And while mining giant's BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) offer an easy way to do it, the upside on offer there could be limited after they recently hit record highs.

Another way could be with the ASX copper stock in this article.

Which ASX copper stock?

Bell Potter has named AIC Mines Ltd (ASX: A1M) shares as a buy this week.

It is a Western Australia-based copper production and exploration company focused on its 100%-owned Eloise Copper Project (ECP).

The broker was pleased with the ASX copper stock's recent quarterly update, highlighting that it once again met its guidance. It said:

A1M has extended its track record of meeting production and cost guidance, now established for eleven consecutive quarters. At its Eloise Copper Mine in QLD, production for the March 2026 quarter was 3,432t copper in concentrate plus 1,591oz gold at All-In-Sustaining-Costs (AISC) of A$4.18/lb (vs BPe 3,024t Cu in concentrate plus 1,591oz Au at A$4.62/lb). Lower mining volumes and mill throughput were more than offset by higher head grades as the mine plan took in higher grade zones.

A1M is tracking to beat FY26 production and cost guidance, which remains unchanged at 12.8-13.1kt Cu plus 6.0-6.5koz gold at AISC of A$4.85-A$5.25/lb. Cost inflation risks of ~A$0.40/lb-$0.50/lb have been flagged for the June 2026 quarter due to increasing diesel costs. Allowing for this, we still forecast the lower end of AISC guidance to be met or beaten.

Overall, the broker has described the performance as "excellent" and highlights that it beat guidance and its own forecasts despite inclement weather. It adds:

This was an excellent result, beating both guidance and our forecasts in a heavily rain-affected quarter that disrupted other mines and logistics in the region. A1M has built an exceptional track record of delivery, particularly for a single-asset company operating a relatively small-scale mine. The quarter also included a meaningful Resource and Reserve upgrade which has allowed us to add 18 months to our assumed life-of-mine. The new Jericho underground is progressing ahead of schedule and achieved the milestone of first ore production during the quarter.

Time to buy?

According to the note, Bell Potter has retained its buy rating on the ASX copper stock with an improved price target of 85 cents (from 80 cents).

Based on its current share price of 62 cents, this implies potential upside of approximately 37% for investors.

The broker concludes:

A1M represents leveraged copper exposure via its Eloise Copper Project with a clear, organic growth strategy being advanced. The current share price, in our view, represents attractive value for a well-managed, Australian-based copper producer. We retain our Buy recommendation on an increased, NPV-based target price rounded to $0.85/sh.

The post This ASX copper stock could be cheap compared to BHP and Rio Tinto shares appeared first on The Motley Fool Australia.

Here are three new opinions published on The Bull this week.

Charter Hall Long WALE REIT (ASX: CLW)

The Charter Hall Long WALE REIT has fallen 4.6% over the past 12 months.

The ASX REIT reported operating earnings of $90.6 million, up 2%, for 1H FY26.

Dylan Evans from Catapult Wealth has a buy rating on this ASX real estate investment trust (REIT).

Evans said:

This Australian real estate investment trust reported solid first half results in fiscal year 2026, which were in line with expectations.

Statutory earnings of $153.6 million increased 209 per cent compared to the prior corresponding period.

Net tangible assets of $4.68 per security were up 2 per cent from June 30, 2025.

CLW's share price has declined due to the re-emergence of inflation and its impact on interest rates and bond yields.

CLW appeals for its reliable income stream. It was recently trading on a dividend yield above 6.5 per cent, supported by a high quality property portfolio with occupancy of 99.9 per cent and a weighted average lease length of more than nine years.

ASX Ltd (ASX: ASX)

The ASX share price has fallen 21.1% over the past 12 months.

The company reported an 11.2% increase in revenue to $602.8 million for 1H FY26.

Statutory net profit after tax (NPAT) was $263.6 million, up 8.3%, and total expenses were $264.3 million, up 20%.

Evans has a hold rating on this ASX financial share.

He explains:

The financial markets operator has struggled for several years. It continues to face regulatory scrutiny after technology issues.

Total expenses of $264.4 million in the first half of 2026 were up 20 per cent, partly as a result of costs associated with the inquiry by the Australian Securities and Investments Commission, which cited ASX operational and governance issues in its interim report.

However, Evans thinks the outlook for ASX Ltd is improving.

It has consistently grown its revenues, courtesy of a near monopoly position.

If the company can reduce costs and sustain revenue growth, earnings should benefit moving forward.

Aussie Broadband Ltd (ASX: ABB)

The Aussie Broadband share price has increased 28.4% over the past 12 months.

Aussie Broadband reported a 13.5% increase in underlying EBITDA to $74.7 million for 1H FY26.

Earlier this month, the telco announced it intends to buy the telecommunications business of AGL Energy Ltd (ASX: AGL).

Aussie Broadband will pay AGL $115 million worth of scrip upfront, with a further $10 million in scrip to be paid in tranches.

Jonathan Tacadena from MPC Markets has a sell rating on the ASX telecommunications share.

He says:

ABB's acquisition of AGL Energy's telecommunications business looks like a genuinely good deal.

It adds an estimated 350,000 broadband services and mobile connections to ABB's customer base.

