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ASX Large Caps: ASX gains 0.5% off the back of solid resources sector rebound
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- The ASX up 0.53% with 8 out of 11 sectors in the green
- Low Aussie dollar is lifting petrol prices which rose by 11.1 cents last week
- CBA says the world oil prices continues to be a key influence on global inflation
The ASX 200 finished up today – just – gaining 0.53% on lower than normal volume.
Out of 11 sector 8 out were higher, led by Materials which rallied by 3.52%.
Mining stocks making gains included Northern Star Resources (ASX:NST) up 5.59%, BHP (ASX:BHP) up 4.72% and Fortescue Metals (ASX:FMG) which jumped 4.25%.
Sectors in the red were real estate -0.12%, financials -1.43% and IT – 2.17%, with Wise Tech Global (ASX:WST) dropping 5.78% and Westpac (ASX:WBC) down 3.94%.
The CBA says that the low Aussie dollar is lifting petrol prices, and according to the Australian Institute of Petroleum, last week the average Australian pump price for unleaded petrol rose by 11.1 cents a litre to a 16-week high of 195.9 cents a litre.
“The lower Aussie dollar boosted pump prices by 4 cents a litre last week and it has driven up pump prices by 13 cents a litre since the start of 2022,” CBA chief economist Craig Jones said.
“The stronger greenback continues to make US dollar denominated commodities more expensive for buyers in Europe and Asia and that includes Aussie motorists.
“In Australian dollar terms Singapore gasoline has lifted from 80c to 103 cents a litre over 2022 but would now be 90 cents a litre had the Aussie dollar held at US72.56 cents.”
What it really boils down to is that the world oil price – which rose by 5% on Friday – continues to be a key influence on global inflation.
“Monitoring price trends will be important in how investment markets fare over the coming weeks and months,” Jones said.
“The Energy sector remains supported by high prices for oil and natural gas.”
BIG CAP WINNERS
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| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| ARU | Arafura Rare Earths | 0.35 | 15% | 19,635,755 | $526,870,722 |
| A11 | Atlantic Lithium | 0.965 | 13% | 2,562,611 | $517,909,119 |
| CMM | Capricorn Metals | 3.86 | 10% | 1,072,321 | $1,308,738,148 |
| LKE | Lake Resources | 1.17 | 9% | 21,416,558 | $1,495,216,112 |
| GOR | Gold Road Res Ltd | 1.41 | 7% | 4,898,147 | $1,414,850,972 |
| RMS | Ramelius Resources | 0.8075 | 7% | 6,001,579 | $658,583,699 |
| ADT | Adriatic Metals | 2.77 | 7% | 546,655 | $553,235,637 |
| EVN | Evolution Mining Ltd | 2.145 | 7% | 13,449,712 | $3,688,177,411 |
| 29M | 29Metalslimited | 2.175 | 7% | 767,665 | $981,966,442 |
| SFR | Sandfire Resources | 3.865 | 6% | 3,552,767 | $1,488,959,237 |
| WAF | West African Res Ltd | 1.075 | 6% | 1,435,049 | $1,031,596,369 |
| DEG | De Grey Mining | 1.115 | 6% | 4,365,103 | $1,617,835,711 |
| DMP | Domino Pizza Enterpr | 57.7 | 6% | 351,257 | $4,704,564,549 |
| MCR | Mincor Resources NL | 1.51 | 6% | 1,300,551 | $695,696,466 |
The biggest winner of the big guns today was Arafura Rare Earths (ASX:ARU) who signed a neodymium and praseodymium (NdPr) offtake agreement with car makers Hyundai and Kia.
NdPr are the key raw materials in ultra-strong permanent magnets and are essential to electronics, technology and automotive industries.
The company will supply 600 tonnes per annum (tpa) in year one, increasing to 1,500 tpa in years four to seven to align with ramp up of the Nolans rare earths project in the NT.
Supply of NdPr is currently anticipated to commence in calendar year 2025 subject to project financing, completion of construction and development and commissioning of the Project.
And Capricorn Metals (ASX:CMM) was also up, after expanding its Mt Gibson Mineral Resource – again – this time to 2.8 million ounces of gold.
The company says the updated MRE includes 2,106,000 ounces in the Indicated category, “providing a very strong basis for the maiden Ore Reserve Estimate targeted for later in the current quarter.”
BIG CAP LOSERS
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| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| ECX | Eclipx Group Ltd | 1.7525 | -7% | 1,735,827 | $537,403,488 |
| CRN | Coronado Global Res | 2.13 | -6% | 6,806,312 | $3,805,549,967 |
| WTC | Wisetech Global Ltd | 54.86 | -5% | 256,640 | $18,954,819,523 |
| QAL | Qualitaslimited | 2.36 | -5% | 34,503 | $732,060,000 |
| IMU | Imugene Limited | 0.19 | -5% | 15,986,900 | $1,267,418,928 |
| ALU | Altium Limited | 34.21 | -5% | 193,848 | $4,723,297,486 |
| ANZ | ANZ Banking Grp Ltd | 24.34 | -5% | 7,757,517 | $76,243,055,651 |
| REG | Regis Healthcare Ltd | 1.92 | -4% | 56,515 | $604,825,329 |
| RBD | Restaurant Brands NZ | 6.51 | -4% | 695 | $849,605,542 |
| EVT | EVT Limited | 13.88 | -4% | 88,141 | $2,331,185,395 |
| WBC | Westpac Banking Corp | 23.19 | -4% | 11,053,003 | $84,517,222,533 |
| PBH | Pointsbet Holdings | 1.955 | -4% | 1,108,716 | $620,528,920 |
| STA | Strandline Res Ltd | 0.415 | -3% | 1,516,311 | $537,882,126 |
| SIG | Sigma Health Ltd | 0.6 | -3% | 1,553,545 | $656,751,378 |
Eclipx Group (ASX:ECX) dropped after the company announced CFO Damien Berrell will succeed outgoing CEO Julian Russell.
Coronado Global Resources (ASX:CRN) was also heavily sold off after announcing the end of merger discussions with America’s Peabody Energy.
