ASX 200 -1.45% to 8,505 — Brambles guidance cut, Tuas crashes 63% on Singapore probe
ASX 200 close: 8,505.3 (-1.45%, -125.5 pts) AU VIX: 14.23 (+11.68%) Sentiment: bearish
The S&P/ASX 200 fell 125.5 points to 8,505.3 on 18 May 2026, its lowest close since early April. Brambles (BXB.AU) crashed 20.23% to $17.63 after cutting FY26 profit-growth guidance, while Tuas (TUA.AU) lost 62.79% on a Singapore regulatory probe. China's April industrial output +4.1% and retail sales +0.2% both missed badly, hitting iron-ore miners — BHP.AU -2.80%, RIO.AU -3.63%, FMG.AU -2.88%.
Session highlights
- BXB.AU -20.23% to $17.63 — Brambles cut FY26 underlying-profit-growth guidance to +3-5% (from +8-11%) on US pallet-repair bottlenecks expected to cost ~US$60m; board added a fresh US$400m on-market buyback alongside the downgrade.
- TUA.AU -62.79% to $2.27 — Singapore IMDA suspended its review of the S$1.43bn M1 acquisition citing alleged unauthorised spectrum use by Simba (Tuas's Singapore mobile subsidiary); the Share Purchase Agreement long-stop date is 21 May 2026, leaving 3 days.
- RIO.AU -3.63%, BHP.AU -2.80%, FMG.AU -2.88% — iron-ore majors dragged the index after China April data missed: industrial output +4.1% (vs +5.9% est), retail sales +0.2% (vs +2.0% est, weakest since Dec 2022).
- ELD.AU -22.92% to $5.55 — Elders held the interim dividend at 18.0¢ and grew H1 revenue +31.8% to $1.77bn, but underlying EPS fell 4% to 18.1¢ on a wider share count post the Delta Agribusiness capital raise.
- WDS.AU +2.88%, STO.AU +2.66%, BPT.AU +2.71% — energy names bid as Brent rose to US$110.55 (+1.18%) and WTI to US$102.39 (+1.36%) on Iran-headline flow.
Sector scorecard
- Best: Energy — WDS.AU +2.88%, BPT.AU +2.71%, STO.AU +2.66%, NHC.AU +1.72%, WHC.AU +0.88%. Crude curve bid; both Brent and WTI up >1%.
- Worst: Healthcare — PNV.AU -11.30%, EIQ.AU -11.30%, CU6.AU -10.34%, PYC.AU -7.34%, CSL.AU -1.78%. PNV and EIQ moved with no name-specific announcements — sector flow.
- Materials dragged by heavyweights — RIO.AU -3.63%, BHP.AU -2.80%, FMG.AU -2.88%, GMG.AU -4.02% (Goodman Group). Gold equities ran ahead of bullion's -0.36% drop: EVN.AU -4.56%, GGP.AU -5.88%, BGL.AU -5.63%, WAF.AU -6.12%.
- Banks: CBA.AU +0.84% the only major green; NAB.AU -0.55%, ANZ.AU -0.43%, WBC.AU -0.36%, MQG.AU -0.93%.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| FRS.AU | +5.79% | Forrestania Resources — no announcement; basic-materials rotation tail |
| LYC.AU | +5.46% | Lynas Rare Earths — rare-earth-supply narrative; Japan offtake at min US$110/kg NdPr in focus |
| ELV.AU | +4.81% | Elevra Lithium — lithium-name rally extends |
| SSM.AU | +4.21% | Service Stream — no ASX announcement; small-cap industrial bid |
| CPU.AU | +3.28% | Computershare — US-rates beneficiary read-through |
| TUA.AU | -62.79% | IMDA spectrum probe halts S$1.43bn M1 deal review; 21 May long-stop |
| ELD.AU | -22.92% | Elders H1 EPS -4% to 18.1¢ on dilution despite +31.8% revenue growth |
| BXB.AU | -20.23% | Brambles FY26 profit-growth cut to +3-5% (from +8-11%); US$400m buyback added |
| PNV.AU | -11.30% | PolyNovo — no name-specific catalyst; mid-cap healthcare flow |
| EIQ.AU | -11.30% | Echoiq — no name-specific catalyst; AI-cardiac small-cap; sector flow |
Notable announcements
- BXB.AU — FY26 underlying-profit-growth cut to +3-5% (from +8-11%); ~US$60m EPS hit from US pallet-repair capacity bottlenecks; US$400m on-market buyback added; sales-growth guide trimmed to +2-3% (from +3-4%); FCF before dividends to US$1.0-1.1bn.
- ELD.AU — H1 statutory NPAT $39.5m; underlying earnings $76.6m; revenue $1.77bn (+31.8%); operating cash flow $67m (+115% YoY); interim dividend held at 18.0¢, franking lifted to 100% (from 50% in H1 25); underlying EPS 18.1¢ (-4% YoY).
- TUA.AU — Singapore IMDA suspended its M1 Limited acquisition review on 18 May 2026; Simba reviewing alleged unauthorised spectrum use; counterparty discussions ongoing ahead of the 21 May long-stop.
At the AU close (16:00 AEST)
| Asset | Level | Change | Context |
|---|---|---|---|
| S&P 500 e-mini (ES=F) | 7,400.00 | -0.43% | US futures soft into the US cash open |
| Nasdaq-100 e-mini (NQ=F) | 29,120.75 | -0.38% | Tech-heavy futures slightly worse than S&P |
| VIX | 19.09 | +3.58% | US vol bid pre-open |
| Brent crude | US$110.55 | +1.18% | Iran-headline flow |
| WTI crude | US$102.39 | +1.36% | Tracking Brent |
| Gold | US$4,545.30/oz | -0.36% | Modest pullback; AU gold equities hit harder |
| AUD/USD | 0.7150 | -0.02% | Flat |
Next 24h catalysts (AEST)
- Tue 19 May, 11:30 — RBA May 4-5 monetary-policy-meeting minutes (markets read for housing / negative-gearing-budget tone)
- Tue 19 May — US data and Fed speakers feed through US futures direction overnight
- Wed 21 May — TUA.AU M1 acquisition long-stop date; deal-survival hinges on IMDA review reopening or counterparty extension
- Tue 27 May, 11:30 — ABS April 2026 monthly CPI release
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