- Shares climbed on Thursday, up over 3pc for the month
- IRESS was best moving large cap today, Cettire worst
- Investors are betting the Fed will no longer be raising rates
The ASX200 climbed by +0.3% higher on Thursday, boosted by gains in Tech, Banking and Industrial sectors. For the month, the benchmark ASX 200 index was up 3.5%.
Overnight, the unexpectedly high US GDP figure for October saw trading diverging markedly across major European, UK and US equities markets.
The Fed Reserve’s economic roundup report, known as the Fed Beige Book, however revealed a weaker economic outlook for the next 6-12 months.
Experts like Bill Ackman are among those influential investors now betting the Fed will start cutting rates as soon as the first quarter of 2024.
On the ASX, the biggest mover today was financial data provider IRESS (ASX:IRE), which jumped 15% following an updated guidance (see more details below).
Decliners include AGL Energy (ASX:AGL) and Origin Energy (ASX:ORG), which fell -2% after its board rejected a revised takeover bid from Canadian suitor Brookfield, calling the Brookfield’s offer “incomplete and complex”.
Across the region, Japan’s Nikkei is heading towards its best month since January, up 8% in November.
But sentiment in Asia was mostly negative today after a report showing that Chinese factory activities and services sector have contracted once again in November.
Looking ahead to tonight, October personal income and spending data in the US are due, along with October’s PCI price index.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| IRE | IRESS Limited | 7.10 | 16.01 | 2,300,248 | $1,143,151,581 |
| AD8 | Audinate Group Ltd | 15.41 | 4.26 | 289,826 | $1,228,348,596 |
| HVN | Harvey Norman | 3.92 | 4.26 | 2,779,991 | $4,684,985,019 |
| CDA | Codan Limited | 9.05 | 4.21 | 374,117 | $1,573,823,861 |
| SKC | Skycity Ent Grp Ltd | 1.75 | 3.87 | 352,182 | $1,277,144,751 |
| RWC | Reliance Worldwide | 3.82 | 3.39 | 4,039,513 | $2,915,449,683 |
| FBU | Fletcher Building | 4.30 | 3.37 | 503,720 | $3,257,461,359 |
| TLX | Telix Pharmaceutical | 9.99 | 3.31 | 759,141 | $3,127,252,316 |
| NWH | NRW Holdings Limited | 2.80 | 3.14 | 934,853 | $1,224,225,362 |
| VNT | Ventiaservicesgroup | 3.00 | 3.09 | 3,226,979 | $2,489,459,735 |
| BAP | Bapcor Limited | 5.39 | 2.96 | 1,327,466 | $1,775,127,375 |
| MCY | Mercury NZ Limited | 5.84 | 2.82 | 12,558 | $7,902,170,718 |
| CAR | CAR Group Limited | 28.28 | 2.69 | 2,187,765 | $10,383,058,094 |
Financial data provider IRESS (ASX:IRE) surged 15% after announcing progress against its transformation strategy, along with an updated guidance for FY23 and FY24 earnings.
The company said its transformation program has accelerated, with revenue growth in H2 of +2.6% vs H1. Cost base was more favourable in H2 vs H1, driven by lower staff costs, and customer sentiment has lifted.
IRESS has also upgraded its guidance, increasing its FY23 Underlying EBITDA estimate to $123m-$128m (previously $118m-$122m).
Cochlear (ASX:COH) rose almost 2% after conducting its planned market buyback operations. In February, the company announced a multi-year share buy-back aimed at reducing its cash balance to $200 million.
Dalrymple Bay Infrastructure (ASX:DBI) announced a Q3-23 distribution of 5.375 cents per stapled security (cps), taking total announced year-to-date distributions for FY-23 to 15.43 cps. This distribution is in line with the company’s previous guidance of total distributions for FY23/24 of 21.5 cps representing a yield of 7.9%.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| CTT | Cettire | 3.06 | -11.45 | 7,861,308 | $1,315,271,859 |
| PDN | Paladin Energy Ltd | 0.96 | -4.48 | 11,655,266 | $2,998,292,411 |
| RDX | Redox Limited | 2.35 | -3.69 | 202,082 | $1,281,198,684 |
| BOE | Boss Energy Ltd | 4.13 | -2.94 | 2,574,825 | $1,499,967,647 |
| AGL | AGL Energy Limited. | 9.44 | -2.63 | 3,455,410 | $6,518,920,688 |
| DHG | Domain Holdings Aus | 3.38 | -2.46 | 525,180 | $2,185,533,749 |
| ORG | Origin Energy | 8.20 | -2.44 | 12,293,384 | $14,471,080,436 |
| GMG | Goodman Group | 22.77 | -2.36 | 4,978,584 | $44,288,925,896 |
| CTD | Corp Travel Limited | 17.99 | -2.33 | 648,739 | $2,695,320,241 |
| NHC | New Hope Corporation | 5.16 | -2.09 | 889,014 | $4,454,917,895 |
| PWH | Pwr Holdings Limited | 9.95 | -1.97 | 668,589 | $1,019,913,930 |
| REA | REA Group | 155.34 | -1.96 | 143,608 | $20,932,651,861 |
| STX | Strike Energy Ltd | 0.40 | -1.85 | 5,410,549 | $1,028,415,441 |
Cettire (ASX:CTT) tumbled by 13% after a selldown from one of its biggest shareholders, Cat Rock Capital Markets Fund. The fund reduced its stake in Cettire from 13.39% to 9.37% after dumping shares in the open market.
Boss Energy (ASX:BOE) fell -5% after announcing it has passed another key milestone in the development of its Honeymoon project, with production-grade uranium generated during the pre-flushing of the start-up wells.
BOE says this is significant because it shows the company is on track to fill the Pregnant Leach Solution (PLS) processing ponds by the end of this calendar year, in line with the overall development timetable.
Genesis Energy (ASX:GNE) fell 1% after saying that it will use its Kupe profits to deliver 95% renewable generation by 2035 under a strategy reset.
Genesis says Kupe profits will support a $1.1 billion programme to build new renewable generation and grid scale battery storage between now and 2030.
As part of the strategy reset, called Gen35, investments will also be made into solar, grid scale battery storage and wind that will help grow Genesis’ renewable portfolio to around 8,300 GWh..
“Genesis has a key role to play in achieving all of this and we have a long-term vision and strategy for growth and value creation for shareholders,” said Genesis’ CEO, Malcolm Johns.