ASX Slips as Tech and Energy Weigh, HealthCo Surges on Rent Deal

Key Highlights:

• ASX 200 dips 0.20% to 8,392.9, with All Ords and Small Ords following suit
• HealthCo Healthcare and Wellness REIT jumps 15.15% on rent deferral news
• Citi flips uranium pick from Boss Energy to Paladin, Paladin up 4.17%
• Meeka Metals eyes first gold by mid-2025; Findi surges on record FY25 results
• US data, global cues weigh on sentiment; low volatility expected over the next 30 days
   

ASX Market Wrap – May 30, 2025: A Tepid Friday as Energy and Tech Pull Back, HealthCo and Meeka Shine

The ASX 200 slipped 0.20% to close at 8,392.9 on Friday, as broad-based sector weakness kept investor sentiment subdued ahead of the weekend. While nine out of eleven sectors ended lower, gains in staples (+0.32%) and healthcare (+0.03%) helped cushion some of the losses. The All Ords fell 0.22% to 8,618.8, while the Small Ords dipped 0.25% to 3,206.6.

Information technology (-1.00%) and energy (-0.92%) led the sectoral laggards, with the ASX All Technology Index slipping 0.73% to 3,990.6. Real estate (-0.89%) and discretionary stocks (-0.40%) also faced selling pressure, reflecting broader caution in the market.

HealthCo Rockets on Rent Deal

The standout performer of the day was HealthCo Healthcare and Wellness REIT (HCW), which surged 15.15% to $0.95 after striking a partial rent deferral agreement with Healthscope and its receivers. The agreement secures 85% of rents from June to August 2025, while deferring the remaining 15% until September. This provides much-needed clarity for HCW investors, especially as Healthscope, Australia’s second-largest private hospital operator, grapples with a $1.6 billion debt load.

Uranium Focus: Citi Flips to Paladin

Uranium stocks saw mixed action after Citi analysts switched their uranium sector preference from Boss Energy to Paladin Energy (PDN). While both remain Buy-rated, the analysts argue Paladin is oversold relative to uranium price moves, citing operational challenges and flooding issues that have weighed on the stock. Paladin shares rose 4.17% to $5.805, while Boss Energy edged lower. Citi’s call underscores expectations of a bullish uranium cycle, driven by supply tightness and renewed nuclear demand.

Gold Miners Glitter as Meeka Targets Mid-2025 Gold

Gold stocks continued to attract attention, with Meeka Metals (MEK) rising 3.70% to $0.14. The company announced that its Murchison Gold Project’s plant expansion is nearing completion, with first gold targeted for mid-2025. Meeka projects average annual gold sales of 65koz over the first seven years, fully exposed to gold price movements.

Findi Delivers Record FY25

India-based digital payments firm Findi Ltd (FND) saw its shares dip 5.35% to $4.78 despite reporting strong FY25 results. Revenue rose 13.5% to $75.5 million, with EBITDA up 14.4%. The company highlighted a boost from India’s central bank increasing interchange fees and remains on track for a 2026 IPO.

Broader Market Movers

Among top gainers, Iperionx Ltd (IPX) rose 5.73%, Titomic Ltd (TTT) gained 5.26%, and Catapult Group (CAT) added 4.56%. On the flip side, Jumbo Interactive (JIN) tumbled 5.54%, followed by Findi (FND) and Brainchip (BRN), down 4.65%.

Global Cues and Commodities

Wall Street’s mixed signals overnight failed to inspire ASX bulls. The S&P 500 edged 0.40% higher, while the Dow Jones gained 0.28%. However, concerns lingered over Trump-era tariffs, weak US consumer spending, and a modest 0.2% decline in US Q1 GDP.

Commodities were mixed, with Brent crude falling 1.26% to $64.08, while gold firmed 0.61% to $3,315.10 per ounce.

Outlook

With the S&P/ASX 200 VIX Index at 10.4, volatility is expected to remain low in the short term, suggesting a market poised for consolidation rather than sharp moves. Investors will be watching upcoming economic data and earnings updates for fresh catalysts.