHJ) dipping 0.12%.

Turning to the winners now, these were spearheaded by consumer staples stocks. The S&P/ASX 200 Consumer Staples Index (ASX: XSJ) soared up 1.42% this Thursday.

Energy stocks ran hot too, evident by the S&P/ASX 200 Energy Index (ASX: XEJ)'s 1.36% surge.

Utilities shares were also in demand. The S&P/ASX 200 Utilities Index (ASX: XUJ) added 1.34% to its total today.

Communications stocks didn't miss out, with the S&P/ASX 200 Communication Services Index (ASX: XTJ) lifting 0.89%.

Nor did consumer discretionary shares. The S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) advanced 0.31%.

Finally, real estate investment trusts (REITs) got over the line, illustrated by the S&P/ASX 200 A-REIT Index (ASX: XPJ)'s 0.17% jump.

Top 10 ASX 200 shares countdown

Taking out the top index spot this Thursday was the stock market operator itself. ASX Ltd (ASX: ASX) shares had a blowout (relatively speaking) today, rising 3.84% to finish trading at $60.59 each.

There wasn't any news out today that explains this leap higher, though.

Here's how the other top stocks tied up at the dock:

Our top 10 shares countdown is a recurring end-of-day summary that shows which companies made big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

Three well-known companies reduced or removed their payouts entirely.

Why these ASX dividend shares reduced their payouts

A dividend cut is not always a distress signal.

Sometimes it reflects a commodity cycle turning over, and sometimes it reflects a board choosing to spend money on the business instead.

However, occasionally it reflects a company that simply has nothing left to pay out with.

All three ASX dividend shares below fall into a different one of those buckets.

1. ASX Ltd (ASX: ASX)

ASX Ltd is the odd one out on this list.

The exchange operator had a strong year, growing operating revenue by 13.3% to $1.25 billion in FY26. Underlying net profit after tax rose 5.2% to $536.4 million.

Shareholders still received less, with the fully franked full-year dividend coming in at 206.5 cents per share, down 7.5% on the prior year.

The explanation is due to the cost line.

Total expenses climbed 21.1% to $557.4 million as the company funded its technology rebuild, the ongoing Accelerate program and one-off costs arising from the ASIC Inquiry.

Guidance points to more of the same, with FY27 expense growth of 18% to 21% and capital expenditure between $180 million and $200 million.

Interim chief executive Darren Yip, said the following:

It has been a highly consequential year for ASX in FY26. In the past 12 months we navigated significant external scrutiny, while continuing to operate critical market infrastructure through an exceptionally active and volatile period for markets. Against that backdrop, we continued to modernise our technology, introduce new products and serve our customers.

2. Whitehaven Coal Ltd (ASX: WHC)

Whitehaven Coal made the most straightforward dividend cut of the three.

The company's full-year dividend fell to 10.0 cents fully franked, from 15.0 cents the year before.

That is a reduction of exactly one third.

Underlying net profit after tax dropped to $227 million from $319 million, while revenue slipped 7% to $5.4 billion on an average achieved coal price of A$202 a tonne.

The operations themselves performed well.

Managed run-of-mine production rose 3% to 40.3 million tonnes, at the top end of guidance.

Unit costs fell to $132 a tonne from $139, which makes this a coal price problem.

Chief executive Paul Flynn had the following to say about the dividend cut:

Whitehaven will return up to $159 million of capital to shareholders in respect of FY26, including a fully franked final dividend of 6 cents per share to take the full-year dividend to 10 cents, together with an equivalent amount of capital returned through Whitehaven's on market share buy-back program.

3. Corporate Travel Management Ltd (ASX: CTD)

Corporate Travel Management did not cut its dividend; rather, it abandoned it.

Payments remain suspended after thirteen months of trading suspension.

The company resumed trading on 3 September and promptly lost around 80% of its value.

FY26 itself was not the problem, with revenue and other income rising 4% to $669.9 million while underlying EBITDA climbed 36% to $113.6 million.

The obstacle is a customer remediation liability forecast near $234 million alongside a modified audit opinion.

Foolish takeaway

A dividend cut tells you what a board thinks about the next twelve months.

On that basis I find Whitehaven the least worrying of these ASX dividend shares, because the cash is still being returned through buybacks.

ASX Ltd is the harder call, since the spending is material but the revenue growth has not yet reached shareholders.

Corporate Travel is not an income stock at all right now.

Income investors should not necessarily panic when one of their holdings cuts their dividends: sometimes there are very good reasons for such an action, other times, it can reveal troubling underlying issues with the company.

The post 3 ASX shares that cut their dividend this reporting season appeared first on The Motley Fool Australia.

What did ASX Limited report?

