0425 GMT - Explosives maker Dyno Nobel has good underlying earnings momentum underpinned by robust markets and benefits from its transformation program, says Macquarie. "We expect this [positive] momentum to continue in 2H26," it says. Macquarie says Dyno Nobel has superior margins to Australian peer Orica, and views TNT development in the U.S. as a new long-term growth opportunity for the company. The bank has an outperform rating and A$4.20 target on the stock after a period of research restrictions. Shares are up 0.8% at A$3.75.