ASX Large Caps: ASX rebounds as Westpac, CBA, BoQ slap higher mortgage rates on to customers

ASX rebounds by 0.30% today
All sectors rose except financials
Energy stocks higher as investors assess global oil supply

The ASX 200 has rebounded after the shock 50bp RBA rate hike yesterday triggered a 1.5% selloff.

Banks were the only sector that dropped today, with Energy and Utilities leading the broader market higher by 0.40%

Bank of Queensland (ASX:BOQ) and Commonwealth Bank (ASX:CBA) have today joined Westpac (ASX:WBC) as the first major banks to pass on the full 50bp rate hike to customers.

Higher prices and mortgage rates have turned on the screw for many households, and now former RBA governor Ian Macfarlane warns that inflation could go to as high as 8% before coming back down to 2-3%.

“I find it hard to think that it will just come back to 2 per cent,” Macfarlane told the Morgan Stanley Australia summit.

“I think there’s enough scarcity out there, particularly with such a tight labour market both in the US and here, and with the feeding through of all the supply shocks… I think 3-4-5 per cent is more likely.

“It could go up to 7 or 8 per cent,” he added.

Meanwhile, Energy stocks on the ASX were well bid today as traders assessed the supply situation globally.

Brent is trading steady around the US$120 level, but some experts believe it might be the calm before the storm.

Goldman Sachs predicts a US$140 oil price between the summer months of July and September, up from its prior call of $125 a barrel.

“Returning Venezuelan and Libyan production to Europe and North America, should it occur, will not be material enough in the shorter term to force prices lower,” said Oanda senior analyst, Jeff Halley.

“Refining margins globally suggest that demand for petrol and diesel remain in heavy demand, with the refining logjam in refined products backstopping crude prices.

“A reopening China is also supportive of oil prices,” Halley continued.

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
ALX	Atlas Arteria	8.25	16%	10,556,234	$6,809,029,405
BLD	Boral Limited	3.275	15%	10,914,356	$3,154,832,878
PDN	Paladin Energy Ltd	0.795	13%	29,916,822	$2,099,334,196
YAL	Yancoal Aust Ltd	6.07	7%	2,056,987	$7,473,687,213
SMR	Stanmore Resources	2.755	5%	4,006,441	$2,361,620,049
WDS	Woodside Energy	34.56	5%	9,265,473	$62,449,879,968
APA	APA Group	11.68	4%	2,820,663	$13,214,811,098
GRR	Grange Resources.	1.76	4%	3,341,742	$1,955,902,400
STO	Santos Ltd	8.78	4%	12,983,703	$28,687,226,248
GQG	GQG Partners	1.6825	4%	1,685,826	$4,798,308,830
SQ2	Block	116.41	3%	238,268	$4,652,393,288
GNC	GrainCorp Limited	10.43	3%	1,235,166	$2,309,153,287
WOR	Worley Limited	15.4	3%	1,378,880	$7,802,948,935
CMM	Capricorn Metals	3.73	3%	877,484	$1,341,405,363
CRN	Coronado Global Res	2.135	3%	5,929,974	$3,470,259,221
ARF	Arena REIT.	4.32	3%	494,585	$1,452,580,334

Industrial materials company Boral Ltd (ASX:BLD) surged 15% after announcing that industry veteran Vik Bansal will become its new CEO.

Bansal has more than 30 years of leadership experience in the industry, with his latest job being the CEO of InfraBuild. He has also been at the helm of Cleanaway Waste Management (ASX:CWY).

Toll roads developer Atlas Arteria (ASX:ALX) rose 16% after IFM Global Infrastructure Fund (IFM) acquired 15% of the company after market-close yesterday at a price of $8.10 per security. Atlas says it has not yet received any proposal from IFM to acquire additional stake in the company.

Woodside Energy (ASX:WDS), Santos (ASX:STO), and Origin Energy (ASX:ORG) were some of the best performing energy and utility stocks today.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
5EA	5Eadvanced	3.33	-8%	1,451,981	$1,120,979,320
SYA	Sayona Mining Ltd	0.1525	-8%	111,613,737	$1,360,009,226
BEN	Bendigo and Adelaide	9.845	-7%	3,076,441	$5,972,241,930
WBC	Westpac Banking Corp	22.05	-6%	13,995,957	$81,961,399,317
BRN	Brainchip Ltd	0.95	-5%	9,306,741	$1,714,362,144
CBA	Commonwealth Bank.	97.6	-4%	3,474,838	$173,983,687,842
SNZ	Summerset Grp Hldgs	9	-4%	331	$2,169,997,243
JRV	Jervois Global Ltd	0.71	-4%	2,607,179	$1,124,615,711
NAB	National Aust. Bank	28.96	-4%	7,196,944	$96,601,297,533
MFG	Magellan Fin Grp Ltd	12.63	-4%	1,633,850	$2,436,591,519
BOQ	Bank of Queensland.	7.095	-4%	4,242,961	$4,771,024,620
CLW	Chtr H Lwr	4.65	-4%	4,278,806	$3,484,645,346