• ASX was down 0.5%
  • The US Fed signals tightening
  • Aussie payrolls jobs almost flat in March

 

The ASX followed Wall Street into the red, falling by 0.60% as market sentiment turned sour following some Fed news overnight.

Minutes from the last Fed meeting revealed that board members planned to reduce the central bank’s massive bond holdings by $US95 billion a month starting in May.

The reduction will include $US60 billion in Treasury bonds, and $US35 billion in mortgage-backed securities.

The minutes also indicated that many Fed officials had wanted to hike rates by 50bp in March, but decided to go with 25bp due to the Ukraine crisis.

On the ASX, shares in rate sensitive stocks like Tech and Discretionary were rattled, down by 2% and 1% respectively. Tech heavy Nasdaq has lost 5% in the last two days.

ASX Energy stocks were also sold off as oil prices tumbled 5% on news that the International Energy Agency (IEA) will release a combined 120 million additional barrels of oil from strategic reserves.

Meanwhile, Australian payroll jobs rose slightly in the first weeks of March. The ABS said today that payrolls rose 0.2% in the fortnight to March 12, following a 0.8% drop in the second half of February.

Australia’s trade surplus in February fell to $7.5 billion, far less than the forecast of $12.2 billion. This came as import prices rose, especially fuel and food items.

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
MFG Magellan Fin Grp Ltd 17.02 10.0% 3,011,213 $2,872,980,172
GQG GQG Partners 1.505 7.9% 1,949,880 $4,119,163,580
MGH Maas Group Holdings 4.84 5.2% 102,700 $1,354,133,317
ZIM Zimplats Holding Ltd 29 4.9% 15,790 $2,976,180,995
IFT Infratil Limited 7.79 3.9% 25,403 $5,438,807,813
YAL Yancoal Aust Ltd 5 3.7% 544,781 $6,364,518,086
GNC GrainCorp Limited 8.69 3.5% 1,694,019 $1,922,387,275
VEA Viva Energy Group 2.52 2.9% 3,876,349 $3,801,151,632
EBO Ebos Group Ltd 38.98 2.8% 14,212 $7,151,042,153
AGL AGL Energy Limited. 8.53 2.6% 5,195,750 $5,590,529,506
MCY Mercury NZ Limited 5.82 2.5% 32,703 $7,848,875,704
RMD ResMed Inc. 32.83 2.4% 735,279 $13,068,879,788
HTA Hutchison 0.088 2.3% 6,304 $1,167,235,738
VSL Vulcan Steel 9.13 2.2% 82,966 $1,173,478,548
GMG Goodman Group 23.16 2.2% 2,339,366 $42,352,606,546
ORA Orora Limited 3.605 2.1% 1,890,527 $3,014,079,109
PDN Paladin Energy Ltd 0.79 1.9% 27,532,807 $2,076,355,115
JLG Johns Lyng Group 8.67 1.9% 426,607 $2,205,750,080
ALD Ampol Limited 31.99 1.8% 393,015 $7,485,068,930
PTM Platinum Asset 2.25 1.8% 2,054,245 $1,296,560,369
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Magellan Financial (ASX:MFG) soared as much as 11% today, but finished flat at the close.

The asset manager reported that its fund outflows had slowed to $1.1 billion from March 11 to 31, after a $5bn exodus in the previous period.

Another asset manager, GQG Partners (ASX:GQG), also rose 5% as it experienced net inflows of US$3.4b for the quarter.

GQG sees business momentum across multiple geographies, particularly in the Australian and Canadian retail channels.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
SYA Sayona Mining Ltd 0.2975 -12.5% 85,974,327 $2,413,801,511
LTR Liontown Resources 1.755 -6.4% 12,856,707 $4,110,422,246
360 Life360 Inc. 5.14 -6.4% 813,186 $1,005,641,368
IMU Imugene Limited 0.225 -6.3% 19,404,164 $1,403,535,082
NVX Novonix Limited 6.34 -6.2% 2,985,939 $3,284,439,754
WTC Wisetech Global Ltd 49.44 -6.2% 735,098 $17,197,578,616
VUL Vulcan Energy 9.53 -5.6% 923,249 $1,328,298,958
ARB ARB Corporation. 39.16 -5.5% 155,092 $3,383,001,281
CXO Core Lithium 1.305 -5.4% 29,044,577 $2,366,785,859
FFX Firefinch Ltd 1.055 -5.0% 19,409,849 $1,311,179,975
LKE Lake Resources 2.01 -4.7% 18,883,442 $2,695,614,633
ALQ ALS Ltd 12.84 -4.7% 1,088,931 $6,515,591,804
BRG Breville Group Ltd 25.08 -4.5% 335,211 $3,660,975,221
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