• FY26 final dividend of 104.7 cents per share, payable 21 September 2026
• Dividend Reinvestment Plan (DRP) applies to final dividend
• 31.06% of shareholders opted into the DRP, equating to $63.56 million out of a $204.6 million total dividend
• DRP shares to be issued at a 2.5% discount to average market price over nine days
• Barrenjoey Markets Pty Limited to underwrite 18.94% of dividend, lifting DRP coverage to 50% ($102.3 million)

What else do investors need to know?

ASX Limited's new DRP shares will be issued at a discount, giving investors a small benefit for choosing to reinvest their dividends. Barrenjoey Markets will underwrite the portion of the DRP not taken up by shareholders, ensuring half of the FY26 final dividend is reinvested into new ASX shares.

The underwriting agreement includes several conditions that could see it terminated, mostly relating to regulatory, legal, or significant adverse events. ASX will pay Barrenjoey a brokerage fee of $150,000 and capped costs for this arrangement.

What's next for ASX Limited?

Investors can expect the FY26 final dividend to be paid on 21 September 2026, with new DRP shares issued shortly after. The company's approach, combining shareholder participation and partial underwriting, aims to balance capital management and shareholder preferences.

ASX Limited continues to prioritise transparent shareholder returns, with the DRP offering a flexible way for investors to increase their holdings in the company.

View Original Announcement

The post ASX Limited FY26 final dividend: DRP participation and underwriting revealed appeared first on The Motley Fool Australia.

This pessimistic session for the local markets came after a mixed night over on the American boards last night.

The Dow Jones Industrial Average Index (DJX: .DJI) couldn't quite hold water, dropping 0.04%.

The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) made hay, though, rising a confident 0.54%.

Time now to return to the Australian markets, though, for a look at what was happening amongst the different ASX sectors this Thursday.

Winners and losers

As one would expect, there were more red sectors than green today.

Leading those red sectors were communications stocks. The S&P/ASX 200 Communication Services Index (ASX: XTJ) was smashed, crashing down 2.3%.

Mining shares had a day to forget as well, with the S&P/ASX 200 Materials Index (ASX: XMJ) tanking 0.71%.

Consumer discretionary stocks were on the nose too. The S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) took a 0.54% tumble this Thursday.

Gold stocks weren't providing any cover either, as evidenced by the All Ordinaries Gold Index (ASX: XGD)'s 0.47% dive.

Energy shares were left out in the cold. The S&P/ASX 200 Energy Index (ASX: XEJ) saw its value decline 0.35% today.

Industrial stocks fared similarly, with the S&P/ASX 200 Industrials Index (ASX: XNJ) sinking 0.26%.

Real estate investment trusts (REITs) were our last losers this Thursday. The S&P/ASX 200 A-REIT Index (ASX: XPJ) had slipped 0.15% by the end of the session.

With the red sectors out of the way now, let's turn to the green ones. Leading the pack were again utilities shares, illustrated by the S&P/ASX 200 Utilities Index (ASX: XUJ)'s 2.78% surge.

Tech stocks were exempt from the selling too. The S&P/ASX 200 Information Technology Index (ASX: XIJ) jumped 0.85% this session.

Consumer staples shares were another safe haven, with the S&P/ASX 200 Consumer Staples Index (ASX: XSJ) improving by 0.74%.

We could say the same for healthcare stocks. The S&P/ASX 200 Healthcare Index (ASX: XHJ) banked a 0.17% advance this Thursday.

Finally, financial shares found themselves on the right side of the ledger, as you can see by the S&P/ASX 200 Financials Index (ASX: XFJ)'s 0.08% appreciation.

Top 10 ASX 200 shares countdown

Today's index gold medallist was waste stock Cleanaway Waste Management Ltd (ASX: CWY). Cleanaway shares cleaned up this session, rocketing 15.19% higher to $2.73 a share.

This spike followed news that Cleanaway has been approached with a takeover offer of $3.13 a share.

Here's how the rest of the winners pulled up at the kerb: 

Our top 10 shares countdown is a recurring end-of-day summary that shows which companies made big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

What did ASX Ltd report?

• Operating revenue increased 13.3% to $1.25 billion
• Statutory NPAT fell 3.5% to $484.9 million
• Underlying NPAT rose 5.2% to $536.4 million
• Total expenses climbed 21.1% to $557.4 million
• Final dividend per share of 104.7 cents, up 2.8% on 1H26
• Fully franked total dividend for FY26 of 206.5 cents per share (down 7.5%)

What else do investors need to know?

ASX achieved strong revenue growth across all four business units, with particular strength in cash market trading and futures. The successful launch of CHESS Release 1 marked a significant milestone, modernising Australia's post-trade infrastructure to handle greater trading volumes.

The company faced higher expenses, primarily driven by investments in technology upgrades, ongoing implementation of the Accelerate program, and one-off costs from the ASIC Inquiry. Despite this, expense growth was kept below the midpoint of revised guidance.

