Electro Optic Systems Holdings Ltd (ASX: EOS) shares are pushing higher on Tuesday.

At the time of writing, the ASX defence stock is up 5% to $10.85.

Why is this ASX defence stock rising?

Investors have been buying the defence technology company’s shares after it released a strong fourth quarter update that highlighted accelerating activity levels, a sharply higher order book, and improving cash flow.

According to the release, EOS reported cash receipts from customers totalling $77.3 million. This represents an increase of $60.8 million compared to the third quarter of 2025.

Management notes that this increase primarily reflects milestone completions achieved on customer contracts during the quarter.

The good news is there should be more to come in 2026. The ASX defence stock notes that as of 31 December, its order contract backlog was $459 million. This is an increase of $323 million on the position at the start of the year.

What else happened during the quarter?

EOS advised that during the quarter, it continued the manufacture and delivery of remote weapon systems (RWS) for customers in the United States, Europe, the Middle East, South East Asia, and Australia.

Activity levels during the three months were higher than in previous quarters due to the timing of customer orders and delivery schedules.

It also advised that during the quarter, the ASX defence stock relocated its business activity in Singapore to a new facility. The facility includes a new RWS service and support centre and a High Energy Laser Weapon manufacturing facility.

In addition, its EOS Space Systems business continued to deliver on the backlog of contracts with the Australian Defence Force (ADF) and Commonwealth of Australia.

Strong balance sheet

EOS’ net cash inflow from operating activities for the quarter was $19.3 million. This compares favourably to a net cash outflow of $34.3 million in the third quarter.

At the end of the quarter, the ASX defence stock had total cash holdings of $106.9 million. This represents a $15.4 million increase from its total cash holdings at the end of September.

In addition, the company has a further $41.6 million of cash security deposits held with banks to support bank guarantees and bonds.

Following today’s gain, the EOS share price is now up almost 800% since this time last year. To put that into context, a $5,000 investment would now be worth approximately $45,000.

The post This ASX defence stock is racing higher on sales surge appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Electro Optic Systems. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Shares in Santos Ltd (ASX: STO) were trading higher on Tuesday morning after the company announced it had shipped the first cargo of liquefied natural gas from its Barossa project off the coast of the Northern Territory.

The oil and gas company said in a statement to the ASX that the first cargo had been loaded at the Darwin liquefied natural gas (LNG) plant onto the Kool Blizzard and was on its way to Japan.

Big day for the company

Santos Managing Director Kevin Gallagher said it was a major milestone for the company, which had delivered the project within the original budget and within about six months of the planned start date.

This is an outstanding achievement for a project of this scale and complexity in the global offshore upstream sector. It demonstrates Santos’ self-execution capability in delivering major development projects and the success of our disciplined, low-cost operating model. I am proud of the way the whole Santos team navigated through the impacts of the COVID-19 pandemic, regulatory approvals, legal challenges and supply chain disruptions during the construction phase.

Mr Gallagher said when the project was signed off for investment in March 2021, it was “the biggest investment Australia’s oil and gas sector had seen for almost a decade”.

He added:

We took a final investment decision for Barossa LNG in March 2021 at a time when the economy was re-emerging from the COVID-19 lockdowns, and job-creating and business-generating projects like Barossa were critical for the Northern Territory and Australia. At the same time, Barossa LNG will continue to drive a stronger economy for the Northern Territory and Territorians. The 2025-26 Northern Territory budget papers forecast gross state product to rebound by 7.8 per cent for the year, largely driven by Barossa LNG exports, before growing a further 5.9 per cent in 2026-27 on the back of the LNG industry. “Barossa LNG will secure approximately 300 permanent positions in the Northern Territory for the next 20 years, with an estimated A$2.5 billion worth of wages and contracts expected to flow for Territorians over that time.

Mr Gallagher said the project would also contribute up to $10 million per year into the Barossa Aboriginal Future Fund, which would invest in projects to improve community infrastructure and services, and help establish pathways to employment.

Santos is the operator of Barossa and has a 50 per cent interest with joint venture partners PRISM Energy International Australia owning 37.5 per cent and JERA Australia 12.5 per cent.

