October 30, 2025
MinRes digs up some gains
Mineral Resources jumped nearly 14% after a strong quarterly update while Coles slipped on weaker liquor and tobacco sales.
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Market Snapshot
The ASX 200 dipped 0.46% to 8,885 extending Wednesday’s slide as investors caught their breath after a bruising inflation shock. Wall Street didn’t help – the Fed delivered a “hawkish cut”, trimming rates as expected but warning that more easing isn’t coming anytime soon. That sent bond yields to five-month highs and left rate sensitive sectors nursing fresh losses.
Retail, tech and property names bore the brunt – Wesfarmers, JB Hi-Fi and Mirvac all sank – while bargain hunters tiptoed back into the big banks. The bright spot? Lithium. JPMorgan’s upgrade on long-term prices sparked a rally across the sector. The AUD ticked higher to US 65.9¢ as optimism flickered around a Trump-Xi trade thaw.
Meanwhile at Wall Street
Two big names reported earnings overnight – you might’ve heard of them.
Microsoft beat expectations with 18% revenue growth and a 40% surge in Azure sales but shares slipped after hours as investors balked at its US$34.9 billion capex bill. CEO Satya Nadella said the spending reflected “planet-scale” demand for AI and cloud – proof that growth in the AI era doesn’t come cheap.
Meta meanwhile saw its strong quarter overshadowed by a political curveball. The company’s profit plunged 83% after a US$15.9 billion tax hit from Trump’s One Big Beautiful Bill, sending shares down 7%. Excluding the one-off charge, earnings would have risen nearly 20% as revenue jumped 26% to US$51.2 billion, its fastest growth in over a year.
MinRes digs deep
The result:
Mineral Resources surged 13.7% to $48.2, leading the ASX 200 after a better-than-expected Q1 update. The company confirmed it’s on track to meet full-year guidance, with its Onslow project hitting nameplate capacity of 35 million tonnes per year – a milestone that triggered a $200 million payment from Morgan Stanley Infrastructure Partners as part of their $1.3 billion haul road deal.
Why it matters:
The update gave investors something rare in the resources sector: growth without the cost blowout. Analysts said Onslow’s performance was stronger and cheaper than expected, reinforcing MinRes’ reputation for operational discipline. With the stock now up 28% over 12 months, the company is digging in as one of the few bright spots in an otherwise volatile mining sector.
What's next:
Investors are watching the December quarter for sustained throughput and margin strength as MinRes keeps its foot on the pedal.
Coles loses its fizz
The result:
Coles fell 2.6% after reporting a 3.9% rise in Q1 sales, as its grocery aisles stayed busy but its bottle shops and tobacco shelves went quiet. Supermarket revenue climbed 4.8% to $9.97 billion, while liquor sales dipped 1.1% and tobacco plunged 57% amid new legislation and an expanding illicit market.
Why it matters:
It’s a tale of two shoppers – one sticking to everyday essentials, the other cutting back on the extras. Analysts said Coles’ liquor segment faces both cyclical and structural challenges as households stay budget conscious. But there were bright spots: eCommerce sales jumped nearly 28% and Coles’ “Simply Liquorland” revamp is starting to win back value focused customers. For investors it’s proof that even in a tough consumer climate, transformation – not discounting – is Coles’ main weapon.
What's next:
Coles says early Q2 sales are tracking in line with Q1 suggesting steady footing heading into the Christmas rush.
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