0638 GMT - Australia's S&P/ASX 200 closed 0.2% higher at 7206.9, with weakness in energy and financial stocks offset by materials and healthcare. The energy sector was the worst-performing sector losing 1.4% while materials and healthcare rose 0.9% and 0.8%, respectively. Fintech company Link Administration was the day's strongest stock, rising 6.0%. Biopharmaceutical company Imugene also performed well, climbing 5.1% after providing an update on the development of its PD1-Vaxx clinical drug candidate. Investment managers did poorly, with Perpetual and Magellan falling 2.4% and 1.1%, respectively. Among individual stocks, Syrah Resources was the worst performer, falling 7.4%.(alice.uribe@wsj.com)

0555 GMT - New Zealand's NZX-50 closed flat at 11298.70, with strength in some large-cap healthcare and utilities stocks offset by broad-based weakness elsewhere. The benchmark index was little changed despite large companies Fisher & Paykel and Mercury NZ rising 1.5% and 1.0%, respectively. Cancer-diagnostics company Pacific Edge was the best performer, advancing 8.2%. Still, some utilities were weaker, with Contact Energy and Manawa Energy falling 3.6% and 1.8%, respectively. Air New Zealand fell 0.7% after its statement about the impact of Pratt & Whitney engine issues. Vulcan Steel reversed Monday's gains to become the session's worst performer, falling 3.9%. (alice.uribe@wsj.com)

0456 GMT - Australian pension funds' monthly returns may be volatile as market uncertainty persists, SuperRatings Executive Director Kirby Rappell says in a market update. While returns for super funds were subdued over August, the strong returns in July mean performance remains positive overall for the new financial year, he says. Research house SuperRatings notes that pension funds' returns faced modest headwinds in August with the median balanced option delivering an estimated return of -0.1%. "We encourage members to focus on the longer term and be prepared to see more ups and downs over the coming months," Rappell says. The trajectory for inflation remains a key driver for markets, he adds.(alice.uribe@wsj.com)

0329 GMT - While the Australian agriculture exports market didn't diversify in 2022-2023, it held on to the gains made in the previous two years, Rural Bank says in a report. It adds that Australia's reliance on China may have lessened in recent years, noting that the top five exports markets accounted for almost 49% of value in 2022-2023, up from 48% in 2021-2022, but down on the five-year average of 53%. "Growth was a consistent story across Australian agriculture's major export markets in 2022-2023. The top 13 markets all recorded year-on-year growth and the top 12 markets all achieved record highs," says Rural Bank. (alice.uribe@wsj.com)

0249 GMT - UBS downgrades earnings estimates for Incitec Pivot after a mixed trading update by the explosives and fertilizers company, but remains bullish on the stock, which it says trades at an 8% discount to book value. In a note, analyst Nathan Reilly says Incitec's trading update prompts an 11% cut to UBS's FY 2023 EBIT estimate for the company to A$803 million. Still, he raises the 12-month price target on the stock to A$3.50/share from A$3.40/share, citing upgrades to earnings from its explosives business, which Incitec says is performing ahead of management expectations. UBS retains a buy rating on the stock, which is 0.3% higher in Sydney at A$3.08/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0226 GMT - Despite the potential for disruption to natural-gas supplies, strikes at Chevron LNG facilities in Australia are unlikely to cause a repeat of the kind of market shocks seen in 2021-2022, "which was exacerbated by the pandemic, wild weather, and Russia's invasion of Ukraine," Capital.com analyst Kyle Rodda says in a note. "Prices still remain below US$3, which is still lower compared to prices during the supply shocks of 2021/22 when gas prices were trading above US$9," he says. High volumes of gas in storage in Europe and elsewhere has cushioned rising prices, he says. "Nevertheless, an increase in gas prices could cause a headache for businesses and consumers, with inflation remaining at uncomfortable levels, especially given the recent rise in oil prices," Rodda says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0215 GMT - The market may be overlooking key positives associated with Platinum Asset Management, says UBS analyst Shreyas Patel in a note. Despite August being the Australian fund manager's worst funds under management print in 11 years, UBS reckons the market may not be seeing that recent governance changes will see a new CEO appointed, which could bring the potential for a reset to Platinum's strategy. At the same time, UBS flags the possibility for shareholder activism to push for capital returns. UBS upgrades Platinum to neutral from sell, but cuts its target price 17% to A$1.25. Platinum falls 6.5% to A$1.30. (alice.uribe@wsj.com)