Santos shares were 3% higher in early trade at $6.65. The company was valued at $20.98 billion at the close of trade on Friday.

The post Santos ships first gas from its major Barossa project off the coast of the Northern Territory appeared first on The Motley Fool Australia.

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Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The shortened trading week is starting out with a bang for investors in small-cap ASX share Terra Metals Ltd (ASX: TM1).

How much of a bang?

Well, on Friday, Terra Metals shares closed the day trading for 21 cents. In morning trade on Tuesday, shares leapt to 33.5 cents each, up 59.5%. After likely profit-taking, shares are changing hands at 32 cents apiece at the time of writing, up 52.4%.

For some context, the S&P/ASX Small Ordinaries Index (ASX: XSO) is up 0.1% at this same time.

With today’s intraday gains factored in, the Terra Metals share price is now up a blistering 966.6% since this time last year. Or enough to turn a $6,000 investment into $64,000.

In one year!

Here’s what’s piquing investor interest in the small-cap ASX share again today.

Small-cap ASX share leaps on platinum strikes

The Terra Metals share price is surging today after the miner confirmed a major high-grade platinum group metal (PGM) sulfide discovery at the Southwest Prospect within its flagship Dante Project, located in Western Australia.

The ASX share reported that new reverse circulation (RC) drilling results from one drill hole at SW5 have returned “exceptionally high PGM grades”. Those include individual assays up to 52.97 grams per tonne PGE3, within broad mineralised intervals starting from near surface.

Terra Metals said the latest results “substantially upgrade” the tenor of mineralisation that it has previously reported at the SW5 target. The assays also confirm the presence of “extensive and high-grade” PGM–Cu–Ni (platinum group metals, copper, and nickel) sulfide mineralisation within the Southwest corridor.

That corridor now spans more than 850 metres in strike length and 250 metres in width.

And this fast-rising ASX share looks like one to watch, with assays still pending for numerous visually identified sulfide intervals across the Southwest corridor.

What did management say?

Commenting on the latest drill results sending the ASX share flying higher today, chief metallurgist Evan Kirby said:

I’ve worked on major platinum deposits around the world and never seen a hard rock drill intersection with PGM grade anywhere close to this SWT008 intersection. In South Africa, the only comparable grades were found in the dunite pipes that were mined in the mid-20th century.

Terra Metals CEO Thomas Line noted, “When you intersect nearly 53 grams per tonne of PGMs from near surface, you don’t need to over-explain it, the rocks speak for themselves.”

Line added, “These SW5 results are exceptional and indicate that we may be dealing with a large, powerful mineral system that is only just starting to come into focus.”

The post Guess which surging small-cap ASX share is rocketing another 60% on Tuesday! appeared first on The Motley Fool Australia.

More reading

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

One of the ASX’s best-performing small-cap stocks is back in the spotlight after releasing a new exploration update.

Shares in Dateline Resources Ltd (ASX: DTR) are up 15.48% today to 48.5 cents. The move adds to a powerful run, with the stock now up around 100% year to date and attracting strong investor attention.

Let’s take a closer look at what was announced early Tuesday morning.

A key step forward at Colosseum

According to the release, Dateline has completed a ground geophysical survey at its 100%-owned Colosseum Gold and Rare Earth Element (REE) Project in California.

The survey, which looks below the surface using electrical signals, is designed to help identify the most promising areas for future drilling.

Early results identified several standout zones beneath the surface, both shallow and at greater depths, across the southern part of the project.

These zones line up with information Dateline already had, including other geophysical data and known geological features.

Why investors are paying attention

Dateline has also identified a large fault zone running through the project area. Faults are cracks in the earth where rocks have shifted over time.

These structures can allow mineral-rich fluids to move through the ground. Over long periods, that process can help form gold and rare earth deposits.

The company said these features appear in similar locations to the results from the new survey, which helps explain the market’s interest.

Dateline also pointed to similarities with the nearby Mountain Pass rare earths mine, one of the biggest rare earths projects in the United States. While Colosseum is still much earlier in development, the comparison has caught investors’ attention.

What happens next

The survey results are now being analysed by geophysics specialists at Mitre Geophysics.

