Australian Shares Flat; SRG Global Discloses AU$1.85 Billion of Contracts, Upgrades Fiscal 2026 EBITDA Outlook
Australian shares were again flat, with a negative bias, on Tuesday amid investor anxiety over the course of ceasefire negotiations between the US and Iran.The S&P/ASX 200 Index was little changed to close at 8,724.40.Media reports said that Iran had halted indirect negotiations with the US. US President Donald Trump said talks were moving forward at a rapid pace.Brent crude oil futures were trading above $94 per barrel.On the domestic front, Australia's Fair Work Commission approved a 4.75% wage increase.The country's seasonally adjusted company gross operating profits decreased 1.3% in the March quarter compared with the December 2025 quarter and rose 3.2% compared with the prior corresponding period, according to a report by the Australian Bureau of Statistics (ABS).Seasonally adjusted data revealed that the total number of dwellings approved in Australia fell 3.4% to 16,710 in April from 17,307 in the previous month, figures from the ABS showed.Australian consumer confidence rose 2.7 points in the week of May 25 to 31 to 68.8 points, its highest level since early March, according to ANZ Research. Despite the rise, confidence remains 17.5 points below the 2025 average.In company news, SRG Global (ASX:SRG) upgraded its fiscal 2026 guidance after securing AU$1.85 billion of contracts with blue-chip clients in a range of sectors. The company raised its fiscal 2026 earnings before interest, taxes, depreciation, and amortization (EBITDA) forecast to the top end of its previously issued AU$164 million to AU$168 million range, while initiating fiscal 2027 EBITDA guidance of between AU$190 million and AU$200 million.Tasmea (ASX:TEA) struck a deal to acquire specialist electrical contractor Maxim Group Australia for up to AU$254 million. The company said Maxim has an identified pipeline in excess of AU$1.3 billion, which provides full revenue visibility for fiscal 2027 and about 85% revenue visibility for fiscal 2028.Nine Entertainment Co. Holdings (ASX:NEC) completed the sale of its regional television assets, NBN and Nine Darwin, for a total cash consideration of AU$20.5 million, converting them from wholly-owned businesses to affiliates to be owned and operated by WIN Network.
