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