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Lunch Wrap: ASX catches the AI bug as copper keeps charging higher. * Tech rips while the ASX treads water * Bellevue cops a $200m hedging headache * Capstone says gracias to its Mexican mine The S&P/ASX 200 was up by 0.2% at lunchtime on Tuesday after a cracking start slowly ran out of puff. And you can basically blame two sectors for the stalemate. Tech was flying while utilities were doing the exact opposite. Overnight, Wall Street surged higher after American investors rediscovered their favourite two-letter acronym: AI. Meta surged a ridiculous 11% after early signs of success for its AI agent Muse got investors excited all over again. AMD joined the party too, jumping 10% and pushing through US$1 trillion in market value for the first time. It joined Nvidia, Broadcom and Micron in the exclusive trillion-dollar chip club, which apparently isn't quite as exclusive as it used to be. Back in Sydney, tech was easily the best performing ASX sector this morning, jumping more than 3%. The good mood also spilled into consumer discretionary. Copper stocks were having a decent morning too, as the red metal keeps pushing higher to a new record. But every decent ASX session needs someone ruining the vibe, and today that job fell largely to utilities. In the large caps space... Capstone Copper (ASX:CSC) gained 2% after offloading its Cozamin mine in Mexico to Luca Mining for up to C$385 million. It gets C$275m cash upfront, plus shares, deferred payments and potentially another C$60m if copper prices play along. Cozamin has been a solid earner for Capstone, but at that price, apparently it was time to say gracias and move on. Bellevue Gold (ASX:BGL) delivered today's painful lesson in hedging, posting just $7.1m profit when it reckons it would've made around $205m without the hedges. Bellevue locked in much of its gold around $2500/oz to secure funding back in 2021. Gold then went completely nuts and headed towards $8000. Hindsight's a wonderful thing. And BGL shares still rose 5%. And... Endeavour Group (ASX:EDV) edged higher after ex-REA boss Owen Wilson joined the board. Citi reckons his digital chops could help it get more from its millions of Dan Murphy's and BWS members. ASX leaders. Today's best performing stocks (including small caps) intraday: | Security | Description | Last | % | Volume | MktCap | | AAJ | Aruma Resources Ltd | 0.007 | 17% | 596,918 | $5,025,801 | | ARV | Artemis Resources | 0.004 | 14% | 495,482 | $20,307,228 | | BNR | Bulletin Res Ltd | 0.033 | 22% | 782,717 | $7,927,560 | | E79 | E79Goldmineslimited | 0.031 | 15% | 1,080,779 | $9,546,003 | | GL1 | Global Lithium | 1.010 | 52% | 6,355,590 | $184,534,068 | | HYT | Hyterra Ltd | 0.007 | 17% | 2,086,016 | $12,857,268 | | ICE | Icetana Limited | 0.047 | 15% | 84,305 | $27,237,362 | | INF | Infinity Metals Ltd | 0.008 | 14% | 2,730 | $4,952,248 | | KFM | Kingfisher Mining | 0.078 | 22% | 16,464 | $6,660,640 | | MEM | Memphasys Ltd | 0.006 | 20% | 80,000 | $15,476,169 | | MRR | Minrex Resources Ltd | 0.015 | 20% | 7,649,301 | $26,789,416 | | MX1 | Micro-X Limited | 0.032 | 28% | 2,515,108 | $18,810,921 | | NOR | Norwood Systems Ltd. 0.018 | 20% | 574,415 | $8,698,618 | | NYM | Narryer Metals | 0.086 | 32% | 7,701,881 | $13,731,562 | | PET | Phoslock Env Tec Ltd | 0.007 | 17% | 907,420 | $3,746,343 | | PRB | Parbo Resources | 0.260 | 30% | 571,578 | $8,945,853 | | RAD | Radiopharm | 0.008 | 14% | 1,872,456 | $32,976,180 | | RFT | Rectifier Technolog | 0.006 | 20% | 605,000 | $6,909,920 | | RKB | Rokeby Resources Ltd | 0.003 | 50% | 3,333,333 | $5,953,460 | | SPQ | Superior Resources | 0.005 | 43% | 5,929,808 | $9,242,348 | | TAT | Tartana Minerals Ltd | 0.016 | 14% | 1,037,088 | $6,084,495 | | TON | Triton Min Ltd | 0.006 | 20% | 126,356 | $7,841,944 | | TYX | Tyranna Res Ltd | 0.003 | 25% | 10,007,025 | $7,832,300 | | VR8 | Vanadium Resources | 0.065 | 23% | 6,879,886 | $37,151,235 | | WTM | Waratah Minerals Ltd | 0.785 | 30% | 3,943,513 | $234,892,657 | Global Lithium Resources (ASX:GL1) has agreed to a $333m cash takeover by Titan, with shareholders offered $1.15 a share - a 73% premium to its last traded price. Titan is also putting up as much as $120m to keep the Manna lithium project moving while the deal goes through. Narryer Metals (ASX:NYM) is buying 100% of the Redhill copper-gold-silver project in Chile, which already has a 4.3Mt resource grading 1.7% copper plus gold and silver. 