What did ASX Ltd management say?

ASX Interim CEO Darren Yip said:

It has been a highly consequential year for ASX in FY26. In the past 12 months we navigated significant external scrutiny, while continuing to operate critical market infrastructure through an exceptionally active and volatile period for markets. Against that backdrop, we continued to modernise our technology, introduce new products and serve our customers.

What's next for ASX Ltd?

Looking ahead, ASX expects total expense growth of 18% to 21% in FY27, with continued investment in its technology modernisation roadmap. The capital expenditure outlook for FY27 remains unchanged, projected between $180 million and $200 million.

Management anticipates a strong pipeline of new listings for the upcoming year, supported by recent improvements in market activity and increased investor confidence. The company is committed to delivering continued enhancements to its platforms and maintaining efficient, reliable market operations.

ASX Ltd share price snapshot

The ASX Ltd share price has underperformed the S&P/ASX 200 index (ASX: ASX) over the past 12 months with a decline of 13%.

View Original Announcement

The post ASX Ltd FY26 results: revenue up 13%, technology upgrades, dividend declared appeared first on The Motley Fool Australia.

Will the market be able to bounce back from this on Thursday? Here are five things to watch:

ASX 200 expected to fall

It looks set to be a subdued session for Australian investors on Thursday following a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 18 points or 0.2% lower this morning. In the United States, the Dow Jones edged lower, but the S&P 500 rose 0.25% and the Nasdaq climbed 0.55%.

ASX 200 result releases

Earnings season is going up a gear on Thursday with a large number of ASX 200 shares due to release their results. This includes Telstra Group Ltd (ASX: TLS), Insurance Australia Group Ltd (ASX: IAG),  Origin Energy Ltd (ASX: ORG), ASX Ltd (ASX: ASX), and Treasury Wine Estates Ltd (ASX: TWE).

Oil prices soften

ASX 200 energy shares Woodside Energy Group Ltd (ASX: WDS) and Santos Ltd (ASX: STO) could have a soft session after oil prices edged lower overnight. According to Bloomberg, the WTI crude oil price is down 0.4% to US$82.86 a barrel and the Brent crude oil price is down 0.35% to US$88.61 a barrel. This was despite reports of vessel attacks in the Gulf of Oman.

SEEK shares downgraded

SEEK Ltd (ASX: SEK) shares are fully valued according to analysts at Bell Potter. This morning, in response to its full-year results, the broker has downgraded the job listings giant's shares to a hold rating with a reduced price target of $15.20 (from $18.58). It explained: "We downgrade to Hold and await a positive shift in sentiment or visibility on jobs volumes recovery; similarly, we suspect a potential growth fund catalyst is a 2H27 story. SEK appears to be improving operations to sustainably target 10% yield growth on top of strong cost controls, however, despite trading at deep value ex. Growth Fund, macro-based headwinds suggest difficult sentiment near-term for the stock."

Gold price rises

It could be a positive session for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) on Thursday after the gold price rose again overnight. According to CNBC, the gold futures price is up 0.7% to US$4,471.9 an ounce. The precious metal continued its rise after US inflation data reduced rate hike bets.

The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

Meanwhile, on The Bull this week, three experts have revealed sell calls on three ASX shares.

Let's hear them out.

PEXA Group Ltd (ASX: PXA)

The PEXA Group share price is $7.32, up 1.1% today and down 53% over 12 months.

PEXA is a digital property exchange business operating in Australia and the UK.

Toby Grimm from Baker Young explains his sell rating on this ASX All Ords real estate share. 

PEXA operates a leading digital property platform and settles most transactions in Australia. It also operates in the UK.

In Australia, a draft report proposes about a 20 per cent reduction in PXA's regulated revenue requirement via reductions to certain transfer transaction fees over a year.

The independent Pricing and Regulatory Tribunal (IPART) in New South Wales is reviewing electronic lodgement network operator (ELNO) service fees.

PEXA has submitted formal objections to the IPART draft proposal. We expect PXA to win some concessions, but revenues in the core division may come under pressure at a time when the housing market is materially softening.

Bapcor Ltd (ASX: BAP)

The Bapcor share price is 41 cents, up 2.5% today and down 85% over 12 months. 

Philippe Bui from Medallion Financial Group has a sell rating on Bapcor shares.

Bui commented on the ASX All Ords consumer discretionary share:

Bapcor is an aftermarket automotive parts provider in Australia and New Zealand. It operates the Autobarn, Burson and Autopro brands.

Macro headwinds for consumer discretionary products and weaker retail conditions are pressuring the business.

Bunnings, owned by Wesfarmers, is expanding into the automotive category and is an intensifying competitive threat.

