☕️ All the gear, no idea

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Radiology software provider Pro Medicus has now suffered a more than $16 billion hit to its market cap over the past six months. But co-founder and CEO Sam Hupert isn’t sure why.

The market darling reported a weaker than expected half-year result on Thursday, generating a 29.7% jump in profit to $90.7 million, when excluding the performance of its investment in 4D Medical. Shares tumbled more than 20%, bringing the stock’s decline over the past six months to more than 56% compared to a slight gain for the broader market over that period.

But speaking to Capital Brief, Hupert said the result was in line with what the company had communicated to the market and “there wasn’t anything that happened in a negative sense at all”.

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Market movers

Shares in ANZ surged Thursday to a record $40.35 after the bank posted a $1.94 billion first-quarter cash profit and signalled early progress on its aggressive cost-cutting strategy. The result, driven by thousands of job cuts and a push to simplify operations, marked ANZ’s strongest trading day in nearly six years and reinforced investor confidence in chief executive Nuno Matos’ 2030 plan.

The quick sync

• Helen Lofthouse leaves the ASX in May after a glitch-ridden tenure, investors still in the dark on future costs, strategy and the fallout from a major ASIC probe. (Capital Brief)

• The High Court has made it easier to sue institutions over historical sexual abuse. (Capital Brief)

• Angus Taylor’s move on the leadership sets up a defining moment for a shrinking, divided Coalition. (Capital Brief)

• HBF launches $25m venture fund targeting early and growth-stage health tech startups. (Capital Brief)

• Fleetwood Strategy, founded by Isaac Levido, opens Melbourne office as it expands into the Australian market. (Capital Brief)

Trading floor

M&A

• Nuveen to buy Schroders for GBP9.9b, creating a global asset management giant. (Capital Brief)

• Macquarie exits Star Entertainment debt, Soul Patts takes over. (AFR)

• Anglo American revives $5b Queensland coal sale as $76b Teck merger nears. (The Australian)

• Equity Trustees may sell super unit or take drastic action after ASIC fallout. (AFR)

• Cibus Capital puts Australian almond producer Amaretto Almonds up for sale. (AFR)

• Macquarie eyes 50% stake in $4b Victorian land titles registry. (AFR)

Capital Markets

• IAG profit down 35% on weather hit, but beats forecasts. (Capital Brief)

• Northern Star profit up 41% on higher gold prices despite softer performance. (Capital Brief)

• Insurer warns premiums to rise after storm and crime claims surge. (AFR)

• Origin profit down 45% on LNG slump, but shares rise on upgraded guidance. (Capital Brief)

• Prospect Resources seeks $40m in share placement at 8% discount. (AFR)

• Temple & Webster profit drops 36%, shares tumble despite strong sales growth. (Capital Brief)

• Breville posts steady profit growth despite US tariff challenges. (Capital Brief)

• Barbeques Galore enters receivership, putting 500 jobs at risk. (Smart Company)

• Orora profit rises 32% on strong cans demand, shares surge. (Capital Brief)

• South32 profit up 29%, dividend lifted on stronger commodity prices. (Capital Brief)

• Charter Hall REIT earnings up 2%, profit jumps on valuation gains. (Capital Brief)

• AMP profit down 11% on legal costs, underlying earnings rise and dividend met. (Capital Brief)

• AMP CEO under pressure as company skips buyback amid weak profits. (AFR)

• PolyNovo fire damage fully covered by insurance. (Capital Brief)

• ASX profit up 8%, interim dividend cut as CEO announces departure. (Capital Brief)

• Hemi gold mine won’t produce before 2030 under Northern Star. (AFR)

• Pro Medicus CEO baffled by $16b share price drop despite profit growth. (Capital Brief)(Capital Brief)

• A2 Milk rebuilds brand but faces China’s declining birth rate. (AFR)

• Paladin posts $1.2m profit on 79% revenue jump, net loss narrows. (Capital Brief)

• ANZ shares rise 9% on cost cuts and stronger profits. (Capital Brief)

• Future Fund keeps $103m Palantir stake despite ethical concerns. (Startup Daily)

• RBA says NAIRU measure linking jobs to inflation is “out of date.” (Capital Brief)

• Isaac Levido’s Fleetwood Strategy opens first Australian office in Melbourne. (Capital Brief)

• Sydney proptech eGuarantee raises $5.5m as Correlation boosts stake to 60% amid platform growth. (Smart Company)

• Anthropic gives USD20m to US group backing AI regulation. (Capital Brief)

• High gold prices drive Australian miners to favour organic growth over M&A. (The Australian)

• Slashed valuations, postponed deal puncture US IPO optimism. (Bloomberg)

• Anthropic gets USD30b at USD380b valuation as Claude Code revenue surges. (Capital Brief)

VC 

• New Zealand agtech startup Agovor raises $3m to scale autonomous eTractors. (Startup Daily)

• New Zealand medtech startup Wellumio raises $6.2m to scale portable stroke scanner. (Startup Daily)

• HBF launches $25m health-tech venture fund prioritising member outcomes. (Capital Brief)

People moves

• Lendlease CEO Tony Lombardo to step down in 2026. (Capital Brief)

• Humm Group chair Abercrombie resigns amid shareholder pressure, replaced by Hines. (Capital Brief)

• Luke Sayers denies posting lewd photo on X; origin unclear. (AFR)

• Martin Langham joins Frontier Advisors as senior consultant. (Capital Brief)

• AGL seeks partners for 2GW+ wind farm portfolio. (AFR)

• ASX CEO Helen Lofthouse exits amid glitches, profit rises 8.3%. (Capital Brief)

The watercooler