29Metals (ASX:29M) is backing the move with a $1m investment at 10c a share, a chunky 54% premium. Parbo Resources (ASX:PRB) hit the ASX today after a $5m IPO, with New Murchison Gold taking a 17.5% stake. It isn't wasting much time either; drilling is already underway at its WA copper-gold portfolio, with four priority targets lined up. Waratah Minerals (ASX:WTM) has punched out its best hit yet at the Spur gold discovery in NSW - 46m at 7.27g/t gold, including 10m at a hefty 28.93g/t. The hole also extended known mineralisation and helped define four high-grade zones, so Spur keeps getting bigger as Waratah drills it. ASX laggards. Today's worst performing stocks (including small caps) intraday: | Security | Description | Last | % | Volume | MktCap | | 4DS | 4Ds Memory Limited | 0.008 | -11% | 7,953,537 | $18,548,088 | | ADN | Andromeda Metals Ltd | 0.006 | -14% | 84,539 | $35,977,644 | | AEV | Avenira Limited | 0.008 | -11% | 493,630 | $48,870,807 | | ARO | Altorometalsltd | 0.004 | -13% | 3,117,000 | $10,059,226 | | BNL | Blue Star Helium Ltd | 0.004 | -13% | 5,752,446 | $24,611,660 | | CTQ | Careteq Limited | 0.016 | -11% | 1,900,709 | $13,196,137 | | DM1 | Desert Metals | 0.007 | -13% | 182,266 | $5,351,030 | | FEL | Forte Energy Ltd | 0.006 | -14% | 38,333 | $6,062,027 | | FG1 | Flynngold | 0.016 | -11% | 2,457,273 | $10,955,795 | | IFG | Infocusgroup Hldltd | 0.008 | -11% | 117 | $5,509,600 | | LMG | Latrobe Magnesium | 0.016 | -16% | 84,902,164 | $64,882,171 | | MXI | Maxiparts Limited | 1.870 | -20% | 207,985 | $130,024,339 | | NAE | New Age Exploration | 0.002 | -25% | 1,926,593 | $8,684,525 | | OMG | OMG Group Limited | 0.006 | -14% | 5,071 | $8,093,564 | | OVT | Ovanti Limited | 0.002 | -25% | 170,594 | $2,363,348 | | PER | Percheron | 0.004 | -11% | 4,165 | $8,200,870 | | PL9 | Prairie Lithium Ltd | 0.005 | -17% | 881,061 | $34,681,887 | | TEM | Tempest Minerals | 0.004 | -11% | 2,200 | $4,958,443 | | TGN | Tungsten Min NL | 0.330 | -14% | 10,622,162 | $537,590,979 | | TMX | Terrain Minerals | 0.003 | -25% | 2,590,910 | $15,760,913 | | TRI | Trivarx Ltd | 0.010 | -17% | 1,472,409 | $13,844,322 | | TZL | TZ Limited | 0.027 | -18% | 90,000 | $11,933,081 | | UNT | Unith Ltd | 0.005 | -17% | 1,321,360 | $10,752,168 | | X2M | X2M Connect Limited | 0.006 | -21% | 37,255,978 | $18,161,836 |

Macquarie sticks to their Sell rating for Endeavour Group Ltd (EDV). Sep. 6, 2026, 08:05 PM In a report released today, from Macquarie maintained a Sell rating on Endeavour Group Ltd, with a price target of A$2.50. In addition to Macquarie, Endeavour Group Ltd also received a Sell from Morgan Stanley's Melinda Baxter in a report issued on August 25. However, on August 31, Citi maintained a Buy rating on Endeavour Group Ltd (ASX: EDV). Based on Endeavour Group Ltd's latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of A$5.53 billion and a GAAP net loss of A$195 million. In comparison, last year the company earned a revenue of A$5.44 billion and had a net profit of A$128 million Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of EDV in relation to earlier this year. Read More on AU:EDV:

Endeavour Group's (ASX: EDV) profit reset and a trimmed dividend - is the beaten-down consumer stock finally cheap? 31 August 2026 11:57 PM AEST Summarize with AI You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to its research reports, in-depth technical and fundamental research. Learn more Highlights. - FY2026 group sales rose 1.3% to $12.212 billion, but underlying net profit after tax fell 14.8% to $363 million. - Statutory NPAT plunged 87.8% to just $52 million after $372 million of pre-tax significant items. - The board cut the full-year Dividend to 12.0 cents per share from 18.8 cents. - The payout policy was reset to 50-75% of underlying NPAT, down from 70-80%. - Retail division (Dan Murphy's, BWS) sales rose 0.7% to $10.016 billion, with EBIT falling to $464 million from $563 million. - Hotels sales rose 4.2% to $2.196 billion, with EBIT rising to $462 million, though $67 million of impairments were booked across 25 venues. - Management targeted $100 million of cost savings in FY2027, building to $300 million by FY2029. - The shares are near record lows, down about 20% year to date. Endeavour Group's FY2026 result laid bare the pressure facing Australia's largest liquor retailer, as a cautious consumer trading down on alcohol spend combined with a deliberate strategic reset to drag Underlying Profit lower and force a meaningful cut to the dividend. With the shares near record lows and down about 20% year to date, the question for investors is whether the sell-off has now overshot the fundamentals of a Business that still controls the country's dominant liquor retail network. Latest developments. Endeavour Group, which owns Dan Murphy's and BWS liquor retail alongside a network of hotels and gaming venues, reported its results for the year to 30 June 2026 with sales growth that failed to translate into profit growth. Group sales rose 1.3% to $12.212 billion, but underlying net profit after tax fell 14.8% to $363 million. The statutory result was far weaker again, with NPAT plunging 87.8% to just $52 million after the company booked $372 million of pre-tax significant items, including impairments across both the retail and hotels divisions. Management framed the year as a deliberate reset, announcing a cost-out program targeting $100 million of savings in FY2027, building to $300 million by FY2029. What the numbers show. The Retail division, comprising Dan Murphy's and BWS, saw sales rise only 0.7% to $10.016 billion, while EBIT fell to $464 million from $563 million, reflecting weaker margins as cost-of-living pressure pushed consumers toward cheaper products and more promotional buying. Hotels performed comparatively better, with sales up 4.2% to $2.196 billion and EBIT rising to $462 million, although the division also booked $67 million of impairments across 25 venues. The board cut the full-year dividend to 12.0 cents per share from 18.8 cents, and reset the payout policy to a range of 50 to 75% of underlying NPAT, down from 70 to 80% previously, giving the company more room to reinvest in the cost-out program and fund ongoing Capital needs. What could drive the stock next. Early evidence that the cost-out program is delivering, alongside any stabilisation in Retail division margins, would be the clearest signal that the reset is working. Any improvement in consumer sentiment around discretionary alcohol spend would also help underlying sales quality, not just volume. With the shares near record lows, a lower valuation base also raises the prospect of a re-rating if the FY2027 result shows the reset gaining traction, or if capital management Options such as portfolio simplification in hotels emerge. Key risks to watch. Continued cost-of-living pressure on discretionary alcohol spend is the central risk, given how directly it hit Retail division margins this year. Regulatory scrutiny of gaming machines in hotels remains an ongoing overhang for that division's earnings. Execution on the multi-year, multi-hundred-million-dollar cost-out program is unproven, and further impairments are possible if trading conditions stay weak across either the retail or hotels networks. Investor takeaway. Endeavour Group's FY2026 result confirmed a genuinely difficult year, with a dividend cut and a heavily written-down statutory profit reflecting real pressure on the core Retail business. The strategic reset gives management a credible path to rebuild margins, but with the cost-out program still in its early stages, the stock's cheapness reflects real uncertainty rather than an obvious bargain. FAQs. Q: what does endeavour group do? A:Endeavour Group is an Australian retail and hospitality company operating Dan Murphy's and BWS liquor retail plus a network of hotels and gaming venues. Q: How did Endeavour perform in FY2026? A:Group sales rose 1.3% to $12.212 billion, but underlying net profit fell 14.8% to $363 million, and statutory profit plunged 87.8% to $52 million after significant write-downs. Q: Why was the dividend cut? A:The board cut the full-year dividend to 12.0 cents per share from 18.8 cents and reset the payout policy to 50-75% of underlying profit, reflecting the lower earnings base and a deliberate strategic reset. Q: What is driving the earnings pressure? A:A consumer trading down on alcohol spend weighed on the Retail division, while Hotels performed comparatively better on gaming and hospitality demand, though both divisions booked impairments during the year. Q: What are the main risks for Endeavour shareholders? A:Continued cost-of-living pressure on discretionary alcohol spend, regulatory scrutiny of gaming machines in hotels, unproven execution on the multi-year cost-out program, and the possibility of further impairments if trading stays weak. Download Free Report - Explore 3 Stock Ideas & Industry Insights Unlock 3 stock ideas and key industry insights in its free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice. All investments involve risk - consider independent advice before making any investment decisions. Disclaimer: