ASX Large Caps: ASX creeps into the green and Block jumps on Sept Quarter results

The ASX up 0.54% with 6 out of 11 sectors in the green
RBA raises forecasts for inflation, again, expects peak in mid-2023
CBA chief economist says need to closely watch statements from listed companies

After following in the footsteps of a sharp sell-off in the US yesterday, the ASX managed to scrape itself together and finish up 0.54% today.

A total of 6 out of 11 sectors were higher, led by Energy which rallied by a solid 3.51%.

Allkem (ASX:AKE) was the biggest large cap mover up 6.03%, followed by coal players Whitehaven Coal (ASX:WHC) and New Hope Corp (ASX:NHC) up 5.95% and 5.91% respectively – despite coal dropping 1.94%.

But in the major news today, the Reserve Bank of Australia (RBA) has again cut near-term forecasts for economic growth and raised forecasts for inflation.

Forecasts assume a cash rate peaking at 3.5% in mid-2023 before easing in 2024.

“The Reserve Bank has work to do. But ’70s style stagflation should be avoided. Supply-chain issues are improving and demand is slowing to match lower supply or production of goods. There are early signs of an easing of price pressures,” CBA chief economist Craig James said.

“Investors need to closely watch statements from listed companies – especially focussing on their plans to succeed in an environment of slower growth and relative high inflation.

“Over coming months, the sharemarket will have to compete more heavily with bank deposits to secure investor affection.”

BIG CAP WINNERS

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Security	Description	Last	%	Volume	MktCap
SQ2	Block	97.28	11%	1,375,270	$3,250,277,786.84
CRN	Coronado Global Res	2.28	9%	4,139,564	$3,503,788,295.70
NHC	New Hope Corporation	6.47	6%	5,672,444	$5,332,664,219.61
AKE	Allkem Limited	14.92	6%	3,045,357	$8,984,602,431.74
GQG	GQG Partners	1.45	6%	625,505	$4,045,343,444.58
WHC	Whitehaven Coal	9.95	6%	5,913,179	$8,745,464,002.69
LTR	Liontown Resources	1.9	6%	14,567,425	$3,953,583,630.00
SMR	Stanmore Resources	3.09	5%	2,150,423	$2,650,062,192.12
MIN	Mineral Resources.	73.66	5%	617,356	$13,324,474,863.00
CXO	Core Lithium	1.415	5%	18,311,212	$2,477,778,623.55
SYA	Sayona Mining Ltd	0.235	4%	27,715,032	$1,870,675,344.23
SYR	Syrah Resources	2.55	4%	2,524,476	$1,642,898,239.50
FMG	Fortescue Metals Grp	15.9	4%	7,322,737	$47,046,583,947.04
IMU	Imugene Limited	0.1975	4%	6,942,046	$1,195,947,966.39

The biggest winner of the big guns today was Block (ASX:SQ2) up 11% after reporting a 17% increase in total revenue for the quarter to $4.5 million.

Subscription and services-based revenue for the three and nine months ended September 30, 2022 increased by $496.7 million, or 71% and $1.3 billion, or 68%, compared to the three and nine months ended September 30, 2021, respectively.

The company says this increase was driven by revenue generated from the BNPL platform following the acquisition of Afterpay in the first quarter of 2022, which contributed $209.9 million during the three months ended September 30, 2022, and $547.8 million from the date of acquisition through September 30, 2022.

BIG CAP LOSERS

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Security	Description	Last	%	Volume	MktCap
HGH	Heartland Group	1.59	-4%	688	$1,163,780,290.20
HUB	HUB24 Ltd	24.8	-4%	201,919	$2,059,096,338.16
BKL	Blackmores Limited	65.2	-3%	17,543	$1,312,968,707.57
PME	Pro Medicus Limited	53.99	-3%	68,366	$5,807,477,589.33
TAH	TABCORP Holdings Ltd	0.9325	-3%	7,199,924	$2,188,297,874.88
RMD	ResMed Inc.	33.33	-3%	961,390	$14,196,984,282.50
BXB	Brambles Limited	11.38	-3%	1,647,520	$16,232,609,045.59
LFG	Liberty Fin Group	3.41	-3%	46,966	$1,062,600,000.00
JLG	Johns Lyng Group	6.51	-3%	228,511	$1,744,560,316.32
ORA	Orora Limited	2.935	-2%	851,527	$2,544,508,887.90
Security	Description	Last	%	Volume	MktCap
HGH	Heartland Group	1.59	-4%	688	$1,163,780,290.20
HUB	HUB24 Ltd	24.8	-4%	201,919	$2,059,096,338.16
BKL	Blackmores Limited	65.2	-3%	17,543	$1,312,968,707.57