ASX 200 Outlook: Anticipated Gains, ANZ Trim Rating, and Key Corporate Updates
Analysts expect the ASX 200 to open higher on Wednesday, with attention on ANZ's trim rating, easing oil prices, and upcoming updates from PLS Group, Fortescue and Woolworths.
The S&P/ASX 200 index closed Tuesday with a 0.45% rise to 8,850.1 points after a modest start. Futures data suggest the benchmark could open Wednesday about 0.2% higher, supported by gains on U.S. markets where the Dow Jones edged up, the S&P 500 rose 0.6%, and the Nasdaq jumped 1.2%.
Morgans retained a trim rating on ANZ Group Holdings ahead of its results next month, lifting the price target to $34.44 from $33.53. The broker noted minor adjustments to FY26-28 forecasts, mainly reflecting balance-sheet growth and loan-loss provisioning assumptions, and estimated total shareholder return at roughly –9% at current prices.
Energy stocks may face limited upside as oil prices slipped overnight. Bloomberg reported WTI crude fell 1.75% to $99.97 per barrel and Brent crude dropped 1.6% to $113.96, a movement attributed to optimism about peace developments in the Middle East.
Investors will watch PLS Group as the lithium producer releases its quarterly update, after its shares have fallen 25% since the same period last month. Fortescue Ltd is also on the radar ahead of its annual general meeting update, and Woolworths Group is set to report its first-quarter results, with analysts at UBS forecasting sales growth of 4.3% to $19.3 billion.
"We make 0-2% changes to FY26-28 forecasts ahead of the FY26 result, largely related to balance sheet growth and loan loss provisioning assumptions. Target price lifted to $34.44/sh, from $33.53/sh previously. TRIM retained, given potential TSR at current prices of c.-9%." – Morgans analyst