0350 GMT - QBE Insurance is well-placed to capture a significant slice of the global market for insuring data centers, says Morgan Stanley. It estimates the insurance premium opportunity for the sector at more than US$130 billion. "We see QBE generating US$1 billion of new data center premiums by 2030," analyst Andrei Stadnik says. MS says global data center capacity is likely to expand at a compound annual rate of 22% through to 2030. In Australia, the forecast compound annual growth rate is 18%. "QBE's leading Lloyd's presence and speciality expertise positions it well to capture this growth," MS says. "QBE also has growth in the fast-moving cyber market." MS retains an overweight call on QBE. ([email protected]; @dwinningWSJ)

0246 GMT - Charter Hall's new A$1.2 billion institutional mandate builds on a string of positive announcements and a strong results period, Citi analyst Suraj Nebhani says in a note. "We see the announcement as positive and supportive of earnings growth," says Nebhani, noting that details of the portfolio are confidential. Citi reiterates its buy rating on the stock. It has a target price of A$26.40. Shares are up 2.1% at A$19.88. ([email protected]; @RhiannonHoyle)

0145 GMT - Bendigo & Adelaide Bank's share price rises 8.9% to A$11.39 after beating expectations in 3Q. The Australian lender reported a quarterly cash profit of A$138 million. UBS says this is 12% higher than consensus hopes. It implies that Bendigo needs a profit of A$108 million in 4Q to meet market forecasts for 2H. That's likely achievable, according to analyst John Storey. "We expect positive earnings revisions after this print," UBS says. Bendigo also announced two new strategic partnerships with Infosys and Genpact. UBS views these as positive, "as regional players need to focus on tech partnerships to compensate against scale headwinds." It had a neutral call and a A$10.95/share price target ahead of the 3Q update. ([email protected]; @dwinningWSJ)

0123 GMT - Alkane Resources posts a solid 3Q result, with a minor beat to MA Financial's expectations, owing mostly to better production at the Bjorkdal mine, analyst Paul Hissey says. Increased realized prices for gold and antimony likely contributed to a higher cash balance of A$328 million versus MA's forecast of A$300 million, he says. Lower operating costs may have also contributed, Hissey adds. "The reiteration of guidance suggests confidence that the assets are well placed to close out the FY," he says, noting that only about 37,000 oz of gold is needed in 4Q to meet the bottom end of production guidance. MA reiterates a buy rating. Its target price is A$2.25/share. The stock is up 3.5% at A$1.78. ([email protected]; @RhiannonHoyle)

0055 GMT - Deterra Royalties' new bull at Morgans thinks the market is wrong to discount the stock so much against global peers. Analyst Adrian Prendergast says Deterra--Australia's largest-listed mining royalty company--trades at a 32%-46% discount to competitors Franco-Nevada, Wheaton and Royal Gold. That's excessive, given Deterra's current 93% Ebitda margin is at least 800 basis points higher than theirs, Morgans says. "We see scope for the discount to narrow from 40% to 25-30% as Thacker Pass milestones are achieved and a permanent CEO is appointed," Morgans says. Deterra has a royalty over the Thacker Pass lithium project in Nevada following its 2024 acquisition of Trident Royalties. Morgans starts coverage of Deterra at buy with a A$4.85/share price target. Deterra is up 2.6% at A$4.28. ([email protected]; @dwinningWSJ)

2332 GMT - Investors in costume jewelry retailer Lovisa are arguably too bearish about issues facing the Jewells business, says UBS. That's because management isn't likely to tolerate many years of losses. Jewells racked up a A$5.3 million loss in FY 2025, which grew to A$10.8 million in 1H. Analyst Shaun Cousins says this weighed on Lovisa's overall Ebit growth in 1H. UBS expects losses to reduce, but remain significant. That's partly due to the UK consumer coming under pressure. "We think Lovisa has a disciplined management team that is unlikely to tolerate multi-year losses," UBS says. "Hence, in our view, Jewells either becomes a successful new format or Lovisa seeks to significantly reduce losses, with closure a possibility." UBS upgrades Lovisa to buy, from neutral. Lovisa ended Wednesday at A$24.04. ([email protected]; @dwinningWSJ)

2256 GMT - Ramelius Resources may downgrade guidance for FY 2026 all-in sustaining costs when fleshing out its 3Q performance on April 29, Shaw & Partners says. Ramelius's preliminary update pointed to gold output of 38,100 oz, representing another sequential drop. Ramelius is targeting AISC of A$1,700-A$1,900/oz in FY 2026. "The lower gold production in 3Q suggests unit AISC could be higher than 1Q/2Q," analyst Alex Barkley says. Ramelius has also faced rising diesel costs. Shaw cuts its FY26 production forecast to 194,000 oz from 201,000 oz. It increases its FY26 AISC forecast to A$1,960/oz, from A$1,825/oz. Still, Shaw notes consensus forecasts already anticipate a miss. "This could limit any potential market weakness on the softer Q3, and incrementally negative FY26 guidance commentary," Shaw says. ([email protected]; @dwinningWSJ)

2246 GMT - Jefferies takes heart from DroneShield's leadership reset, despite the company's latest update heightening concerns around momentum within its project pipeline. CEO Oleg Vornik is stepping down, to be replaced by Chief Product Officer Angus Bean. Hamish McLennan is replacing Peter James as chair. "We see the leadership reset as a net positive," analyst William Richardson says. Bean's depth of product and software knowledge makes him a natural CEO successor, Jefferies says. As a former-CEO of Ten Network and Chair of REA, McLennan's appointment is solid, it adds. "But we're wary on the signal management exits post-equity sell downs implies around the achievability of long-term incentives," Jefferies says. "Slower committed revenue pipeline growth and a dialling down of geopolitical uncertainty temper near-term confidence." It retains a hold call on DroneShield. ([email protected]; @dwinningWSJ)

2222 GMT - Australian Securities Exchange's trading volumes jumped close to record highs in March, but this isn't enough to shift Citi from its neutral view of the stock. Cash equities achieved the second-highest month on record while futures trading reached a new all-time high, according to analyst Nigel Pittaway. Citi lifts its FY26 EPS forecast by 3% in response. Its FY27 and FY28 EPS forecasts each rise by 1%. Citi anticipates solid but moderating volumes ahead. "To us, ASX's core business is performing well with stronger-than-expected top-line growth while the valuation is relatively undemanding (20x price-to-earnings)," Citi says. "However, a new CEO is yet to be appointed while the uncertainty regarding FY27/28 costs and future commitments persist." ASX ended Wednesday at A$53.88. ([email protected]; @dwinningWSJ)

0525 GMT - The market "is unwinding a war premium" in response to President Trump announcing a U.S. cease-fire with Iran, says Franklin Templeton's Stephen Dover. "The first-order effect is lower oil prices, reduced inflation fears, and a decline in the probability of an energy-driven growth scare," says Dover. That is driving equities higher as crude prices fall, he says. But it is a relief rally rather than a re-rating, Dover says. "Don't declare victory yet," he says. "Focus on real-time indicators. In our view, crude oil prices, tanker traffic and shipping conditions will reveal more than political headlines." ([email protected]; @RhiannonHoyle)

(END) Dow Jones Newswires