• Local shares finished just +0.1% higher
  • Iron ore miners rise despite soft trade data from China
  • Aussie consumer confidence down again

 

The ASX 200 climbed modestly by +0.1% on Tuesday on a mixed day for ASX sectors.

Mining and Energy scored gains, but were offset by losses in Staples and Real Estate.

Iron ore miners like Fortescue Metals (ASX:FMG) and Pilbara Minerals (ASX:PLS) rose around 2% after the WA government dumped the state’s controversial Aboriginal cultural heritage laws and promised a simpler system.

This comes as Goldman predicted a bearish market for iron ore for the rest of the year, saying that prices will average $US90/tonne durning H2.

Elsewhere, traders also had to deal with disappointing trade data from China, which showed exports falling for the third straight month and the most since the Covid pandemic.

“Market participants should also pay a close attention to this Wednesday’s China CPI, as further signs of deflation in China appear imminent,” said  Zoran Kresovic, Eightcap’s Head of Sales for APAC.

As the market volatility continues to increase, Kresovic says he anticipates strong flows in gold and the Nasdaq index.

“Seems like the recent pullback in Nasdaq does not worry too many equity bulls, as tech sector dominates the headlines,” he said.

Back home, consumer confidence dipped 0.4% to 81 and remains in ‘deeply pessimistic’ territory, according to the  Westpac-Melbourne Institute Consumer Sentiment released today.

“It’s not as if it’s an economy that’s falling over, but it does say there’s a lot of stress in retail,” said NAB chief economist, Alan Oster.

 

BIG CAP WINNERS

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Building products group James Hardie (ASX:JHX) surged almost 14% after reporting global net sales of US$954.3 million for Q1 FY24. The company also delivered record global adjusted EBITDA of US$279.1 million, with an adjusted EBITDA margin of 29.2% – which is an all-time high.

Woodside Energy (ASX:WDS) rose slightly after announcing that it will sell its Scarborough interest to LNG Japan for US$500 million, subject to adjustments.

LNG Japan will also reimburse Woodside for its share of expenditure for the Scarborough project since 1 January 2022. On completion of the transaction, which is expected in the first quarter of 2024, the estimated total consideration is approximately US$880 million.

 

BIG CAP LOSERS

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Sayona Mining (ASX:SYA) was the worst large cap performer today, down by around -10% on no specific news.

Coronado Global (ASX:CRN) fell -10% after reporting a  a 24% dip in revenue in the half to US$1.49bn on softer coal prices.

However, the half reflected the second highest H1 revenue performance for the group since inception, despite the 37% reduction in Australian Met Coal index prices year-to-date.

Fletcher Building (ASX:FBU) fell -3% after saying that it will make an additional provision of $105 million for its New Zealand International Convention Centre and Hobson Street Hotel project (NZICC). The company however confirmed that its FY23 earnings will remain in line with the guidance.

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