Dateline plans to combine this new data with earlier surveys to narrow down the most promising drill targets for both gold and rare earths.

The company has also ordered more surveys, including gravity and magnetic work, to further improve targeting before deeper drilling begins.

Management said future drilling will focus on areas where several datasets point to the same locations. More updates are expected as this work continues.

Putting the rally into context

Colosseum already hosts a defined gold resource and sits in a well-known mining region.

Current work is focused on expanding the project and testing deeper areas, while also assessing rare earths potential.

After such a strong start to the year, the share price could remain volatile. Still, the latest update helps explain why interest in the stock remains high.

The post Up 100% this year. Why this ASX gold stock is back in rally mode appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

ASX exchange-traded fund (ETF) Global X Copper Miners ETF (ASX: WIRE) has risen 6% in a month and almost doubled over a year.

WIRE ETF is soaring due to rising demand for copper as the green energy transition starts showing itself in rising commodity prices.

But WIRE’s performance since inception in November 2022 is also impressive at an average 34.23% per annum.

Last year was particularly strong amid the copper price soaring 42%.

The red metal traded above US$6 per pound for the first time earlier this month.

Copper is essential for electrification and is a key ingredient in much of the new infrastructure being built for the energy transition.

It offers high ductility, malleability, and thermal and electrical conductivity, and is resistant to corrosion.

Copper is used in wiring, electric vehicles (EVs), wind turbines, solar energy systems, telecommunications, and electronic products.

The red metal was added to the US Critical Minerals List in November 2025.

The weaker US dollar is also supporting the copper price as investors seek safety in base metals like copper and precious metals like gold.

Trading Economics analysts explain:

A softer dollar makes commodities priced in greenbacks, including copper, gold, and silver, more affordable for buyers using other currencies.

Investment demand has also picked up, with Chinese merchants offering 1-kilogram investment-grade copper bars despite challenges in the secondary resale market.

Additionally, physical buyers are front-loading copper deliveries ahead of the Lunar New Year holiday in China and potential US tariffs on refined metal, further tightening global supply.

Elsewhere, robust consumption driven by the global shift toward renewable energy and artificial intelligence applications continues to support copper demand.

Nitty-gritty on WIRE ETF

WIRE seeks to mirror the performance of the Solactive Global Copper Miners Total Return Index before fees.

WIRE holds 39 stocks and offers good geographical diversification.

This mix is 37% Canada, 11% US, 10% Australia, 10% Hong Kong, 7% Japan, 6% Poland, 5% Sweden, and the list goes on.

The ASX copper shares among WIRE’s investments include the market’s biggest copper pure-play, Sandfire Resources Ltd (ASX: SFR), at 3.2%.

BHP Group Ltd (ASX: BHP), now the world’s largest copper producer, makes up 4% of WIRE’s investments.

Capstone Copper Corp CDI (ASX: CSC) shares provide another 3%, and Develop Global Ltd (ASX: DVP) makes up 0.36%.

WA1 Resources Ltd (ASX: WA1) shares are in there, too, at 0.2%.

Last month, James Gerrish from Shaw and Partners said WIRE was his team’s preferred copper exposure among ASX ETFs.

Gerrish said:

The ASX-listed Global X Miners ETF (WIRE) remains one of our preferred vehicles for broad exposure to global copper producers.

From a regional perspective, it only has 11% exposure to Australia, with Canada providing the main holdings.

It has a decent $400mn market cap, while its fees are okay at 0.65%.

The post This ASX ETF has returned 34% annually since inception appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has positions in BHP Group and Global X Copper Miners ETF. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The BWP Trust (ASX: BWP) share price is in focus after the REIT announced it has agreed to sell the Chadstone Homeplus Homemaker Centre in Victoria for $86.025 million—1.1% above its December 2025 fair value. This unconditional deal keeps BWP’s FY2026 distribution guidance intact, with settlement expected by June 2026.

What did BWP Trust report?

• Unconditional sale contract for Chadstone Homeplus Homemaker Centre at $86.025 million
• Sale price is 1.1% above 31 December 2025 fair value of $85.1 million
• Settlement expected June 2026
• Sale realises an internal rate of return of 15.2% since acquisition in 2024
• FY2026 distribution guidance maintained

What else do investors need to know?