The shares remain under pressure. The stock has fallen from $5.24 on July 7, 2025 to trade at 39.5 cents on July 23, 2026.

Other stocks appeal more at this stage of the cycle.

ASX Ltd (ASX: ASX)

The ASX share price is $55.13, up 1.3% today and down 21% over 12 months. 

ASX runs the Australian share market.

Michael Gable from Fairmont Equities discussed his sell call on this ASX All Ords financial share:

… a recent share price recovery has left the stock trading above consensus valuation targets.

With market volumes and corporate activity still appearing weak amid increasing technology costs, I believe the risk is to the downside.

The ASX has settled legal action with the Australian Securities and Investments Commission (ASIC).

The Federal Court ordered ASX to pay a $20.5 million penalty and $3 million in ASIC costs after ASIC alleged the ASX had made misleading statements about the progress of the CHESS replacement project.

The post 3 ASX All Ords shares to sell this week: Experts appeared first on The Motley Fool Australia.

Two have received hold recommendations while one has drawn a clear positive outlook. 

Here is the latest from the broker. 

ASX Ltd (ASX: ASX)

Morgans said that ASX has recently released its monthly trading activity report for June 2026. 

It was a mixed trading month overall for ASX, in our view, with higher cash markets activity (+54% volume on pcp), a downturn in raisings and stronger average daily futures/options contracts in June. Our FY27-FY28 EPS forecasts increased by ~+2% factoring in the recent trading activity. Our price target is increased to A$53.90 (from A$51.50). HOLD maintained.

ASX shares closed trading at $53.49 yesterday. 

PEXA Group Ltd (ASX: PXA)

PEXA Group has been drawing positive ratings from experts recently. 

However Morgans appears less optimistic. 

PEXA recently responded to a draft decision by the NSW pricing regulator (The Independent Pricing and Regulatory Tribunal) that would cut the fees it can charge for its dominant electronic property settlement platform by about 20% from July 2027. 

This would potentially reduce annual revenue by around $70 million.

Commenting on the release, Morgans said: 

The headline read-through from IPART's draft report on proposed pricing changes for PXA is an anticipated reduction in revenue of A$70m (~20%) in year 1. We think a 20% hit to exchange revenue was much more punitive than consensus market expectations. Applying the cut in one year, rather than phasing it in over multiple years, adds to the disappointment. Our price target is reduced to A$9.35 (from A$14.23).

We Move PXA to HOLD. Proposed outcomes here are worse than expected, and this creates significant uncertainty around PXA's future profit profile and its overall operating environment.

PEXA shares closed trading yesterday at $8.44 per share. 

Qantas Airways Ltd (ASX: QAN)

After struggling earlier this year due to global conflict and soaring oil prices, Morgans now sees a rebound in store for Qantas shares. 

The broker said Qantas's post-COVID balance sheet strengthening and cost discipline have positioned it to absorb the current fuel cost shock and consumer softness with genuine resilience. 

We forecast 2H26 PBT to be down on pcp as fuel and economic conditions bite, with FY27 forecast to deliver a moderate uplift. We view FY27 as a transition year for Qantas with higher growth expected from FY28 onwards as oil prices, refining margins and demand normalise. Structural growth drivers (fleet renewal, Project Sunrise, Loyalty scaling toward FY30 target) remain intact.

Morgans has initiated coverage on Qantas shares with an accumulate rating and $11.50 price target. 

Qantas shares closed at $10.60 yesterday. 

The post Buy, hold or sell, PEXA, ASX and Qantas shares appeared first on The Motley Fool Australia.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

At the time of writing, the stock exchange operator's shares are up 1% to $49.77.

Why is the ASX share price rising?

Investors have been bidding the embattled company's shares higher today after it released an update on proceedings brought by the Australian Securities and Investments Commission (ASIC) relating to statements made in 2022 on the progress of the previous CHESS project.

The corporate regulator commenced civil proceedings against ASX in August 2024 alleging three statements that were made in 2022 regarding the previous CHESS project were misleading and contravened the Australian Securities and Investments Commission Act 2001.

According to today's update, ASX has settled the proceedings and agrees that it contravened these provisions of the ASIC Act when it made the "progressing well" representation.

However, ASIC is no longer pursuing allegations of misleading statements in relation to representations the Project was "tracking to the Published Plan" and "Tracking to Go-Live in April 2023."

What's the penalty?

The release reveals that as part of the settlement, and subject to the approval of the Federal Court of Australia, ASX will pay a penalty of $20.5 million and will contribute $3 million to ASIC's legal costs.

The amount will be provisioned in FY 2026 and be recognised as a non-recurring significant item. ASX's contribution to ASIC's legal costs will also be recognised as a significant item in FY 2026.

The good news is that given this development, the two parties will no longer be proceeding to trial.

