Gold and energy stocks rose, but overall market sentiment was weak. Picture Getty
ASX Large Caps: ASX drops another 1pc, Liontown down 30pc on mammoth cap raise, gold stocks climb
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- ASX fell 1pc on Friday, 2pc for the week
- Gold and energy stocks rose, but overall sentiment was weak
- Liontown dropped 30pc on mammoth cap raise
The ASX 200 extended its losses on Friday, down by -1.1%. For the week, the index was down over -2%.
The market has been weighed this week by the war in the Middle East, as well as surging US bond yields which have been spiralling out of control.
The 10-year Treasury yield has now hit 5%, a psychological level not seen since the crisis in 2007.
Overnight, Fed chair Jerome Powell put more fuel to fire after saying that US inflation was still too high as he signalled further possible rate hikes.
And around lunchtime today, the market heard news that President Biden plans to ask Congress to approve a further $US100 billion to fund the wars in Ukraine and the Middle East.
On the ASX, Energy was the standout winner today, while all other sectors finished in the red.
Experts say an escalation in the Israel-Hamas conflict could see oil prices surge further.
“Iran’s involvement in any conflict with Israel is a key risk for oil markets, especially given the nation’s control of the Strait of Hormuz,” said CBA strategist, Vivek Dhar.
The biggest stock news today, however, came from lithium play Liontown Resources (ASX:LTR), which cratered almost 30%.
LTR announced a mammoth $365 million institutional placement of approximately 203 million shares at $1.80, well below the inflated price stemming from the non-starter takeover by Albemarle. Without the backing from Albemarle, Liontown has been forced to raise funds alone in order to progress its Kathleen Valley Lithium Project.
Meanwhile, gold stocks are dominating the bourse today on flight to safe haven. At the time of writing, spot gold was trading at US$1,978.58 an ounce.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| AZS | Azure Minerals | 2.47 | 2.49 | 2,108,392 | $1,074,292,163 |
| STO | Santos Ltd | 8.04 | 2.42 | 8,790,488 | $25,495,017,744 |
| EVN | Evolution Mining Ltd | 3.69 | 2.36 | 7,084,237 | $6,613,861,925 |
| PDN | Paladin Energy Ltd | 0.97 | 2.12 | 11,305,415 | $2,817,166,855 |
| EVT | EVT Limited | 10.72 | 2.10 | 65,976 | $1,697,721,197 |
| NST | Northern Star | 12.22 | 1.96 | 5,405,329 | $13,767,668,970 |
| PRU | Perseus Mining Ltd | 1.68 | 1.51 | 4,001,620 | $2,272,357,833 |
| WHC | Whitehaven Coal | 7.59 | 1.47 | 10,600,316 | $6,257,773,864 |
| CRN | Coronado Global Res | 1.69 | 1.35 | 1,338,654 | $2,791,295,460 |
| BGL | Bellevue Gold Ltd | 1.51 | 1.35 | 1,120,073 | $1,699,800,725 |
| GOLD | Gblx GOLD | 28.96 | 1.29 | 331,563 | $3,121,403,309 |
| SKC | Skycity Ent Grp Ltd | 1.77 | 1.29 | 180,062 | $1,326,558,090 |
| NHC | New Hope | 6.50 | 1.25 | 4,444,686 | $5,427,053,679 |
| PRN | Perenti Limited | 1.05 | 1.20 | 1,250,610 | $1,003,381,082 |
Gold miners Azure Minerals (ASX:AZS) and Evolution Mining (ASX:EVN) led the bourse, along with energy stocks Santos (ASX:STO) and Paladin Energy (ASX:PDN).
Event manager EVT (ASX:EVT) rose after saying that it has a deep pipeline of projects to support future growth, and expects FY24 capital expenditure to be around $165 million. Overall, EVT expects growth in earnings for FY24 over FY23, and a potential for recovery towards FY19 levels.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| LTR | Liontown Resources | 1.96 | -29.84 | 43,696,075 | $6,144,293,085 |
| IFL | Insignia Financial | 2.06 | -12.18 | 8,729,859 | $1,559,906,602 |
| A4N | Alpha Hpa Ltd | 0.69 | -12.18 | 2,030,746 | $685,623,564 |
| AWC | Alumina Limited | 0.82 | -7.87 | 11,218,196 | $2,582,496,461 |
| TLX | Telix Pharmaceutical | 8.53 | -7.28 | 2,141,404 | $2,944,611,634 |
| MCY | Mercury NZ Limited | 5.42 | -6.71 | 3,869 | $8,083,030,259 |
| MEZ | Meridian Energy | 4.49 | -5.67 | 49,977 | $6,027,942,948 |
| OCA | Oceania Healthc Ltd | 0.67 | -5.63 | 1,000 | $516,396,728 |
| SIG | Sigma Health Ltd | 0.66 | -5.40 | 222,803 | $736,197,109 |
| MAD | Mader Group Limited | 5.88 | -5.31 | 161,728 | $1,242,000,000 |
| KGN | Kogan.Com Ltd | 4.76 | -5.18 | 280,950 | $517,232,076 |
| PNV | Polynovo Limited | 1.12 | -4.87 | 1,477,451 | $814,474,646 |
| MAF | MA Financial Group | 4.19 | -4.34 | 166,925 | $781,093,332 |
| NWL | Netwealth Group | 13.04 | -4.33 | 469,323 | $3,325,878,939 |
| JDO | Judo Cap Holdings | 0.85 | -3.98 | 857,942 | $976,184,733 |
| TYR | Tyro Payments | 0.98 | -3.92 | 2,375,049 | $532,703,607 |
| WEB | Webjet Limited | 6.16 | -3.60 | 804,684 | $2,466,425,964 |
| CTD | Corp Travel Limited | 16.47 | -3.57 | 424,757 | $2,499,243,742 |
| FRW | Freightways Group Lt | 7.61 | -3.55 | 100 | $1,408,255,376 |
| TPW | Temple & Webster Ltd | 5.60 | -3.45 | 165,931 | $713,108,272 |
| AKE | Allkem Limited | 10.73 | -3.42 | 3,649,023 | $7,102,859,565 |
| CUV | Clinuvel Pharmaceut. | 15.42 | -3.20 | 69,879 | $787,106,684 |
| FPH | Fisher & Paykel H. | 19.08 | -3.10 | 164,112 | $11,460,216,007 |
| RED | Red 5 Limited | 0.32 | -3.08 | 9,903,067 | $1,125,211,506 |
| FLT | Flight Centre Travel | 18.06 | -3.06 | 835,649 | $4,087,938,200 |
Insignia Financial (ASX:IFL) dropped -12% after announcing that Renato Mota will step down from his CEO role effective end February 2024, by mutual agreement. During the past 20 years, Insignia says Mota has been a key organisational leader including the past 5 years as CEO, where he delivered cultural and organisational transformation including two industry-defining acquisitions.
Freightways (ASX:FRW) fell as it announced the retirement of Steve Wells and the appointment of Aaron Stubbing as General Manager – Express Package. Stubbing has been with Freightways for 28 years, and worked his way through branch and regional management roles with New Zealand Couriers and General Manager of Messenger Services prior to taking on the Post Haste role in 2019.
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