The acquisition is expected to be completed in June 2026. Migration is expected to be completed in the first half of fiscal year 2027.

ABB shares soared sharply on the news, but then retreated. Technically, that's a bearish sign.

We believe good news from the AGL deal is priced into the stock, so we would be inclined to cash in some gains.

The Aussie Broadband share price has fallen from $6.09 on 22 October to $5.11 at yesterday's close.   

The post Buy, hold, sell: Charter Hall Long WALE, ASX, Aussie Broadband shares appeared first on The Motley Fool Australia.

Here are three new recommendations.

Bravura Solutions Ltd (ASX: BVS)

The Bravura Solutions share price closed at $1.95 on Thursday, down 4.4%.

Last week, the wealth management software provider reported underlying revenue of $140 million, up 9.8% year-over-year, for 1H FY26.

About $81.3 million was recurring revenue.

Underlying cash earnings before interest, taxes, depreciation, and amortisation (EBITDA) was $34.2 million, up $14.2 million on 1H FY25.

Underlying net profit after tax (NPAT) was $25.9 million, up $14.6 million on 1H FY25.

Bravura ended the half with $64.5 million in cash and no debt.

Shaw and Partners reiterated its buy rating on the ASX tech share after reviewing the report.

The broker said revenue and EBITDA were comfortably ahead of expectations, commenting:

BVS is now a leaner, more efficient and more focused organisation.

While u/lying recurring growth is a highlight, churn is still a headwind and shouldn't be ignored entirely.

However, Services is driving recent upgrades and BVS has good visibility into FY27.

Its cost base has now stabilized, which suggests future upgrades will be driven by revenue outperformance.

Shaw and Partners has a 12-month price target of $2.50 on Bravura Solutions shares.

Lottery Corporation Ltd (ASX: TLC)

Lottery Corporation shares closed at $5.58 yesterday, up 1.1%.

On Wednesday, the lottery services provider reported a 2% lift in revenue to $1.82 billion for 1H FY26.

EBITDA slipped 0.7% to $367 million and NPAT fell 1.4% to $173.3 million.

Operating expenses increased 2.9% to $146 million. Net debt was $2.24 billion, with leverage at 3x EBITDA.

After surveying the numbers, Morgans retained its hold rating on this ASX retail share, commenting:

TLC delivered a resilient 1H26 result despite the leanest jackpot environment since demerger, with jackpot game outcomes (~50% of turnover) well below statistical norms.

Record Keno performance and strength in base games (incl. Saturday Lotto retention +103%) helped cushion the impact, while digital mix growth was muted by the absence of large jackpots.

New CEO Wayne Pickup's maiden result leaned into 'evolution not revolution', with messaging focused on portfolio optimisation and disciplined cost/capital allocation going forward.

TLC trades on forward EV/EBITDA and PER of ~16x and ~27x respectively, with the mid-year Investor Day the next key catalyst.

Morgans lifted its price target on Lottery Corporation shares from $5.40 to $5.70.

ASX Ltd (ASX: ASX)

The ASX Ltd share price closed at $54.92 on Thursday, up 0.2% amid the ASX 200 setting a new record high.

ASX is the predominant stock market operator in Australia.

Last week, ASX reported an 11.2% increase in revenue to $602.8 million for 1H FY26.

Statutory NPAT was $263.6 million, up 8.3%. However, total expenses rose 20% to $264.3 million.

On The Bull this week, Andrew Wielandt from DP Wealth Advisory put a sell rating on this ASX financial share.

He commented:

The business faces several challenges, including regulatory scrutiny after technology issues and heightened competition from Cboe Australia.

The rise of private equity and debt also generates competition for the ASX.

On February 12, 2026, the ASX announced a statutory net profit after tax of $263.6 million for the first half of 2026, an increase of 8.3 per cent on the prior corresponding period.

However, total expenses of $264.4 million were up 20 per cent, partly as a result of costs associated with the inquiry by the Australian Securities and Investments Commission, which cited ASX operational and governance issues in its interim report. 

The post Buy, hold, sell: Bravura, ASX, Lottery Corporation shares appeared first on The Motley Fool Australia.

What did ASX Ltd report?

• Operating revenue of $602.8 million, up 11.2% on 1H25
• Statutory and underlying NPAT of $263.6 million, up 8.3% and 3.9% respectively
• Total expenses of $264.3 million, up 20.0%
• Underlying return on equity steady at 13.5%
• Interim dividend of 101.8 cents per share, down 8.5% and fully franked
• All four business lines contributed to the result, highlighting a diversified portfolio

What else do investors need to know?

ASX's expense growth was higher this half, partly due to costs related to the ASIC Inquiry and investments in major transformation programs, including technology upgrades and the Accelerate initiative. Excluding ASIC-related costs, core business expenses rose by 12.1%.

There were several product launches in the half, such as gold ETF options and new environmental futures contracts, supporting customers as Australia's markets evolve toward sustainability and energy transition. The company is also preparing for the switchover to a new clearing platform (CHESS Release 1), now targeted for April 2026.

What did ASX Ltd management say?

ASX Managing Director and CEO Helen Lofthouse said:

ASX achieved strong revenue growth of 11.2% to $602.8 million in the half and we continued to deliver key business outcomes during the period. Revenue performance was driven by high volumes for cash market trading, clearing and settlement, and interest rate futures. It was particularly pleasing to see all four business units contributing to our result, underscoring the value of ASX's diversified business model.