0129 GMT - Sims's planned sale of its 50% stake in LMS Energy will be the key near-term positive for its stock, UBS analysts Lee Power and Will Wilson say. They expect a sale to be finalized over the next month or so, likely generating over A$350 million for Sims. "We still expect proceeds to be directed into growth opportunities as SGM looks to cement its position as the dominant player in ferrous and non-ferrous" metals, Power and Wilson say in a note. Although, "management must tread carefully as it looks to acquisitions that reposition exposure in [North America] towards domestic tons, given the different priorities and competition dynamics versus integrated mills." The analysts cut their target on Sims to A$13.00 from A$14.00 and keep a sell rating. Sims is down 2.6% at A$13.43/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0117 GMT - Premier Investments could be worth A$41/share, about 60% higher than the current price, assuming the retail company moves forward with a demerger and a cyclical recovery emerges, Morgan Stanley says. Premier flagged last month that it had commenced a strategic review, with a particular focus on Peter Alexander, Smiggle and its apparel brands, and that it could result in splitting the company. Morgan Stanley says a demerger makes both strategic and financial sense, noting Premier currently lumps together higher-growth assets like Smiggle and Peter Alexander with lower-growth brands and investments. (mike.cherney@wsj.com; @Mike_Cherney)

0031 GMT - Australian insurers are likely able to outperform brokers on a one-year horizon as they are trading at a historically high price-to-earnings gap to the brokers, Morgan Stanley analysts say in a note. But while insurers could outearn in a drier El Nino year, MS thinks that on a longer-term view, brokers will see more upside from sustainable earnings growth. Some reasons for this include the fact that M&A is a key growth driver for brokers, contributing about half of their earnings expansion, while this isn't really a possibility for insurers. Brokers are also gaining market share and have more predictable earnings. MS is overweight on insurers Suncorp and QBE, and overweight on brokers AUB and PSC Insurance. It is equal-weight on insurer IAG and broker Steadfast. (alice.uribe@wsj.com)

2315 GMT [Dow Jones]--The economics of an expansion of BHP's majority-owned Escondida copper mine in Chile "are compelling," and the miner would benefit from forging ahead with an expansion of both concentrator and heap leach capacity, Goldman Sachs analysts Paul Young and Caleb Heiner say in a note. An expansion of the mining operation, part owned by Rio Tinto, could cost about $8 billion, but it could also increase copper output by roughly 20% and keep volumes above 1 million metric tons annually to 2035, the analysts say. Project returns could be around 20%, they add. Young and Heiner say that while they already include an expansion at Escondida in their base case estimates for BHP and Rio Tinto, Visible Alpha data seem to suggest it isn't baked into consensus forecasts. (rhiannon.hoyle@wsj.com)

2257 GMT -- Goldman Sachs has cut its FY 2024 Ebit estimate for metal recycler Sims to A$146 million from A$263 million after the company guided to zero Ebit for 1Q amid weak scrap volumes. In a note, analysts Paul Young and Caleb Heiner say they expect ongoing margin pressure for the company in 2Q due to projected weakness in iron-ore prices, which should weigh on prices of scrap steel. The analysts cut their 12-month target on the stock by 10% to A$15.70/share but keep a buy rating, citing a supportive valuation and positive long-run industry trends. Sims last traded at A$13.79/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires