Evolution Mining cratered by -16pc after production report. Picture via Getty
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After falling by 1% yesterday, the ASX dropped another -0.4% on Wednesday with Energy, Mining and Real Estate sectors dragging the bourse lower.
The local market tracked the weakness on Wall Street overnight where traders recalibrated their expectations for an interest rates cut this year following comments from Fed Reserve Governor, Christopher Waller.
Waller dismissed the idea of an imminent rate cut, saying that the Fed will bide its time and wait until inflation can be sustained before cutting.
“When the time is right to begin lowering rates, I believe it can and should be lowered methodically and carefully,” he said.
His comments pushed bond yields much higher, with the benchmark 10-year treasury jumping by more than 10 basis points.
The surge in yields caused the US dollar to stage its biggest rally since March. The Aussie dollar slumped 1% versus the greenback to US65.59c at the time of writing.
On the ASX today, gold miners fell off the cliff, including a -17% drop for Evolution Mining (ASX:EVN) – see more below.
It was the worst day for ASX gold stocks since September 2022. Oil stocks also fell on the back of the higher USD.
Meanwhile, iron ore stocks also tumbled today after China’s Q4 GDP grew less than estimate – 5.2% versus 5.3% estimate – dashing hopes of a quick recovery.
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| A2M | The A2 Milk Company | 4.20 | 5.53 | 3,523,908 | $2,877,280,536 |
| TUA | Tuas Limited | 3.03 | 4.84 | 330,034 | $1,347,834,648 |
| DTL | Data#3 Limited | 8.75 | 4.04 | 733,377 | $1,301,061,178 |
| MCY | Mercury NZ Limited | 6.07 | 3.76 | 6,329 | $8,138,679,348 |
| DYL | Deep Yellow Limited | 1.57 | 3.64 | 7,593,943 | $1,153,987,699 |
| BGA | Bega Cheese Ltd | 3.52 | 2.92 | 549,107 | $1,041,450,791 |
| DRR | Deterra | 4.99 | 2.89 | 907,686 | $2,563,950,206 |
| TLX | Telix Pharmaceutical | 11.11 | 2.87 | 440,814 | $3,496,248,176 |
| LFS | Latitude Group | 1.17 | 2.64 | 11,194 | $1,180,032,990 |
| NWL | Netwealth Group | 16.52 | 2.42 | 154,975 | $3,936,145,155 |
| CKF | Collins Foods Ltd | 12.39 | 2.23 | 181,843 | $1,425,079,114 |
| LNW | Light & Wonder Inc. | 121.89 | 2.00 | 23,931 | $1,824,518,830 |
| IRE | IRESS Limited | 8.02 | 1.97 | 397,465 | $1,468,165,266 |
| ARB | ARB Corporation. | 32.77 | 1.90 | 57,830 | $2,644,209,383 |
| CRN | Coronado Global Res | 1.70 | 1.80 | 1,171,014 | $2,799,677,729 |
| ABB | Aussie Broadband | 3.78 | 1.61 | 370,986 | $1,036,585,150 |
| BLD | Boral Limited | 5.31 | 1.53 | 709,262 | $5,769,152,431 |
The Lottery Corporation (ASX:TLC) rose 1% after announcing that Steven Gregg has been appointed as a director and Chairman-elect of Westpac (ASX:WBC), and to manage his workload, Gregg has retired from his role as Chairman and director of TLC.
The Board also announce that it has elected current Non-executive Director, Dr. Doug McTaggart, as Gregg’s successor as Chairman. Dr McTaggart will commence in the role of Chairman on 1 March.
Meridian Energy (ASX:MEZ) was flat after reporting its activities for Q2.
Meridian’s Q2 total inflows were 83% of historical average, 5% lower than Q2 last year.
Compared to Q2 last year, Meridian’s generation was -5.7% lower at a +235.2% higher average price.
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| EVN | Evolution Mining Ltd | 3.16 | -15.73 | 41,801,844 | $7,408,149,488 |
| BAP | Bapcor Limited | 5.26 | -6.16 | 3,245,936 | $1,900,710,000 |
| NEM | Newmont Corporation | 53.44 | -4.95 | 1,443,706 | $9,850,958,240 |
| S32 | South32 Limited | 3.27 | -4.25 | 16,834,147 | $15,444,771,717 |
| NST | Northern Star | 12.34 | -4.12 | 4,470,426 | $14,790,475,763 |
| SVW | Seven Group Holdings | 34.01 | -4.01 | 610,928 | $12,881,837,347 |
| AWC | Alumina Limited | 1.01 | -3.83 | 2,362,862 | $3,032,257,081 |
| NEU | Neuren Pharmaceut. | 22.89 | -3.52 | 351,419 | $3,018,741,835 |
| PRU | Perseus Mining Ltd | 1.70 | -3.41 | 4,757,642 | $2,417,472,563 |
| BGL | Bellevue Gold Ltd | 1.44 | -3.36 | 2,009,696 | $1,714,882,844 |
| IFL | Insignia Financial | 2.17 | -3.35 | 1,322,403 | $1,493,243,927 |
| PLS | Pilbara Min Ltd | 3.48 | -3.33 | 13,623,052 | $10,834,084,602 |
| NCK | Nick Scali Limited | 12.46 | -2.96 | 167,045 | $1,040,040,000 |
| DHG | Domain Holdings Aus | 3.23 | -2.86 | 848,103 | $2,097,101,748 |
| NIC | Nickel Industries | 0.61 | -2.80 | 7,371,142 | $2,678,631,175 |
| GOR | Gold Road Res Ltd | 1.66 | -2.79 | 2,529,932 | $1,843,448,114 |
Gold miner Evolution Mining (ASX:EVN) crashed after the company reported quarterly gold production that fell short of expectations.
Evolution produced 161,073/oz at all in sustaining costs of $1618/oz in the December quarter.
But despite producing just 319,377oz of gold and 27,635t of copper in the first half at AISC of $1615/oz, Australia’s third biggest listed gold stock still thinks it will hit full year guidance of 789,000oz gold and 62,500t copper at AISC of $1340/oz, give or take 5%.
Read more here: Ground Breakers: Is under-fire Evolution’s Canadian gold adventure too much hassle?
Bapcor (ASX:BAP) fell -6% after announcing the resignation of its CFO, Stefan Camphausen, to take on the CFO role at another ASX listed company based in Sydney.
The company has commenced a process for the appointment of Bapcor’s successor CFO.
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