The sale follows a Bunnings lease extension to 31 July 2030, which helped boost the property’s value ahead of marketing. Management conducted a public sales campaign attracting strong national interest, underscoring ongoing demand for quality large-format retail assets.

Proceeds from the divestment will initially be used to pay down debt, supporting BWP Trust’s balance sheet flexibility. The asset was acquired in 2024 as part of a nine-asset portfolio for $72.5 million, highlighting the total value created in a short timeframe.

What did BWP Trust management say?

Managing Director Mark Scatena commented:

The transaction demonstrates BWP’s ability to leverage its asset management capability by extending the property’s weighted average lease expiry to maximise asset value.

What’s next for BWP Trust?

BWP Trust remains focused on portfolio renewal, looking to recycle capital into new opportunities or pay down debt while maintaining distributions. Management will continue assessing asset performance and seek further value-adding activities.

The settlement in June 2026 is expected to give BWP ongoing flexibility as it pursues its strategic objectives and responds to changing market conditions.

BWP Trust share price snapshot

Over the past 12 months, BWP Trust shares have risen 13%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 7% over the same period.

View Original Announcement

The post BWP Trust to divest Chadstone Homeplus, maintains FY2026 guidance appeared first on The Motley Fool Australia.

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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

ASX All Ords gold stock Ausgold Ltd (ASX: AUC) is edging lower today.

Ausgold shares closed Friday trading for $1.26. In early morning trade on Tuesday, shares are swapping hands for $1.255 apiece, down 0.4%.

For some context, the All Ordinaries Index (ASX: XAO) is up 0.8% at this same time.

With today’s intraday dip factored in, the Ausgold share price remains up a whopping 185.2% over the past 12 months, racing ahead of the 7.2% one-year gains posted by the All Ords.

Part of that meteoric rise has been spurred by the rocketing gold price. Gold topped US$5,000 per ounce over the weekend and is currently fetching US$5,009 per ounce, up 83% since this time last year.

And Ausgold has hardly been sitting on its laurels.

Here’s what’s grabbing investor interest today.

ASX All Ords gold stock accelerating drill program

The Ausgold share price has yet to get a boost from this morning’s release of the latest exploratory drill results from its 100%-owned Katanning Gold Project (KGP), located in Western Australia.

The ASX All Ords gold stock is conducting an ongoing 44,000 metre drilling campaign at KGP.

The drilling campaign is targeting resource growth at KGP, which management said is supporting future reserve conversion, improving confidence in early mine life areas, and targeting new gold discoveries.

As part of that program, the miner reported on the assay results it has received from a further 55 reverse circulation (RC) drill holes totalling 8,179 metres. The results come from the Central Zone of the project.

The ASX All Ords gold stock said that the step-out drilling has delivered “broad, high-grade mineralisation down-dip”. And investors will have noted this is beyond the limits of Ausgold’s existing 2.44 million ounce Mineral Resource and DFS Update open pit designs.

The miner added that in-fill drilling within the existing Mineral Resource has returned intercepts consistent with, and locally exceeding, its current Resource model.

What did management say?

Commenting on the drill results reported by the ASX All Ords gold stock today, Ausgold executive chairman John Dorward said:

These results continue to demonstrate the quality of the Katanning Gold Project, reinforcing the robustness of the existing Mineral Resource and supporting confidence in the current mine plan, while also highlighting the project’s straightforward growth potential.

We look forward to delivering further results over the coming quarters, culminating in an updated Mineral Resource Estimate following completion of the current drilling campaign.

Ausgold noted that its drilling program at KGP is accelerating, with 13,031 metres (across 94 holes) completed to date. The miner now has a diamond rig and a third RC rig operating on site.

The post Up 185% in a year, ASX All Ords gold stock reports further growth potential appeared first on The Motley Fool Australia.

More reading

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Shares in Michael Hill International Ltd (ASX: MHJ) have surged after the company said it expected first-half earnings to be 12% to 24% higher than for the same period the previous year.

In a statement released to the ASX on Tuesday, the jewellery retailer said first-half sales were $370.3 million, up 3.1% on the previous corresponding period and 3.8% higher on a same-store basis.

Stronger across the board

The company’s Canadian division delivered record sales, with 6.1% growth, while Australian sales were up 4.8% and New Zealand reversed previous declines, growing 1.8%.

The company’s gross margin was expected to be “broadly flat” on the previous corresponding period at 61.3%, while inventories were expected to be about $11 million lower, “as part of a deliberate plan to improve working capital efficiency”.

The company finished the half with a positive net cash position of about $10 million, which was an improvement of $30 million over the first half of the previous year.

As the company said, there was also movement on the number of stores:

The half saw the successful opening of three Michael Hill flagship stores, Rundle Mall, Adelaide (refurbishment), Bondi Junction, Sydney (new store) and Yorkdale, Toronto (refurbishment), with all stores incorporating our new brand design and a modernised in-store customer experience. For Michael Hill, three stores were closed (AU: 1, NZ: 2) and one new AU store was opened, taking the network to 248 (AU: 123, NZ: 43, CA: 82).

The number of Bevilles stores operated by the company was steady at 37, meaning the total number of stores operated was 285, compared with 294 for the same period the previous year.

Michael Hill Chief Executive Officer, Jonathan Waecker, said it was a good result.

Under new leadership, the group delivered profitable quarter-on-quarter growth, driven by significant performance improvements in the final 10 weeks of the half, resulting in a materially improved trading trajectory relative to the early FY26 trading update presented at the October AGM. A sharper focus on execution, and the early impact of actions taken to stabilise and strengthen the business, delivered a markedly improved performance through the half. During the critical Christmas trading period, a strong focus on driving customer demand, combined with more disciplined product planning, store operations, and targeted promotional activity, delivered profitable net sales growth while maintaining margin. This translated into a meaningful uplift in EBIT year on year, alongside disciplined working capital management, including a significant reduction in inventory, resulting in the group returning to a positive net cash position at the half.

Mr Waecker added that management had “confidence in our continued focus on delivering profitable sales growth and building momentum across all markets”.

Michael Hill shares were 12.2% higher at 41.5 cents in early trade. The company was valued at $142.4 million at the close of trade on Friday.

The post Jeweller’s shares shine on strong first-half sales appeared first on The Motley Fool Australia.

More reading

• Santos ships first gas from its major Barossa project off the coast of the Northern Territory
• Guess which surging small-cap ASX share is rocketing another 60% on Tuesday!
• Up 100% this year. Why this ASX gold stock is back in rally mode
• This ASX ETF has returned 34% annually since inception
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Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The All Ordinaries Index (ASX: XAO) is up 0.7% in morning trade on Monday, with plenty of lifting help from this ASX All Ords mining share.

The fast-rising stock in question is Talga Group Ltd (ASX: TLG).

Shares in the battery materials and technology company closed on Friday trading for 43 cents. In morning trade on Tuesday, shares are changing hands for 47.5 cents apiece, up 10.5%.

Here’s what’s catching investor interest today.

ASX All Ords mining share leaps on Swedish approval

The Talga share price is surging after the company announced that Sweden’s government has formally adopted the detailed zoning plan for the company’s Nunasvaara South Graphite Mine. That mine is part of the Vittangi Anode Project.

The ASX All Ords mining share noted that the graphite deposit at Vittangi is designated as a mineral deposit of national interest, while its Vittangi Anode Project, which encompasses the Lulea Anode Refinery, is a designated EU Strategic Project under the Critical Raw Materials Act and the Net-Zero Industry Act.

With the Swedish government’s zoning approval, Talga said it can now proceed with detailed design and securing building permits before project development.

The plan regulates how the land can be used and developed in compliance with Sweden’s land-use and environmental regulations. It designates zones on site for infrastructure, buildings, and mining activities.

The ASX All Ords mining share has already secured the Environmental Permit and Exploitation Concession permit for the Nunasvaara South Graphite Mine.

What did management say?

Commenting on Sweden’s green light for the zoning plan that’s sending the ASX All Ords mining share rocketing today, “Talga CEO Martin Phillips said, “The company is very pleased with the Swedish government’s decision to adopt the detailed plan.”