What's next for ASX Ltd?

Looking ahead, ASX is focused on implementing its Commitments plan following the ASIC Inquiry, including strengthening governance and risk management, and raising an additional $150 million in capital by June 2027. The dividend payout ratio has been trimmed and a discounted dividend reinvestment plan introduced for at least the next three payments.

The company is preparing for the launch of its new clearing platform and expects capital expenditure for FY26 and FY27 to remain within previous guidance. Higher operating expenses are anticipated, mainly due to regulatory and program-related investments.

View Original Announcement

The post ASX Ltd posts solid 1H26 results, trims dividend as costs rise 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 4% to $54.14. Investors have been selling this stock exchange operator's shares after it announced the exit of its CEO. The company advised that its CEO, Helen Lofthouse, will step down from the role in May. It also revealed that the CHESS project Release 1 is targeting go-live in April, just before she leaves.

CSL Ltd (ASX: CSL)

The CSL share price is down 6% to $160.54. This has been driven by the release of a soft half-year result and news that the biotech giant's CEO, Dr Paul McKenzie, has resigned with immediate effect. With respect to the latter, CSL's chair, Dr Brian McNamee AO, said: "Paul and the Board have determined that now is the right time for new leadership to continue to drive CSL's strategic transformation and performance." For the first half, CSL posted underlying NPATA of US$1.9 billion, which was down 7% on the prior corresponding period. One positive is that management has reaffirmed its guidance for FY 2026.

GQG Partners Inc (ASX: GQG)

The GQG share price is down 3.5% to $1.59. This follows the release of the fund manager's latest funds under management (FUM) update. GQG Partners revealed that its FUM increased to US$165.7 billion (from US$163.9 billion) during January. However, this reflects a strong investment performance, which offset US$4.2 billion of net outflows.

Meteoric Resources NL (ASX: MEI)

The Meteoric Resources share price is down almost 5% to 20 cents. Investors have been selling the rare earths company's shares despite a positive update on the production performance at its recently commissioned Mixed Rare Earth Carbonate (MREC) Pilot Plant at the Caldeira Rare Earth Project in Brazil. The company's managing director, Stuart Gale, said: "Results achieved at the Pilot Plant to date have bettered the extensive test work conducted by ANSTO which is a great credit to our team who have spent significant time developing Meteoric's understanding of the Caldeira Ionic Clay deposits." Average magnet rare earth element recoveries were 70%. It is possible some investors were expecting stronger recoveries.

The post Why ASX, CSL, GQG, and Meteoric Resources shares are sinking today appeared first on The Motley Fool Australia.

The announcement comes just ahead of the company's half-year financial results, which are due to be announced on Thursday.

ASX shares finished Tuesday's session 0.52% higher at $56.35, with details released after the close of trade.

ASX is Australia's primary market operator, providing trading, clearing and settlement services across equities, derivatives and debt markets. The group also earns revenue from listings, data products and technology services used by market participants in Australia and overseas.

CEO departure confirmed

In its announcement, ASX confirmed that managing director and chief executive officer Helen Lofthouse will step down from the role in May 2026. Her tenure includes more than 10 years with the group and almost 4 years as chief executive.

Lofthouse was appointed in 2022 during a period of increased focus on the exchange, particularly around the failed CHESS replacement program. Since then, ASX has reset its technology strategy, cancelled the original blockchain based proposal and committed to a staged rebuild of its core clearing and settlement platform.

The first phase of the refreshed CHESS system is scheduled to go live in April. The board said the transition follows completion of key groundwork and positions the business for its next phase of leadership.

ASX has engaged an executive search firm to conduct a global process to identify its next chief executive. No successor or interim appointment has been named, and Lofthouse is expected to remain in the role until her departure.

Share price context

ASX shares remain well below their highs from earlier in 2025 but have rebounded from recent lows. Over the past year, the stock has faced pressure from regulatory oversight, technology execution risk and broader market volatility.

Despite this, the business continues to benefit from its position as critical national market infrastructure. Revenue is largely driven by trading volumes, listings activity and post trade services rather than direct exposure to market direction.

While the CHESS reset was generally supported, investor confidence has been affected by longer timelines and higher costs.

Half-year results due Thursday

ASX is scheduled to release its half-year results for the six months ended 31 December 2025 on Thursday 12 February. The update will be closely watched for revenue trends, cost control and progress on technology investment.

Investors will also be looking for commentary around market activity levels, capital expenditure and any changes to full year guidance.

While the leadership transition is a notable development, the upcoming earnings result is likely to be the main focus for the market.

The post Why ASX leadership is back in focus ahead of results appeared first on The Motley Fool Australia.

What did ASX Limited report?

• CEO Helen Lofthouse to step down in May 2026 after 11 years at ASX
• CHESS project Release 1 targeting go-live in April 2026
• Korn Ferry engaged to support global search for new CEO
• Technology and resilience upgrades completed under current leadership
• Ongoing transformation and technology modernisation program

What else do investors need to know?

The transition comes at a crucial time, as ASX finalises preparations for the first phase of the CHESS project, which underpins Australia's equity clearing and settlement infrastructure. Helen Lofthouse has led a strategic reset, enhanced tech investment, and upgraded risk frameworks over her tenure.

Succession planning has commenced, with Korn Ferry supporting a thorough search for the next CEO. Both internal and external candidates will be considered, with the Board emphasising the need for strong credentials in financial markets and transformation.

What did ASX Limited management say?

Outgoing CEO and Managing Director Helen Lofthouse said:

Since becoming CEO we have reset the CHESS project, refreshed our strategy, expanded technology investment and delivered a series of technology and resilience upgrades. While the pace of change has been intense in recent years, I'm very proud of our achievements in modernising technology, enhancing customer engagement, developing Group capabilities, and shifting our culture.

What's next for ASX Limited?

ASX's Board said the search for a new CEO will not impact delivery of its strategic priorities, with the executive team fully accountable for current programs. The company remains focused on reliable, resilient market infrastructure and stewardship.

Investors can expect ongoing updates on the CEO search and key project milestones—especially as the CHESS project's first phase approaches its go-live date in April 2026.

View Original Announcement

The post ASX Limited CEO to step down as CHESS project enters new phase appeared first on The Motley Fool Australia.

With that in mind, it could be worth hearing what analysts are saying about the shares listed below, courtesy of The Bull.

Here's what they are saying:

ASX Ltd (ASX: ASX)

The team at Catapult Wealth thinks that this stock exchange operator is a sell this week.

It highlights that there has been a long stream of bad news out of ASX and appears concerned there's more to come. As a result, it thinks investors should wait for the ASIC final report before even considering a position. It said:

On January 28, 2026, the Australian financial markets operator updated the market on fiscal year 2026 expense guidance. Previous guidance, excluding Australian Securities and Investments Commission (ASIC) inquiry costs, has been lifted from between 8 per cent and 11 per cent to between 13 per cent and 15 per cent.

Including ASIC inquiry costs, total expense guidance has increased from between 14 per cent and 19 per cent to between 20 per cent and 23 per cent. Unaudited statutory net profit after tax of $263.6 million in the first half of 2026 was up 8.3 per cent on the prior corresponding period.

Underlying return on equity of 13.5 per cent remains flat. ASIC's interim report cited ASX operational and governance issues. The shares have been under pressure since the ASIC inquiry was announced in June, 2025. Until we know what ASIC's final report contains, other stocks appeal more.   

Reece Ltd (ASX: REH)

Catapult Wealth also thinks that this plumbing parts company is an ASX share to sell this week.

It notes that Reece has started FY 2026 softly and given the lofty premium its shares trade on, it thinks investors should be taking profit now. Catapult Wealth explains:

The soft first quarter of fiscal year 2026 for this plumbing supplies company reflected subdued housing activity in Australia and the United States. Sales on a like-for-like basis increased just 2 per cent in Australia and New Zealand amid a low single digit decline in the US. Group EBITDA of $222 million was down 8 per cent year-on-year.

The shares fell from $24.07 on January 30, 2025 to $10.22 on September 4. The shares were trading at $14.69 on January 29, 2026. The company was recently trading on a lofty price/earnings ratio above 28 times. Investors may want to consider locking in some gains, as the shares are exposed to a downwards rating, in our view.

Westpac Banking Corp (ASX: WBC)

Over at Morgans, its analysts have named this big four bank as an ASX share to sell this week.

The broker believes there are better options out there for investors to choose from, especially given its subdued earnings growth outlook. It said:

Weaker consumer sentiment in an uncertain policy environment cloud the earnings outlook. Recent economic commentary highlights creeping pessimism among Australian consumers. Uncertainty around interest rate expectations creates a challenging setting for major banks to profitably grow credit. Westpac's long term projections show acceptable returns.

However, in our view, near term momentum appears constrained by operational adjustments, margin pressure and a more cautious economic tone. Given limited earnings catalysts on the horizon, we see better opportunities elsewhere.

The post Analysts name 3 ASX shares to sell appeared first on The Motley Fool Australia.

Costs, however, were also expected to be up, growing by an estimated 13% to 15% for the full financial year, or 20% to 23% once costs associated with an ASIC inquiry into the company were factored in.

The company said this regarding their costs:

A key driver for the increase in total expenses has been our decision to make further upgrades to the capacity and capability of resources to uplift risk management and modernise and support our major technology platforms. This reassessment of our investment requirements for key strategic priorities was informed by findings from the Inquiry Panel's report.

The ASX said slower uptake of e-statements at a time of high trading volumes also contributed to the increase in expense guidance.

On the profit front, the ASX said its unaudited underlying net profit was up 3.9% to $263.6 million, and net profit was up 8.3% to the same figure.

Shares looking fully priced

So what does this all mean for investors? The team at Jarden have run the ruler over the results and believes there is still some modest upside to be had.

They have a target price of $58 for ASX shares, compared with $57.47 at the close on Thursday, after the shares increased sharply following the market update on Wednesday.

The Jarden team said there are still some questions to be answered around costs, however.