Commenting on the settlement, ASX chair, David Clarke, said:

The market must have confidence in what ASX says about its operations as these statements can be relied upon to make decisions. When we stopped the CHESS project in November 2022 to reassess our whole approach, that tested market confidence in ASX and called into question the nature of statements previously made. As the market operator and a steward of critical market infrastructure, our words matter.

I am sorry ASX fell short. We recognise the impact this has on trust and confidence, and we take responsibility for the lessons that must be learned from that experience. The CHESS project is now on firmer footing, and our decision to settle this matter reflects the desire by the Board to focus ASX on building for the future while maintaining the work still required to build confidence and deliver for the market. We will continue the reset across the Group, informed by the findings of the ASIC Inquiry report delivered earlier this year.

The post The ASX share price is pushing higher on big ASIC news appeared first on The Motley Fool Australia.

What did ASX report?

• Settled ASIC civil proceedings relating to past statements about the previous CHESS project
• Admitted to contravening provisions of the ASIC Act over "progressing well" claims
• Agreed to pay $20.5 million penalty (subject to Federal Court approval)
• Will also contribute $3 million to ASIC's legal costs
• Penalty and costs to be provisioned as significant items in FY26

What else do investors need to know?

ASX's decision to resolve the ASIC proceedings means both parties will not proceed to trial. The penalty and legal costs—together totalling $23.5 million—will be recognised as one-off, non-recurring items in financial year 2026.

The Federal Court will still need to formally approve the proposed settlement, which could occur as late as financial year 2027. ASX says its Board made this decision to help restore confidence and focus on ongoing strategic initiatives.

What did ASX management say?

ASX Chair David Clarke said:

The market must have confidence in what ASX says about its operations as these statements can be relied upon to make decisions. When we stopped the CHESS project in November 2022 to reassess our whole approach, that tested market confidence in ASX and called into question the nature of statements previously made.

As the market operator and a steward of critical market infrastructure, our words matter. I am sorry ASX fell short. We recognise the impact this has on trust and confidence, and we take responsibility for the lessons that must be learned from that experience.

The CHESS project is now on firmer footing, and our decision to settle this matter reflects the desire by the Board to focus ASX on building for the future while maintaining the work still required to build confidence and deliver for the market. We will continue the reset across the Group, informed by the findings of the ASIC Inquiry report delivered earlier this year.

What's next for ASX?

ASX Limited says it's moving ahead with its technology refresh, noting that Release 1 of the new CHESS system went live recently, providing modernised clearing services and processing increased trading volumes smoothly. Management describes CHESS as a critical priority and is directing significant investment towards this technology upgrade.

The company continues to roll out its CHESS Partnership Program, which supports key stakeholders with up to $70 million in financial distributions during the extended timeline for the new CHESS project.

View Original Announcement

The post ASX settles ASIC lawsuit, updates on CHESS project and penalty appeared first on The Motley Fool Australia.

Let's see if the broker is bullish or bearish on these names. Here's what it is saying:

ASX Ltd (ASX: ASX)

Morgans was disappointed to see this stock exchange operator provide cost and capital expenditure guidance that was significantly higher than expected.

In light of this, the broker has reduced its earnings estimates beyond FY 2026 and trimmed its valuation accordingly.

This has seen Morgans reaffirm its hold rating with a new price target of $51.50. It said:

ASX released FY27 total cost guidance along with FY28 capex expectations both of which were materially above consensus at the time of release. Whilst the topline shows encouraging growth (+~12.5% FYTD), we anticipate the market to remain cautious given the elevated cost profile as the technology refresh continues.

We lift FY26F EPS ~4% on stronger-than-forecast cash market and Futures/OTC volumes, but lower FY27-FY28F EPS by ~5%, as the updated cost guidance more than offsets the higher revenue base in the outer years. Our DCF/PE-derived PT is lowered to A$51.50 on the above, accompanied by an increase in the house RFR to 4.6%. We maintain our Hold recommendation and note near-term elevated costs will likely remain a headwind.

Endeavour Group Ltd (ASX: EDV)

Another ASX 200 share that Morgans has been looking at is drinks giant Endeavour.

In response to the Dan Murphy's and BWS owner's investor day event, Morgans has retained its hold rating on Endeavour's shares with a reduced price target of $2.80.

While there were positives from the investor day, Morgans highlights that there are execution risks to contend with while trading conditions remain challenging. It commented:

EDV provided a strategic update at its Investor Day with the new management team, led by CEO Jayne Hrdlicka, outlining their plans for growth. As expected, no trading update was provided given the company provided one only a few weeks ago. Management outlined three core growth pillars: 1) grow Retail revenue through repositioning the Dan Murphy's and BWS offers; 2) improve Hotels performance by stepping up investments in renewals; and 3) reduce costs with $300m in targeted savings by FY29. We make negligible changes to FY26-28F EBIT forecasts; however, underlying NPAT declines by 0-3% due to higher interest expense.