Phillips continued:

This concludes a lengthy and thorough process that has been the subject of rigorous review and stakeholder engagement… This decision significantly derisks the Vittangi Anode Project as we progress further along the financing path. It also unlocks certainty on planning as we move closer to commercial production.

Sweden’s Minister for Infrastructure and Housing, Andreas Carlson, added:

Nunasvaara in Kiruna municipality has Europe’s largest and richest graphite deposit. The graphite deposit is very important for both Sweden’s and the EU’s supply of natural graphite. Graphite fulfills an important function in battery manufacturing and for the green transition. This is the first time that the government has used this opportunity.

Commenting on Sweden’s unique position to deliver graphite, Sweden’s Minister for Energy and Enterprise, Ebba Busch, said, “Graphite is important not least for our production of steel, batteries and cars, and the Swedish mining industry is the most sustainable globally.”

With today’s intraday boost factored in, the Talga share price is up 28% in 2026.

The post Guess which ASX All Ords mining share is leaping 11% today on big European news appeared first on The Motley Fool Australia.

More reading

• Santos ships first gas from its major Barossa project off the coast of the Northern Territory
• Guess which surging small-cap ASX share is rocketing another 60% on Tuesday!
• Up 100% this year. Why this ASX gold stock is back in rally mode
• This ASX ETF has returned 34% annually since inception
• BWP Trust to divest Chadstone Homeplus, maintains FY2026 guidance

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Broker UBS is optimistic about a few ASX bank shares and has decided they look undervalued. Banks that have been given the thumbs up include National Australia Bank Ltd (ASX: NAB), Macquarie Group Ltd (ASX: MQG) and Bank of Queensland Ltd (ASX: BOQ).

UBS said that its analysis of the sector indicates that the 2026 outlook for banks is reasonable and supportive of achieving earnings. The market is expecting the banking sector to deliver earnings growth of 5.9%. But, UBS also noted that ASX bank share valuations were around 40% higher than the historical average.

Despite that, UBS is seeing select opportunities in certain names with a significant range of expected returns.

Top picks of ASX 200 bank shares

UBS thinks that NAB shares, Macquarie shares and BOQ shares are a buy.

The broker thinks that the earnings of these banks could do better than expected with the (RBA) cash interest rate forecast to increase by 50 basis points (50 basis points) in 2026, possibly contributing to a stronger-than-anticipated net interest margin (NIM – lending profitability) performance and revenue growth for major banks, which would outperform what the market expects.

The core earnings of those ASX 200 bank shares may also benefit from higher-than-expected loan growth, while banks are actively managing persistent cost pressures which could grow by around 6% on an underlying basis.

NAB shares

UBS upgraded NAB to a buy with a price target of $47 because of positive EPS revisions and structural growth in business banking.

The broker suggested that 46% of NAB’s valuation is tied to its market-leading business and private banking operations, which has defended the bank’s profitability, supporting a return on tangible equity (ROTE) of around 12.5%.

NAB is UBS’ top pick out of the ASX 200 bank shares.

Macquarie shares

UBS decided to upgrade its rating on Macquarie shares because this reflects its “more constructive take” on Macquarie Asset Management (MAM).

The price target on Macquarie shares has been hiked to $235.

Bank of Queensland shares

UBS decided to change its rating on BOQ shares from a sell to a buy because of the bank’s balance sheet optimisation and the broker suggested that risk transfer initiatives to enhance returns have not been priced in.

The broker now has a price target of $7.50 on BOQ shares.

What about competition?

While UBS rates these businesses as a buy, the broker notes that competition could rise in the year ahead. The broker wrote:

We expect competition in the Aussie banking sector to grow further in 2026, particularly in managing deposits, especially if rates rise. Controlling costs…will be critical, with tech spend considered essential. At the same time, wage inflation and shifts in workforce composition are driving staff expenses higher (+5.0%).

That’s something to keep an eye on, and it’s worthwhile thinking about other opportunities out there that could be even better buys.  

The post UBS just rated ASX bank shares NAB, BOQ and Macquarie as a buy appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.