With ASX announcing its second update to total cost guidance since Jun-25, it is increasingly difficult to gain comfort over the medium-term cost trajectory. Whilst positive revenue drivers translated more strongly than expected to top line and helped offset cost escalation pressures, with ASIC Chairman, Joe Longo, commenting that ' tangible progress' at ASX was a top priority, we see scope for FY27 costs to take a further step up following the release of the final ASIC Inquiry report (due by 31 March, 2026).

The Jarden team said that despite an attractive valuation from a P/E point of view, the company would have a lot to juggle in terms of "large-scale technology execution, risk management uplift and shareholder returns'' over the coming period.

While Jarden's price target does envisage modest upside, the broker has a neutral rating on the shares, "given risks are skewed to downside''.

ASX was valued at $11.16 billion at the close of trade on Thursday.

The post Are ASX Ltd shares a buy, sell or hold after their recent update? appeared first on The Motley Fool Australia.

It's a situation that at one point would have been very hard to believe, given the ASX's long-admired status as a monopoly with a significant moat.

But of course, the ASX has faced its fair share of challenges, including a slowdown in the IPO market, regulatory challenges, significant IT capital expenditure requirements, and a rising cost base.

Despite all this, today's announcement confirmed that the ASX is still growing revenues, remains highly profitable, and continues to generate strong cash flows. But the market's response tells us that more needs to be done before investors rush back in.

What is the takeaway from today's announcement?

The key takeaway from today's announcement is that ASX's cost base is moving structurally higher. Management lifted FY26 expense growth guidance, largely due to heavier investment in technology, risk management, and governance following the ASIC Inquiry. These aren't one-off costs that disappear next year. They reflect a reset in how ASX must operate as a critical national infrastructure.

In other words, ASX isn't choosing to spend more to chase growth. It's spending more to meet a higher regulatory and operational standard.

That distinction matters.

The ASX remains an exceptional business by most measures. Operating margins are still above 55%, net profit margins are around the mid-40s, and earnings per share has held up well over time. Few companies on the ASX can match that level of consistency or pricing power. Dividends also remain solid, and cash generation is dependable.

But the direction of travel has changed. Margins have gradually drifted lower over the past few years, returns on equity have flattened, and more capital is being tied up in systems, compliance, and buffers rather than flowing through to shareholders.

The market is responding by applying a lower valuation multiple than it once did.

A cheaper stock?

At roughly 20 times earnings, the ASX now trades below its own historical averages. On the surface, that looks cheaper. But cheaper doesn't automatically mean undervalued. It can also mean expectations have reset.

The market no longer sees ASX as an unencumbered monopoly with expanding returns. It increasingly looks at it as a high-cost base and highly regulated infrastructure asset. One that has very high-quality fundamentals, is very reliable, but has capped upside.

That helps explain why solid results haven't translated into share price momentum.

Despite all that, the ASX isn't broken. It's evolving, and investors are being asked to recalibrate what they can expect in return.

Today's announcement reinforces the view that the ASX's future is about building stability and resilience, not margin expansion. For investors, that shifts the story from growth to durability, and the share price is adjusting accordingly.

Perhaps at some point, cheaper will become cheap enoug,h and investors will rush back in.

The post ASX Limited shares keep getting cheaper, but the market still isn't convinced appeared first on The Motley Fool Australia.

What did ASX Ltd report?

• Operating revenue of $602.8 million, up 11.2% on the prior corresponding period (pcp)
• Statutory net profit after tax (NPAT) of $263.6 million, up 8.3%
• Underlying NPAT of $263.6 million, up 3.9%
• Total expenses (excluding ASIC Inquiry costs) of $247.0 million, up 12.1%
• Total expenses (including ASIC Inquiry costs) of $264.3 million, up 20%
• Underlying return on equity of 13.5%, flat on pcp

What else do investors need to know?

ASX has updated its FY26 total expense growth guidance. Excluding ASIC Inquiry costs, FY26 expense growth is now forecast between 13% and 15%; including these costs, growth is expected between 20% and 23%. This update is driven by heavier investment in technology upgrades and risk management, as well as higher legal costs.

The company continues to develop its Commitments plan in response to the ASIC Inquiry Panel's interim report. The plan details strategic actions—including a reset of the Accelerate Program and steps to improve board independence for key facilities.

Stronger trading volumes, especially in cash markets and interest rate futures, contributed to ASX's higher revenues in the half.

What did ASX Ltd management say?

ASX Ltd CEO and Managing Director Helen Lofthouse said:

Since announcing our five-year strategy in mid-2023, we have been making significant investments in ASX to modernise our technology and secure our pathway to long-term sustainable growth.

The ASIC Inquiry Panel's interim report underscores an even greater urgency to the transformation we are pursuing.

Alongside the reset of the Accelerate Program and the measures to enhance the independence of the clearing and settlement facilities, we have been reviewing key areas of our strategic investment to support how we address the spirit of the Inquiry's findings.
This has underpinned our forecasting activity and contributed to the expense update we've provided today. Central in our assessment has been ASX's role as an operator of critical market infrastructure that must perform to a very high standard, always striving for excellence.

Our unaudited results show ASX has experienced a period of strong cash market trading activity and demand for interest rate futures, and we felt it was important to release these additional figures to allow a fuller picture to be considered when providing today's update to expense guidance.

