TMS Insights August 2026: Better Results, Slower Outlook
TMS Insights August 2026: Better Results, Slower Outlook
ASX 200 earnings beat expectations, but strip out resources and growth falls to just 3.6%. In this episode of TMS Insights, Ben and Jeremy wrap up August reporting season, where stronger results are meeting a softer outlook and renewed interest rate risk.
In this episode:
- ASX 200 earnings growth came in at 12.1%, just ahead of the 11.9% expected. Resources earnings jumped 30%, while the rest of the market delivered growth of about 3.6%.
- Mineral Resources delivered what Ben calls the pick of the results among the stocks they own, restarting its dividend at twice the level analysts expected and rapidly reducing debt. But talk of potential North American copper projects quickly changed the market's reaction.
- Goodman Group is putting significant capital into data centres, while the market waits for occupancies and customer sign-ups to justify the investment. WiseTech Global is also going through a major transition, with 5% of its business still to move onto its new pricing model.
- Woolworths has regained momentum against Coles over the past six months, while Wesfarmers plans to double output from its Mount Holland lithium mine over the next couple of years.
- The bond market is fully pricing in one Australian rate rise before Christmas and a 50% chance of a second. Ben and Jeremy discuss what persistent inflation and higher yields could mean for equities, resources and supermarkets.
Companies discussed: Fisher & Paykel Healthcare (FPH), Goodman Group (GMG), Mineral Resources (MIN), WiseTech Global (WTC), Woolworths Group (WOW), Coles Group (COL) and Wesfarmers (WES).
If you'd like a conversation about how your portfolio is positioned, or a second opinion, our team is always happy to talk.
Get in touch at Contact | TMS Private Wealth
General Advice Warning: The site may contain, or may be linked to, investment reports, options, estimates, recommendations and other information (Information). However, such information comprises general securities advice only and has not been prepared taking into account the particular investment objectives, financial situation and needs of any particular person. You should carefully assess whether such information is appropriate in light of your individual circumstances before acting on it. TMS Capital Pty Ltd strongly recommends that you seek independent advice from a qualified professional before acting on any of the information contained on this Site or any other website on the Internet.
