Market Open: ASX to rise despite red night on Wall Street; Firmus IPO withdrawn

Good morning and welcome to Friday of Week 41. The ASX is tipped to climb around three tenths of a percent higher to end out the week despite a red night on Wall Street overnight.

The Dow ended up +0.10% while the NASDAQ slid -1.25% and the S&P500 closed down half a percent.

Brent Crude jumped back up to US$103/bbl overnight as Iran attacked tankers in Hormuz; gold is still trading around US$4,100/oz.

At home, the biggest news of the day is that AI data centre play Firmus, who were intending to list on the ASX, are no longer doing so.

The data centre company – which wanted to float at more than $40B, which would have been the largest IPO since Telstra – is building out a data centre in Tasmania and then intends to do the same across Southeast Asia, but hasn’t actually yet built any of those data centres.

Some described it as. the SpaceX of Australia, but unfortunately, Australia just doesn’t have the right combination of factors to entertain such a circus. Amidst low demand for the float from overseas investors – who are probably wondering why a data centre company is listing on the mining-heavy ASX of all places – Firmus has pulled its IPO.

Which could be good news for the XTX because if Firmus did list and tank, it could have brought down the entire market with it.

Looking at what’s catching eyes on HotCopper:

Meeka Metals has issued its September 2026 quarter update;

Li-S Energy has inked a new collaboration deal with a second party;

Carnarvon Energy has also put out its quarterly, and,

Guzman Gomez have a quarterly sales update.

Good luck!

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