What's next for ASX Ltd?

ASX plans to provide further details at its 1H26 results announcement scheduled for 12 February 2026. The company is focused on delivering on its Commitments plan, investing to modernise its platforms, and addressing the findings of the ASIC Inquiry.

Investors can also expect FY27 expense growth guidance to be released at ASX's June 2026 Investor Forum. The company's medium-term return-on-equity target range has also been adjusted slightly lower in response to updated capital requirements from regulators.

View Original Announcement

The post ASX Ltd 1H26 earnings: revenue rises, expenses guidance upgraded 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:

AIC Mines Ltd (ASX: A1M)

The AIC Mines share price is down almost 3% to 51.5 cents. This is despite the copper and gold miner releasing a drilling update this morning. AIC Mines has been exploring extension drilling at the Jericho copper deposit located in Northwest Queensland. Commenting on the results, AIC Mines' managing director, Aaron Colleran, said: "These results highlight the quality of the Jericho system – its continuity at depth and its significant scale. It reinforces our confidence in the long-term growth potential of this asset."

ASX Ltd (ASX: ASX)

The ASX share price is down a further 2% to $52.43. This stock exchange operator's shares have fallen this week after it committed to a strategic package of actions with ASIC. The company revealed that these commitments address the findings contained in an interim report from the expert ASIC Inquiry Panel. They are designed to deliver confidence in ASX as a provider of critical market infrastructure. One action will see the company accumulate an additional $150 million of capital above net tangible asset (NTA) value by 30 June 2027. This will then be in place until agreed milestones in the revised accelerate program are completed to the satisfaction of ASIC.

Karoon Energy Ltd (ASX: KAR)

The Karoon Energy share price is down almost 3% to $1.59. This may have been driven by weakness in oil prices overnight. Traders were selling down oil in response to positive developments with respect to Russia and Ukraine peace talks. The latter has reportedly agreed to scrap its application to join NATO.

Life360 Inc (ASX: 360)

The Life360 share price is down almost 6% to $32.71. This is despite there being no news out of the location technology company. However, with tech stocks on Wall Street being sold off amid concerns over the AI bubble, the selling appears to have spread to the ASX boards. It isn't just Life360 shares that are down today. The S&P/ASX All Technology Index is down by a disappointing 1.6% at the time of writing.

The post Why AIC Mines, ASX, Karoon Energy, and Life360 shares are falling today 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 almost 7% to $53.03. Investors have been selling the stock exchange operator's shares after it committed to a strategic package of actions with the Australian Securities and Investments Commission (ASIC). These commitments address the findings contained in an interim report from the expert ASIC Inquiry Panel and are designed to deliver confidence in ASX as a provider of critical market infrastructure. One action will be ASX accumulating an additional $150 million of capital above net tangible asset (NTA) value by 30 June 2027. This will then be in place until agreed milestones in the revised accelerate program are completed to the satisfaction of ASIC.

CSL Ltd (ASX: CSL)

The CSL share price is down over 2% to $179.77. This is likely to have been driven by a broker note out of Macquarie Group Ltd (ASX: MQG) on Monday. According to the note, the broker has downgraded the biotech giant's shares to a neutral rating with a reduced price target of $188.00. It said: "With the risk of share losses from CIs in CIDP, we downgrade CSL to Neutral (from Outperform). We also see risks to FY26 guidance, given it is in the second half club, noting significant headwinds in 1H26. Our TP declines -32% from A$275.20 to A$188.00 reflecting a shift away from DCF valuation (~A$228) given uncertainty in CSL's long-term earnings profits and towards PE valuation based on a basket of comps with similar EPS growth (~$175)."

Galan Lithium Ltd (ASX: GLN)

The Galan Lithium share price is down almost 2% to 26.5 cents. This is despite the release of a positive update on the progress of its phase 1 construction activities for Hombre Muerto West (HMW), as it advances towards its final stages. Galan's managing director, Juan Pablo Vargas de la Vega, said: "The project is transitioning into an exciting final phase of construction and commissioning. The momentum being built across the team gives us confidence as we move toward becoming a producing lithium company." It is possible that profit taking from some investors is overshadowing the news. After all, its shares are up almost 70% since the start of November.

Nextdc Ltd (ASX: NXT)

The Nextdc share price is down almost 2% to $13.28. This appears to have been driven by weakness in the tech sector on Monday. Investors have been selling AI stocks following a selloff on the tech-focused Nasdaq index on Friday night.

The post Why ASX, CSL, Galan Lithium, and NextDC shares are dropping today appeared first on The Motley Fool Australia.

This follows the release of an interim report from the expert ASIC Inquiry Panel, and the stock is now down 18% year to date, reflecting persistent investor concern over the ASX's governance, operational resilience, and mounting transformation costs.

Why ASX Ltd's shares sold off

In a market announcement released this morning, ASX committed to a broad strategic package of actions in response to ASIC's findings. The Panel's interim report concluded that ASX must substantially improve operational risk management, governance, and leadership across its clearing and settlement businesses.

The most immediate financial impact is the $150 million uplift in additional capital above net tangible assets, which effectively constrains the company's balance sheet and depresses future returns on equity.

