After an optimistic start, Wednesday turned into a mixed session where ASX large caps traded flat.

Big miners dragged on the index, with falls for Rio Tinto after a disappointing set of iron ore results while gold large caps also underperformed.

Those falls were dragged higher by the ASX 200 Health Care index, which benefitted from a big lift in private hospital owner Ramsay Healthcare (ASX:RHC) after US investing giant KKR lobbed a $20bn bid for the business.

The big banks traded flat while large cap tech stocks edged higher, after lagging the market on Tuesday as global bond yields continue to push higher.

After a 1.6% gain overnight, S&P500 futures are pointing 0.4% lower ahead of the Wednesday session on Wall Street.

As US earnings season continues, highlighting tonight’s lineup is car making giant Tesla, which will update the market on its Q1 trading results.
 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
RHC Ramsay Health Care 80 24% 4,208,576 $14,737,692,985
DGL DGL Group Limited 4.15 9% 1,217,448 $1,057,858,581
5EA 5Eadvanced 3.62 7% 2,654,994 $1,018,235,994
PME Pro Medicus Limited 51.61 5% 228,135 $5,120,527,262
29M 29Metalslimited 3.25 5% 2,300,719 $1,496,903,306
UMG United Malt Group 4.2 4% 1,986,761 $1,202,700,123
HLS Healius 4.56 4% 2,195,910 $2,547,006,915
CTD Corp Travel Limited 25.35 4% 553,133 $3,552,814,887
MAF MA Financial Group 7.4 3% 393,256 $1,242,733,735
ANN Ansell Limited 26.14 3% 600,511 $3,226,797,587
SMR Stanmore Resources 2 3% 2,177,732 $1,748,680,494
VSL Vulcan Steel 9.16 3% 73,921 $1,168,222,205
WHC Whitehaven Coal 4.8 3% 14,282,620 $4,733,976,927
GNC GrainCorp Limited 9.81 3% 2,093,525 $2,183,282,691
BAP Bapcor Limited 6.78 3% 1,502,507 $2,240,122,500
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RHC opened higher and continued climbing to end the day up 24% at $80. The KKR-led consortium includes a number of Australian super funds, and despite today’s strong gains the stock is still shy of the non-binding $88 per share offer.

Some analysts have pointed to the possibility that KKR’s initial bid will lead other market players to make an offer for RHC.

Also on the winner’s list today was Whitehaven Coal (ASX:WHC), which jumped to a three-year high after reporting that it achieved record pricing of $315/t following the price spike in the wake of Russia’s Ukraine invasion.

Earlier today, Stockhead’s Josh Chiat reported that WHC chief Paul Flynn forecast tight conditions in the seaborne coal market could persist as long-term contracts run up and customers exclude Russian suppliers from new contracts.
 

BIG CAP LOSERS

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Code Company Last %Change Volume Market cap
Z1P Zip Co Ltd. 1.23 -5% 13,006,333 $883,988,967
NWH NRW Holdings Limited 2.07 -3% 1,936,654 $961,274,154
RFF Rural Funds Group 3.05 -1% 1,268,056 $1,180,330,232
GMA Genworth Mortgage 2.96 -3% 536,231 $1,222,304,340
IMU Imugene Limited 0.215 -2% 11,041,365 $1,286,573,825
HGH Heartland Group 2.14 -1% 3,710 $1,286,601,289
OCL Objective Corp 17.31 -5% 17,897 $1,733,793,563
INA Ingenia Group 4.8 -3% 2,162,400 $2,025,688,822
SYA Sayona Mining Ltd 0.34 -4% 51,952,907 $2,536,619,522
NHC New Hope Corporation 3.56 -5% 12,740,985 $3,104,691,916
DOW Downer EDI Limited 5.44 -2% 3,911,000 $3,769,517,084
BOQ Bank of Queensland. 7.99 -6% 17,398,409 $5,481,596,232
MEZ Meridian Energy 4.37 -2% 92,578 $5,602,757,812
BEN Bendigo and Adelaide 10.25 -2% 1,459,840 $5,932,575,191
CHC Charter Hall Group 15.59 -2% 1,544,611 $7,525,385,436
LYC Lynas Rare Earths 9.39 -1% 5,261,445 $8,599,982,110
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