It’s not great news.
Lets focus on the local market, where at least the losses are fiscal, not familial.
The ASX200 has closed more than 200 points lower, heading for its worst run since we found out what a global pandemic looks like in March 2020.
There’s a major flight to safety defining late trade in Sydney, the price of gold price is rising fast, already passing 12 month highs, while investors are dropping risk assets like – well, you know the analogy I’m thinking of – and piling hard into government bonds.
There’s 11 sectors on the benchmark ASX200. All of them are lower on Thursday afternoon.
The major banks, the iron ore majors and just about every significant blue chip stock is down.
By sector, the materials and technology names led the retreat, both shedding close to 5%.
Energy was down more than 3.5% at lunch but began trimming losses after the Kremlin’s formal declaration of hostilities.
It’s 1.1% lower at 4pm Sydney time as my colleague Josh Chiat reports Brent crude has already pushed past US$100.
Local shares across the broader ASX All Ordinaries have also taken a nose dive, 3% lower at the close.
BIG CAP WINNERS
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| CIM | Cimic Group Ltd | 22 | 33.4% | 11,042,343 | $5,133,275,756 |
| PRU | Perseus Mining Ltd | 1.79 | 12.6% | 11,164,151 | $1,960,819,116 |
| LOV | Lovisa Holdings Ltd | 18.34 | 10.8% | 1,099,944 | $1,778,457,141 |
| NST | Northern Star | 10.56 | 5.6% | 9,607,056 | $11,646,111,990 |
| RMS | Ramelius Resources | 1.56 | 5.1% | 8,808,532 | $1,288,066,887 |
| SLR | Silver Lake Resource | 1.895 | 4.7% | 6,767,636 | $1,683,605,801 |
| EVN | Evolution Mining Ltd | 4.37 | 4.3% | 12,656,754 | $7,680,302,192 |
| NXT | Nextdc Limited | 10.62 | 4.1% | 3,528,361 | $4,657,875,319 |
| NCM | Newcrest Mining | 25.62 | 4.1% | 4,570,450 | $20,129,950,588 |
| GOR | Gold Road Res Ltd | 1.54 | 4.1% | 4,284,579 | $1,305,909,296 |
| ZIM | Zimplats Holding Ltd | 24.88 | 3.7% | 10,495 | $2,583,303,576 |
| CMM | Capricorn Metals | 3.82 | 3.2% | 1,309,118 | $1,374,847,602 |
| VNT | Ventiaservicesgroup | 2.25 | 3.2% | 1,005,255 | $1,864,956,090 |
| RRL | Regis Resources | 1.975 | 3.1% | 7,189,302 | $1,445,396,611 |
| BPT | Beach Energy Limited | 1.555 | 3.0% | 16,709,885 | $3,444,813,821 |
Newcrest Mining (ASX:NCM), Australia’s largest gold producer is up 4%, as the retreat into the safe haven metal begins in earnest.
Major gold peer Northern Star (ASX:NST) is 5% higher and also climbing.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| CCX | City Chic Collective | 3.47 | -31.3% | 9,440,441 | $1,171,196,434 |
| 360 | Life360 Inc. | 4.6 | -30.0% | 9,181,391 | $1,203,873,358 |
| APX | Appen Limited | 6.15 | -28.2% | 12,226,901 | $1,054,752,030 |
| CUV | Clinuvel Pharmaceut. | 18.36 | -16.9% | 326,389 | $1,091,474,366 |
| IMU | Imugene Limited | 0.225 | -13.5% | 61,380,370 | $1,520,159,988 |
| PBH | Pointsbet Holdings | 3.57 | -11.4% | 3,644,978 | $1,065,045,007 |
| SQ2 | Block | 118.21 | -11.3% | 404,578 | $12,709,112,371 |
| FLT | Flight Centre Travel | 17.98 | -10.7% | 3,849,735 | $4,018,641,257 |
| CXO | Core Lithium | 0.725 | -10.5% | 29,156,588 | $1,372,406,692 |
| Z1P | Zip Co Ltd. | 2.08 | -10.3% | 8,811,194 | $1,366,096,931 |
| BKL | Blackmores Limited | 83.5 | -9.9% | 84,870 | $1,796,725,762 |
| AVZ | AVZ Minerals Ltd | 0.71 | -9.6% | 33,465,217 | $2,709,869,518 |
| NWH | NRW Holdings Limited | 2.01 | -9.5% | 4,948,792 | $1,013,138,114 |
| NVX | Novonix Limited | 4.82 | -9.1% | 4,535,508 | $2,574,901,841 |
| VUL | Vulcan Energy | 8.23 | -9.0% | 1,009,461 | $1,190,071,614 |
Okay let’s call them out:
Life360 was already disgracing itself in early trade, down more than 30% after delivering a weak as water half year, burning through cash and facing a trump Towers escalator ride of rising interest rates.
The major iron ore miners all retreated. BHP (ASX:BHP) down 6.6%, Fortescue Metals (ASX:FMG) 4% and Rio Tinto (ASX:RIO) 3.6%
Of the major banks ANZ led the losses, down 3.5%.
I wouldn’t let it Appen to you
I guess the only other flipper is what worse could befall Appen?
Well, it’s a fascinating question with a fairly decisive answer – a lot.
The dreadful AI data services firm that can sometimes make Nuix look like a solid buy, Appen (ASX:APX) has offered a vulnerable full-year result torched by Apple’s systems privacy changes. The stock fell out of bed, even before a shot was fired, down 28.3%.