• ASX extends on weak China GDP data
  • Gold, iron ore miners and real estate stocks led losses
  • Evolution Mining cratered by -16pc after production report

 

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.

 

BIG CAP WINNERS

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
Wordpress Table Plugin

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.

 

BIG CAP LOSERS

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
Wordpress Table Plugin

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.

Read MoreLarge Cap

Featured Companies

You might be interested in