Our target price decreases to $2.80 (from $3.30) reflecting changes to earnings forecasts and a reduction in our FY27F PE multiple to 13x (from 15x). While the Investor Day highlighted a range of revenue and cost opportunities, these require accelerated investment and are expected to keep balance sheet leverage elevated through FY27. Execution remains key, and with the liquor market still challenging, we prefer to wait for delivery before reassessing our view. HOLD retained.

Judo Capital Holdings Ltd (ASX: JDO)

Morgans is more positive on this small business lender.

It was pleased with management's decision to undertake a second capital relief securitisation transaction. Morgans believes it reduces the need for an equity raising.

As a result, the broker has retained its buy rating with a $2.15 price target. It commented:

JDO announced its second capital relief securitisation transaction backed by SME business loans. The transaction is significant as it shows JDO's ability to again source and its willingness to utilise capital relief securitisations to support its CET1 capital ratio without the need for equity raisings. Target price of $2.15 per share, with strong double digit earnings growth forecast across FY26-28F. BUY retained, with potential TSR at current prices of c.38% (driven entirely by capital growth).

The post Buy, hold, sell: ASX, Endeavour, and Judo Capital shares appeared first on The Motley Fool Australia.

One of this week's laggards is a major iron ore miner, the second is a telecommunications company, and the third is a listed exchange group I'm confident you're well familiar with.

So, which stocks are tumbling amid this week's rebounding market?

I'm glad you asked!

Champion Iron Ltd (ASX: CIA)

The first stock having a week to forget is Champion Iron.

Champion Iron shares closed last Friday trading for $4.93. At the time of writing, shares are swapping hands for $4.50 each. That sees this ASX 200 stock down 8.7% for the week.

Shares in the iron ore miner closed down 4.6% on Thursday, and are down another 6.1% today, following the release of the company's March quarter results.

On the plus side, the miner reported an 8% year-on-year increase in iron ore concentrate production to 3.4 million wet metric tonnes (wmt).

But investors have been favouring their sell buttons, with Champion Iron reporting a 2.3% year-on-year decline in quarterly revenue to US$414.5 million.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$114.3 million were down a steeper 10.3%.

Tuas Ltd (ASX: TUA)

Also taking a tumble this week, we have Tuas.

Shares in the Singapore-based telecom stock closed last Friday trading for $2.31, and are currently trading for $2.05 each. That sees this ASX 200 stock down 11.3% for the week.

There was no fresh price-sensitive news out from the company this week. But Tuas shares have been under intense selling pressure since 18 May. This follows an admission by the company that its SIMBA mobile business "may have been using radio frequency bands that it was not authorised to use".

Tuas then terminated its agreement to acquire Singapore telecom company M1 Limited, noting it would not move forward with its intended purchase.

Tuas shares are now down 66.1% since market close on 15 May.

Which brings us to…

ASX Ltd (ASX: ASX)

The worst performing ASX 200 stock this week is Australian stock exchange operator ASX Ltd.

ASX shares closed last Friday trading for $59.50. At the time of writing, shares are changing hands for $45.88.

This sees the ASX share price down a steep 22.9% for the week.

ASX shares closed down 13.2% on Tuesday after the company released an update pointing to a sharp rise in costs in FY 2027.

The telco expects total expenses to increase between 18% and 21% in the financial year ahead, partly driven by ongoing technology investments.

The post Why are these 3 ASX 200 stocks crashing in this week's rebounding market? appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

ASX Ltd (ASX: ASX)

The ASX share price is down a further 7.5% to $47.16. Investors have been selling the stock exchange operator's shares this week following the release of guidance for FY 2027. Management revealed that FY 2027 total expense growth is expected to be between 18% and 21%. It advised: "This is primarily driven by technology modernisation, the expanded Accelerate Program as part of our response to the ASIC Inquiry and investments to support customer-driven growth." ASX has also increased its capex guidance for FY 2027. It now expects capex of $180 million to $200 million (from $160 million to $180 million). It then expects further capex of $170 million to $190 million in FY 2028.

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price is down 1% to $162.70. This is despite there being no news out of Australia's largest bank on Wednesday. However, it is worth noting that all of the big four banks are trading lower today. It is possible that some large investors are rotating funds out of the banks and into other areas of the market.

Endeavour Group Ltd (ASX: EDV)

The Endeavour share price is down 4% to $2.95. This follows the release of the drinks giant's strategy update this morning. Although the Dan Murphy's and BWS owner has a bold new strategy in place, which includes cost savings of $300 million, it has announced a reduction in its dividend payout ratio to conserve cash.