Dividend policy tightened

In order to accumulate the additional capital, ASX will:

• Lower its dividend payout ratio range from the previous range of 80% – 90% to a new range of 75% – 85% of underlying NPAT
• Hold dividends at the bottom end of the new range for at least the next three dividends
• Operate a discounted dividend reinvestment plan (DRP) to boost retained capital

This combination signals reduced cash yields to shareholders over the near term and is one of the key drivers of today's share price reaction.

For income-focused investors, this means dividend growth will be softer in the near term. While the ASX remains a profitable business, more of its earnings will now be diverted toward strengthening the balance sheet.

Lower return expectations

The ASX also downgraded its medium-term return on equity (ROE) target from a previous range of 13% –14.5% to a new range of 12.5% –14%.

This reflects the fact that a heavier capital base and the costs associated with remediation efforts will weigh on profitability.

Foolish bottom line

The market's reaction suggests investors expect a longer, more complex transformation period for the ASX ahead. While the ASX continues to invest heavily in technology and governance improvements, its cost base is rising, returns are becoming tighter, and dividend flexibility is being reduced.

For investors, the key question is whether the worst is now priced in and if the ASX's near-term challenges create a long-term opportunity. If management successfully delivers its reset and restores confidence, today's weakness could eventually look like a buying window. But for now, the stock remains under pressure as the company works through regulatory and operational hurdles.

The post ASX Ltd shares drop 6% on $150m capital charge 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 over 2.5% to $56.65. Investors have been selling the stock exchange operator's shares following another damaging event. A number of ASX shares have been suspended from trade today due to an announcement outage. It stated: "ASX has implemented an initial remediation and commenced processing company announcements received since 11:22 AEDT. Earlier announcements remain impacted. We apologise for the disruption from this event and we are seeking to resolve this as soon as possible."

AUB Group Ltd (ASX: AUB)

The AUB Group share price is down almost 17% to $31.02. This follows news that the insurance broker's takeover talks have ended without a deal being reached. EQT and CVC had tabled a non-binding offer of $45.00 per share but have now withdrawn the proposal. AUB's CEO, Michael Emmett, said: "AUB Group continues to deliver robust performance, underpinned by a clear strategy and disciplined execution. The recent due diligence process, while demanding, has reaffirmed our confidence in our improvement initiatives and long-term growth prospects. Now that discussions with the Consortium have ended, our Board and management team are fully focused on advancing our portfolio of organic growth initiatives and acquisition opportunities. We remain confident in AUB Group's forecast FY26 financial performance and see significant opportunities to grow profits in FY27 and beyond."

Dyno Nobel Ltd (ASX: DNL)

The Dyno Nobel share price is down over 3% to $3.30. This has been driven by the commercial explosives company's shares going ex-dividend this morning for its final dividend of FY 2025. Eligible shareholders can now look forward to receiving Dyno Nobel's 9.5 cents per share payout later this month on 16 December.

HMC Capital Ltd (ASX: HMC)

The HMC Capital share price is down 7% to $3.60. This is despite there being no news out of the investment company on Monday. However, it is possible that this has been driven by profit taking from investors after some strong gains in recent weeks. For example, even after today's sizeable decline, HMC Capital's shares are up 24% since the middle of November.

The post Why ASX, AUB, Dyno Nobel, and HMC shares are sinking today appeared first on The Motley Fool Australia.

ASX Ltd is best known as the company behind the Australian Securities Exchange, the beating heart of the nation's capital markets. It provides trading, clearing, and settlement services for equities, ETFs, and derivatives, as well as market data and technology solutions.

As a securities exchange, its fortunes are closely tied to investor activity, trading volumes, corporate listings, and the broader health of financial markets.

Why Macquarie is bullish about the ASX 200 stock

The broker's upgrade comes after a solid run, with months of higher trading volumes for the ASX across both equities and futures markets. The ASX has seen total capital raised in October surging to $9.4 billion, up from $3.1 billion a year earlier. Cash equity trades jumped 51%, and futures and options activity was up 17% year on year.

The ASX 200 stock has also been strengthened by the news that rival exchange CBOE Global Markets will exit its Australian operations. That, according to Macquarie, supports the view that the Australian market is too small to support additional competition to the ASX.

So with the ASX in a de facto local monopoly situation, that should provide pricing support in the medium term.

Analysts at Macquarie believe this momentum, combined with easing competitive pressure and a more attractive valuation, makes the ASX 200 stock cheap enough to buy. The stock now trades at approximately 22 times forward earnings, around 10% below its three-year average and a 15% premium to the S&P/ASX 100 Index (ASX: XTO). This is well below the 50% premium the ASX has commanded historically.

However, it's not all roses as Macquarie still expects higher costs ahead, with capital and operating expenses forecast near the upper end of guidance due to regulatory reviews and technology upgrades. It also bakes in $15 million in extra pre-tax costs related to ASIC's ongoing inquiry.

Even so, the broker says these headwinds could already be priced in. It sees improving returns from equities and futures activity and a potential re-rating as the company restores growth credibility following several years of heavy technology investment and regulatory scrutiny.

ASX 200 stock Foolish bottom line

After lagging the broader market, ASX shares may finally be at a turning point. Macquarie's upgrade reflects a view that the worst of the regulatory drag is behind it, and the stock's defensive earnings, high dividend yield, and monopoly-like market position look appealing again.

With a 16% expected total shareholder return over the next year, ASX Ltd might just be trading at the intersection of stability and opportunity.

The post Macquarie upgrades this ASX 200 stock to 'outperform'; tips 16% upside 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.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

ASX Ltd (ASX: ASX)

The ASX share price is up over 3.5% to $59.63. This is likely to have been driven by the release of a broker note out of Macquarie Group Ltd (ASX: MQG) this morning. According to the note, the broker has upgraded the stock exchange operator's shares to an outperform rating with a $64.00 price target. It made the move following equities and futures momentum, as well as an attractive earnings multiple. The broker said: "Upgrade to Outperform (from Neutral). With momentum around equities and futures volumes, at current multiples we see valuations as attractive."

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas Rare Earths share price is up 4.5% to $13.74. This is despite there being no news out of the rare earths producer on Friday. However, prior to today's session, the company's shares were down by almost a third in the space of just one month. Some investors may believe that this has created a buying opportunity and have been snapping them up today.

News Corp (ASX: NWS)

The News Corp share price is up 4.5% to $46.98. Investors have been buying this media giant's shares following the release of another solid quarterly update. News Corp reported a 2% increase in revenue to US$2.14 billion and a 5% lift in total segment EBITDA to US$340 million. Commenting on the quarter, News Corp's chief executive, Robert Thomson, said: "Following a sterling performance in fiscal 2025 – one that marked a record year for profitability on a continuing operations basis – News Corp continued to increase both revenue and profitability in the first quarter of fiscal 2026, led by strength at Dow Jones and Digital Real Estate Services, and bolstered by digital and AI-related revenues."

Solvar Ltd (ASX: SVR)

The Solvar share price is up 2% to $1.57. This morning, this specialist finance company announced enhancements to debt facilities of its Money3 business unit. It notes that the new arrangements provide greater diversification of funding sources and deliver a material reduction in its cost of funds. The company's CEO, Scott Baldwin, said: "The establishment of a new warehouse facility and the restructuring of the existing warehouse, together providing over $350.0 million of headroom, represents a major step forward in broadening and diversifying Money3's funders."

The post Why ASX, Lynas, News Corp, and Solvar shares are storming higher today appeared first on The Motley Fool Australia.

The S&P/ASX 200 Financials Index (ASX: XFJ) is down 0.05% at the time of writing, while the S&P/ASX 200 Index (ASX: XJO) is up 0.3%.

The ASX 200 is currently at 8,825.3 points, just 3% shy of its record high of 9,115.2 points reached last month.

In today's rich market, here are three financial stocks that have attracted sell ratings from the experts.

3 ASX 200 financial shares to sell now: experts

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price is $177.99 on Thursday, up 0.9%. Over the past 12 months, the market's biggest bank stock has lifted 22%.

Remo Greco from Sanlam Private Wealth explained his sell rating on The Bull:

The CBA share price is off its 2025 highs above $191. This was despite the bank reporting a clean set of 2025 financial year results in August. In our view, the share price rise was driven by index positioning rather than the prospect of strong financial results.

Statutory net profit after tax of $10.133 billion in full year 2025 was up 7 per cent on the prior corresponding period. The shares were trading at $171.05 on October 30. The bank was recently trading on a modest dividend yield below 3 per cent.

CBA shares went on a tear from November 2023 through to June 2025, rising more than 85% to a historical peak price of $192.

Greco concluded:

CBA is a solid performer, but, in our view, capital growth appears limited.

Other stocks appeal more for potential capital growth and dividend yield.

ANZ Group Holdings Ltd (ASX: ANZ)

The ANZ share price is $37.02, up 0.5% for the day and up 18% over the past 12 months.

Greco also has a sell rating on this large-cap ASX 200 financial share.

The analyst said:

ANZ's 2030 strategy has generated investor interest, but we believe it appears too aggressive.

The Suncorp Bank acquisition needs to be successful. In our view, the ANZ doesn't have a positive track record in managing acquisitions, resulting in customer attrition.

Greco notes that ANZ shares have experienced a sharp rise recently, with the share price up 27% since the start of FY26.

The bank has enjoyed a strong run, so we would be inclined to take some profits and monitor performance and developments from the sidelines as the ambitious 2030 strategy continues to unfold moving forward.

ASX Ltd (ASX: ASX)

The share price of the Australian Securities Exchange operator is $57.49, up 0.4% today and down 12% over 12 months.

On The Bull last week, Peter Day from Sequoia Wealth Management explained his sell rating on this ASX 200 financial share.

For starters, Day noted that ASX confirmed higher expenses at its annual general meeting on 23 October.

Total expense growth is forecast to range between 14 per cent and 19 per cent in fiscal year 2026 compared to the prior corresponding period.

This includes operating expenses of between $25 million and $35 million related to the company's response to the inquiry undertaken by the Australian Securities and Investments Commission (ASIC).

The analyst added:

Risks to the revenue outlook in the medium term have also edged higher with ASIC granting approval for Cboe Australia to list new companies, which could challenge ASX's dominant listings structure.

The post 3 ASX 200 financial shares to sell in today's rich market 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.