Hot Stocks: WiseTech, Elders, Genesis

Wall Street closed lower on Friday, capping a weak week for US markets, as investors reacted to renewed trade threats from Donald Trump and a sharp warning directed at Apple. The Dow fell 256 points to 41,603, the S&P 500 lost 0.67%, and the Nasdaq dropped 1%. The declines followed Trump’s post on Truth Social demanding that iPhones be made domestically or face a 25% tariff—sending Apple shares nearly 3% lower. Analysts criticised the proposal as unfeasible, with Wedbush’s Dan Ives estimating a domestically assembled iPhone could cost over US$3,500. All three major indices fell more than 2% for the week, with the S&P 500 slipping back into negative territory for the year.

After the market closed, Trump escalated trade tensions further by proposing a 50% tariff on all European Union imports from June 1. The announcement sparked swift backlash from EU leaders, who warned of potential retaliatory measures. Meanwhile, US Steel shares jumped 21% after Trump reversed his stance and supported the company’s US$14.9bn merger with Japan’s Nippon Steel. In commodities, oil rose slightly, gold dipped, and the Australian dollar was steady at 65.03 US cents. Looking ahead, Australian investors are awaiting April CPI figures due Wednesday, with inflation expected to tick down to 2.3%. SPI futures indicate a 30-point fall at Monday’s open.

Genesis will acquire Focus Minerals’ Laverton Gold Project for A$250m in cash, gaining ~4Moz in resources at 1.7g/t. The acquisition aligns with its “ASPIRE 400” strategy and will be funded by existing cash and an upsized revolver facility, leaving A$350m in liquidity. The Laverton project lies near Genesis’ 3Mtpa Laverton mill and is expected to unlock operational synergies. Genesis also appointed mining veteran Duncan Coutts as Executive Director to support development. The project contains significant exploration upside and 455km² of prospective tenure.

WiseTech announced the acquisition of US-based supply chain platform E2open, significantly expanding its global logistics execution ecosystem. E2open’s integration will enhance WiseTech’s capabilities across multimodal shipping, planning, and execution, with potential cross-sell opportunities across its customer base. Details include pro forma financials and an emphasis on long-term synergies. The acquisition is part of WiseTech’s continued global expansion strategy.

Elders reported a strong rebound in HY25, with net profit after tax rising 190% to A$33.6m. Revenue increased 5% to A$1.41bn. The result was supported by improved livestock prices, real estate gains, and cost management, despite ongoing dry conditions affecting retail margins. The company maintained its interim dividend at 18c per share (50% franked). Real estate acquisitions, higher agency service margins, and improved feedlot performance contributed to a 67% rise in underlying EBIT to A$64.3m. Elders expects a solid second half driven by strong livestock markets, real estate demand, and cost containment.