Tuas Ltd (ASX: TUA)

The Tuas share price is down a further 2% to $2.12. This Singapore-based telco's shares have been under significant pressure since it terminated its proposed acquisition of M1 Limited. The company made the move after authorities suspended the review of the deal in response to news that Tuas' Simba business may have used spectrum it did not own. It said: "Simba continues to co-operate with the investigation being undertaken by the Infocomm Media Development Authority into potential breaches of the Telecommunications Act and the conditions of Simba's Facilities-Based Operator Licence. Tuas will keep shareholders updated in relation to that investigation."

The post Why ASX, CBA, Endeavour, and Tuas shares are falling today appeared first on The Motley Fool Australia.

The company said the guidance announcement was informed by its annual planning process, and that its financial expectations for the current financial year were not affected.

Expenses to spike

But in FY27, the ASX expects total expenses growth of 18-21%, with operating expense growth of 13-16% compared to FY26.

The company said this was largely being driven by technology modernisation, "the expanded Accelerate Program as part of our response to the ASIC Inquiry and investments to support customer-driven growth''.

The expected capital expenditure has also increased, from $160- $180 million to $180- $200 million.

The ASX has kept its dividend policy unchanged, saying it would pay out 75- 85% of underlying net profit, but added that it expected to pay out towards the bottom end of this range for at least the next two dividends.

The ASX also said its operating revenue for the financial year to the end of April was $1.03 billion, up 12.5% on the previous corresponding period.

Mixed view on the outlook

The major brokers have run the ruler over the forecasts and have come up with differing price targets for ASX shares.

UBS is the most bullish, with a price target for ASX shares of $62, compared with the current $46.80 (at the time of writing).

The broker said the cost and capex outlooks were "materially higher than expected", but the ultimate profit and loss impact would be much smaller due to the market operator's ability to recover revenue.

The team at Jarden is also predicting upside for ASX shares, with a price target of $55.30, down from $58.75.

They said:

We have previously flagged FY27 cost upside as a central concern, and today's guidance confirms that risk at a magnitude greater than anticipated, with total expense growth of 18-21% exceeding our estimates by a considerable margin. The read-through is not uniformly negative: crystallising the cost envelope ahead of the CEO transition hands incoming CEO Anthony Attia a defined base rather than an open-ended liability, and the guidance should be broadly sufficient to accommodate Accelerate obligations once finalised, though the reset remains subject to ASIC and RBA agreement.

Jarden said the ASX is trading at a material discount to its 10-year average on a price-to-earnings basis. The broker has a neutral rating on the shares.

Macquarie also has a neutral rating on ASX shares with a price target of $54.00.

Macquarie said it was hard to see the ASX meeting its medium-term EBITDA targets.

They added, "With a review of the business strategy commencing, we maintain our Neutral recommendation''.

The post Down more than 30% over a year, are ASX shares now looking cheap? appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

ASX Ltd (ASX: ASX)

The ASX share price is down 12% to $51.72. This follows the release of guidance for FY 2027 from the stock exchange operator this morning. ASX revealed that FY 2027 total expense growth is expected to be between 18% and 21%. It advised: "This is primarily driven by technology modernisation, the expanded Accelerate Program as part of our response to the ASIC Inquiry and investments to support customer-driven growth." The company has also increased its capex guidance for FY 2027. It now expects capex of $180 million to $200 million (from $160 million to $180 million). It then expects capex of $170 million to $190 million in FY 2028.

Challenger Ltd (ASX: CGF)

The Challenger share price is down 5% to $8.88. This is despite the annuities company releasing its investor day update and speaking positively about its outlook. Challenger's CEO, Nick Hamilton, said: "Our transformation of recent years has brought us to this moment as a simpler, more focused business. We're building the bridge between the accumulation system and the retirement system through distribution partnerships, advice and product innovation, and customer education. We're making guaranteed income accessible in ways it simply wasn't before. I have never been more confident in our strategic position, or more excited for the opportunity that's here."

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is down over 3% to $9.95. The catalyst for this has been the release of a trading update from the travel agent this morning. Flight Centre advised that for the nine months to 31 March, it achieved a 7.6% year-on-year increase in total transaction value (TTV) to $19.5 billion. While this was solid, investors appear concerned with its performance since the end of March. Management advised that it has been "heavily impacted by Middle East tensions." It estimates that it lost $10 million in profits in April because of the tensions due to increased refunds. Looking ahead, it warned: "May and June are typically stronger leisure trading months and ongoing volatility leading to cancellations, refunds and reduced forward bookings could be expected to have greater impact in those months."

Goodman Group (ASX: GMG)

The Goodman share price is down 2% to $29.41. This morning, this industrial property company released its third-quarter update and revealed strong numbers. And while it is now expecting to at least achieve its operating earnings per share growth guidance in FY 2026, it seems that some investors were betting on a firmer guidance upgrade.

