ASX Large Caps: ASX sets record high to start 2024 as energy leads gains

ASX closes higher on the first trading day of 2024 finishing at record high
Energy leads the markets higher with all sectors in green except real estate
Energy stocks top big cap gainers including Boss Energy and Yancoal Australia

The S&P ASX200 is up for the first day of 2024 trading, closing 0.47% higher and setting a new 100-day high of 7,626.50 points. Over the past five trading days, the index has gained 1.66% and is currently 0.08% off its 52-week high.

The ASX was able to shake off a 0.3% drop in Friday’s S&P 500, buoyed by a modest uptick in US futures. While at lunch time all sectors were in the green, by close real estate had fallen into the red to end down 0.54%.

Commonwealth Bank (ASX:CBA) was up 1.4% today to set a new record high of $113.36, while Super Retail Group (ASX:SUL), Ventia Services (ASX:VNT) and Viva Energy (ASX:VEA) were also among stocks to hit record highs in trade today.

Energy was leading the market higher followed by discretionary and financials. Healthcare, staples and utilities were also off to a strong 2024 start.

The Aussie bourse was feeling optimistic following a weekend national address from China’s President Xi Jinping, who committed to boosting economic growth and employment following a challenging year.

Jinping emphasised China’s focus on reinforcing the progress in economic recovery and pursuing stable, sustained economic development.

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
BOE	Boss Energy Ltd	4.27	6%	1,908,703	$1,631,564,312
YAL	Yancoal Aust Ltd	5.2	5%	2,254,123	$6,536,175,213
WHC	Whitehaven Coal	7.76	4%	2,902,574	$6,224,309,833
AGL	AGL Energy Ltd	9.8	3%	1,817,644	$6,377,643,769
NHC	New Hope Corporation	5.315	3%	1,768,228	$4,361,930,994
NIC	Nickel Industries	0.715	3%	2,279,462	$2,978,637,867
CIA	Champion Iron Ltd	8.625	3%	675,947	$4,348,153,048
AIZ	Air New Zealand	0.6	3%	759,553	$1,970,551,624
PDN	Paladin Energy Ltd	1.01	3%	12,430,984	$2,938,624,900
JBH	JB Hi-Fi Limited	54.35	2%	381,214	$5,797,981,012
APM	APM Human Services	1.255	2%	1,035,118	$1,123,547,884
LTR	Liontown Resources	1.69	2%	4,347,073	$3,996,274,846
AWC	Alumina Limited	0.925	2%	3,906,625	$2,626,021,682
LNK	Link Admin Holdings	2.225	2%	1,040,341	$1,125,724,709

Energy stocks were all higher as the sector rose today. Leading the gainers was Boss Energy (ASX:BOE), Yancoal Australia (ASX:YAL) and Whitehaven Coal (ASX:WHC).

AGL Energy (ASX:AGL), New Hope Corp (ASX:NHC) and Paladin Energy (ASX:PDN) were also on today’s winners list.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
ABG	Abacus Group	1.115	-3%	396,753	$1,027,706,278
ASK	Abacus Storage King	1.0975	-3%	311,671	$1,484,936,347
BAP	Bapcor Limited	5.385	-3%	511,475	$1,880,345,250
SQ2	Block	113.86	-2%	71,484	$4,096,665,158
GMD	Genesis Minerals	1.7475	-2%	1,345,405	$1,968,753,986
EMR	Emerald Res NL	2.94	-2%	1,091,566	$1,877,427,189
BWP	BWP Trust	3.455	-2%	267,912	$2,267,614,825
IAG	Insurance Australia	5.545	-2%	3,064,788	$13,592,803,366
LTM	Arcadium Lithium PLC	10.99	-2%	221,953	$7,202,474,974
CHC	Charter Hall Group	11.815	-2%	408,057	$5,694,886,276
MGF	Magellan Global Fund	1.875	-2%	563,020	$2,705,813,126
WPR	Waypoint REIT	2.4	-2%	354,072	$1,639,232,375
WGX	Westgold Resources.	2.145	-2%	594,729	$1,032,497,551
MAQ	Macquarie Technology	67.55	-1%	4,947	$1,668,799,571
IEL	IDP Education Ltd	19.745	-1%	559,429	$5,575,074,306

Abacus Group (ASX:ABG) and its spinoff Abacus Storage King (ASX:ASK) were both on the losers list today on no specific news.

However, ABG recently announced that seven investment properties, or 37% of the group’s portfolio by number, have been externally valued as at December 31 2023.

Preliminary draft valuations (including both internal and external valuations) resulted in a total estimated decrease of $140 million, being a 6.5% decrease on prior book values for the six months to 31 December 2023.