Hot Stocks: Westpac, Tyro, Immutep, Syrah, Turaco

Wall Street finished the week strongly, with the S&P 500 posting its longest winning streak since 2004 after a better-than-expected April jobs report helped calm recession fears. The index rose 1.47% on Friday, while the Dow added 564 points and the Nasdaq gained 1.5%. Markets were further buoyed by news that China may be open to trade negotiations, though Beijing reiterated that the US must first show “sincerity” by removing tariffs. Looking ahead, attention turns to the Federal Reserve’s policy decision on Wednesday. Despite pressure from President Trump to cut rates, the Fed is widely expected to hold steady amid ongoing inflation concerns, with only a 7% chance of a cut priced in for this week.

In corporate and political developments, Warren Buffett announced he will step down as CEO of Berkshire Hathaway at the end of 2025, naming Greg Abel as his successor. Meanwhile, President Trump unveiled a controversial 2026 “skinny budget” featuring deep domestic spending cuts and a significant boost to defence, setting the stage for a fiscal showdown in Congress. In Australia, Prime Minister Anthony Albanese’s Labor Party secured a clear majority in the federal election, reinforcing the government’s economic mandate for increased public investment. On the commodities front, oil prices fell as OPEC+ announced higher output for June, with WTI down 1.6% to US$58.29 and Brent slipping to US$61.29. Gold edged higher to US$3,240.49 an ounce, and the Australian dollar is buying 64.54 US cents. SPI futures are pointing to a 32-point gain on the ASX.

Westpac Banking Corporation (ASX:WBC) has reported a statutory net profit of $3.3bn, down 1% from the prior corresponding period, with a return on tangible equity of 11.1% (excluding notable items). Core net interest margin remained flat at 1.80%, with persistent competition in lending and deposit spreads. Loan growth was solid at 5% year-on-year to $825bn, with business lending up 14% and institutional lending up 15%. Customer deposits rose 7% to $697bn, including a 9% rise in Australian household deposits. Operating expenses increased 6%, largely due to technology investments and wage growth. Credit quality remained sound, with mortgage delinquencies declining and a modest impairment charge of 6 basis points. A fully franked interim dividend of 76 cents per share was declared. The CET1 capital ratio stood at 12.2%, with strong liquidity and funding positions maintained. Management highlighted macroeconomic resilience, easing cost of living pressures, and ongoing investments in digital tools and regional service centres.

Tyro Payments (ASX:TYR) has formally withdrawn from its proposed acquisition of Smartpay Holdings (NZX:SPY / ASX:SMP), after being notified that Smartpay had entered into an exclusivity agreement with another party offering NZ$1.20 per share in cash. Tyro had been participating in a competitive bidding process and was still conducting due diligence when Smartpay made its decision, effectively ending the possibility of a merger. Tyro’s original proposal involved a cash and scrip structure intended to deliver synergistic benefits.

Immutep (ASX:IMM) announced encouraging results from its Phase IIb TACTI-003 trial, showing that its immunotherapy candidate eftilagimod alfa (efti), combined with Merck’s KEYTRUDA®, achieved a median overall survival of 17.6 months in patients with recurrent/metastatic head and neck squamous cell carcinoma and a PD-L1 CPS score below 1. This patient group, which represents around 20% of 1L HNSCC cases, currently lacks chemotherapy-free treatment options and historically sees survival outcomes of less than 12 months. Immutep highlighted that no new safety signals were observed, and the combination therapy is well tolerated. The company has requested a meeting with the FDA to discuss potential regulatory pathways, noting the high unmet medical need in this population. Efti has already received Fast Track designation for this indication.

Syrah Resources (ASX:SYR) has regained access to its Balama graphite operation in Mozambique following the clearance of protest actions that had disrupted site entry. The company reached a formal agreement with local farmers and government authorities, which led to most protestors standing down in April. A small group continued to block access without making claims against Syrah, but government authorities intervened over the weekend to fully restore access. Syrah is now mobilising support teams and preparing to resume operations, with updates on production and shipments to follow.

Turaco Gold (ASX:TCG) has reported a 40% increase in the JORC 2012 Mineral Resource Estimate (MRE) for its Afema Gold Project in southeastern Côte d’Ivoire, now totalling 3.55 million ounces across four deposits: Woulo Woulo, Jonction, Anuiri, and Asupiri. The upgrade includes both open-pit and underground resources, and was achieved at a low discovery cost of under US$8/ounce. All deposits remain open with active drilling underway, and additional nearby prospects show high-grade results but are not yet included in the MRE. A pre-feasibility study is commencing with results due in H1 2026, and environmental and social impact assessments have also begun. Metallurgical test work shows strong gold recoveries across all deposits, supporting development potential.