The post Why ASX, Challenger, Flight Centre, and Goodman shares are falling today appeared first on The Motley Fool Australia.

At the time of writing, the ASX share price is down 8.35% to $53.90.

The sell-off comes despite a solid start to the year. ASX shares are still up around 5% in 2026, although they remain about 24% lower over the past 12 months.

Let's take a closer look at the release.

Costs are heading higher

In today's update, ASX provided financial guidance for FY 2027 and confirmed its FY 2026 outlook.

ASX said FY 2027 total expense growth is expected to be between 18% and 21%. Operating expenses, excluding depreciation and amortisation, are forecast to rise by between 13% and 16%.

The company said the increase is being driven mainly by technology modernisation, the Accelerate Program, remediation work, and spending linked to the ASIC inquiry and customer growth initiatives.

Capital expenditure is moving up as well.

ASX expects FY 2027 capital expenditure of between $130 million and $150 million. That's up from its FY 2026 capex guidance of between $100 million and $120 million.

The company also expects FY 2028 capex to move higher again, with guidance of between $170 million and $190 million.

A large part of this spending is tied to technology upgrades, including work connected to CHESS Release 1, enterprise cloud, data and integration platforms, and other internal systems.

Why investors are selling

ASX is still a high-quality market infrastructure business, but today's update shows how much money is going into keeping it that way.

The company said the spending reflects its role as a steward of critical market infrastructure. It also pointed to investment in resilience, operational efficiency, data management, AI, automation, and new product initiatives.

But with expenses and capex both moving higher, investors appear to be questioning how long this heavier spending period will last.

Dividends may also be part of the selling pressure.

ASX said its dividend payout range remains unchanged at 75% to 85% of underlying net profit after tax (NPAT). But it expects the payout to sit at the bottom end of that range over at least the next two dividends.

FY 2026 guidance unchanged

ASX did leave its FY 2026 guidance unchanged.

The company said unaudited operating revenue for the 10 months to 30 April 2026 was $1.03 billion, up 12.5% on the same period last year.

It also continues to expect FY 2026 total expense growth of 20% to 23%, including costs linked to the ASIC inquiry and CHESS Replacement Partnership Program.

ASX said it will release its FY 2026 results on 13 August 2026.

The post ASX shares sink 8% as investors baulk at spending surge appeared first on The Motley Fool Australia.

At the time of writing, the ASX share price is up 2.28% to $58.65. By comparison, the S&P/ASX 200 Index (ASX: XJO) is down 0.08% on the back of market jitters.

The move adds to a stronger year for shareholders. ASX shares are now up 13% in 2026, although they remain down 19% over the past 12 months.

Here's what has investors paying attention today.

A new boss is coming

In its ASX announcement, ASX said Anthony Attia has been appointed Managing Director and Chief Executive Officer.

He is expected to start on 1 September 2026, subject to the relevant authorisations to work in Australia.

Attia brings nearly 30 years of experience across exchanges and market infrastructure businesses in Europe and the United States.

Most recently, he was global head of derivatives and post trade at Euronext.

Before that, he held senior roles at Intercontinental Exchange and NYSE Euronext.

ASX has been dealing with a difficult period of late, including heavy technology spending and regulatory scrutiny.

A new CEO with deep exchange experience should give investors something positive to focus on.

Pay details

The appointment also comes with a sizeable pay package.

According to the release, Attia will receive fixed remuneration of $2 million a year, along with a short-term variable reward target of $1.7 million.

ASX also plans to seek shareholder approval for a long-term variable award with a face value of $2 million.

On top of this, Attia is entitled to restricted shares worth up to $6.3 million.

The company said the restricted shares recognise incentives he will give up by leaving his current role.

There will also be a short handover period before Attia takes over the helm. Current ASX CEO Helen Lofthouse will leave on 29 May 2026, while Darren Yip, group executive markets and listings, has been appointed interim CEO to support the transition.

Foolish Takeaway

Investors appear to be welcoming the appointment, with ASX finally giving the market a clearer leadership path.

Attia brings plenty of exchange experience, which should help. But investors will still want to see progress on the bigger issues facing the business.

That means keeping costs under control, improving its technology delivery, and rebuilding confidence with investors, customers, and regulators.

From here, the market will be watching whether the new boss can put ASX back on steadier ground.

The post ASX shares rise as investors welcome a major leadership change appeared first on The Motley Fool Australia.

This unhappy Thursday session for ASX investors follows a more mixed night on Wall Street last night.

The Dow Jones Industrial Average Index (DJX: .DJI) was in a foul mood, dropping by 0.57%.

However, the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) managed to stay above ground, inching 0.038% higher.

But let's return to the local markets now and check out what was happening amongst the various ASX sectors today.

Winners and losers

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.