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ASX Large Caps: ASX up just 0.11%; exports and inflation data hog the spotlight
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- The ASX up a slight 0.11% today with inflation data taking centre stage
- Only 5 out of 11 sectors were in the green, with 6 in the red
- Australia flagged record imports from China and exports to Japan in August
Aussie shares lifted 0.11% today, but only five of the underlying sectors are higher while six are lower.
Energy is the strongest sector, rallying by 2.41%, while Real Estate is the weakest, losing 0.84%.
Good news comes in the form of Australia flagging record imports from China and record exports to Japan for August.
In fact, we imported $10.6 billion of goods from China in August – the most imported from any country in a single month.
While most of the world is complaining about rising prices, Australian exporters are celebrating.
Demand for raw materials or commodities is strong, production is constrained (like most things) and prices are rising and as a result, Australia’s trade accounts are solidly in surplus – and we are actively trading with more countries.
So, what does this mean for investors?
CBA chief economist Craig Hames says only three of 12 share market industry sectors have risen in 2022: Energy (+24.8% ); Materials (+10.9%); and Utilities (+12.6%).
And the first two sectors have been responsible for driving Aussie exports higher over 2022.
“The trade accounts are useful in highlighting the key drivers of exports and imports and therefore the key factors influencing revenues and exports for individual companies and sectors,” he said.
Overseas, inflation data continues to hog the spotlight with the final instalment of inflation data to be issued tomorrow – namely export/import prices. On the same day, data on retail sales is issued with inventory data and consumer sentiment.
In China, data on both producer and consumer prices will be released with International trade tomorrow.
And looking ahead, the quarterly US profit-reporting season (or earnings season) gets underway tomorrow.
Citigroup, JP Morgan Chase, Morgan Stanley and Wells Fargo all release earnings results.
FactSet estimates that S&P 500 companies will record annual earnings growth of 2.9% – the slowest growth in two years.
BIG CAP WINNERS
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| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| PNV | Polynovo Limited | 1.755 | 20% | 4,452,372 | $969,372,984.46 |
| WHC | Whitehaven Coal | 10.47 | 7% | 12,008,920 | $9,333,211,323.52 |
| LLL | Leolithiumlimited | 0.615 | 7% | 7,397,156 | $567,327,724.40 |
| PBH | Pointsbet Holdings | 2.17 | 6% | 1,195,526 | $623,585,712.84 |
| SMR | Stanmore Resources | 2.35 | 6% | 652,471 | $1,992,053,552.58 |
| BCB | Bowen Coal Limited | 0.37 | 6% | 3,957,891 | $541,633,229.20 |
| PLS | Pilbara Min Ltd | 5.4 | 6% | 41,452,907 | $15,251,996,498.97 |
| TYR | Tyro Payments | 1.4575 | 6% | 4,302,734 | $714,744,505.38 |
| JRV | Jervois Global Ltd | 0.6 | 5% | 4,254,051 | $866,258,047.77 |
| NEU | Neuren Pharmaceut. | 6.86 | 5% | 329,194 | $821,296,207.52 |
| LNK | Link Admin Hldg | 3.25 | 5% | 6,401,120 | $1,595,391,065.91 |
| INR | Ioneer Ltd | 0.6625 | 4% | 5,804,820 | $1,332,315,138.26 |
| SYA | Sayona Mining Ltd | 0.245 | 4% | 47,117,997 | $1,952,651,532.63 |
| JDO | Judo Cap Holdings | 1.25 | 4% | 1,105,257 | $1,326,623,846.40 |
Tissue regeneration developer Polynovo (ASX:PNV) has reported its first ever A$5m sales month and record first quarter sales of A$12.5m up 73.3% on STLY of A$7.2m. This includes a record month in September of AU$5.4m.
Plus, growth accelerated in U.S, with the company achieving a record quarter sales result of AU$10.4m up 71.3% vs. STLY (in USD $7.3m up by 61.3% vs. STLY), whereas sales ROW at A$2.1m grew by 84.0%
“Our results are a vindication of surgeon recognition of consistent outcomes, better patient experience along with hospital systems acknowledgement of lower complexity and cost associated with NovoSorb BTM,” CEO Swami Raote said.
“I am pleased with how our teams are now beginning to translate our burn heritage and supremacy into trauma and other acute surgical soft tissue reconstruction opportunities.”
And Pointsbet Holdings (ASX:PBH) subsidiary Premier Turf Club has entered into an agreement with 1/ST TECHNOLOGY, a business division of The Stronach Group, North America’s dominant Thoroughbred horse racing company, which will deliver a fully integrated, white-label Advance-deposit Wagering horse racing betting experience to PointsBet customers across the United States.
CEO Sam Swanell says it’s a a pivotal moment in the evolution of the company’s US expansion strategy.
“Horse racing has a unique role to play alongside sports betting in the United States, and despite already generating over US$6.5 billion per annum in industry online handle, we consider it an attractive category on the cusp of further expansion on the back of the ongoing shift from brick and mortar to digital,” he said.
“With PointsBet’s mature market Australian racing expertise, and now a strategic partner in 1/ST TECHNOLOGY that provides us with a market leading portfolio of racing products and services, we can introduce new and existing customers to a dynamic and interactive PointsBet branded horse betting experience.
“This will be supported through cost effective offers and marketing, along with the utilisation of our extensive US sports betting database.”
BIG CAP LOSERS
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| MFG | Magellan Fin Grp Ltd | 10.75 | -8% | 3,074,631 | $2,156,436,025.04 |
| ZIP | ZIP Co Ltd.. | 0.695 | -7% | 4,475,663 | $524,946,403.53 |
| MYX | Mayne Pharma Ltd | 0.3 | -6% | 1,713,684 | $556,740,962.56 |
| URW | Unibailrodawestfield | 3.24 | -6% | 1,008,177 | $590,517,180.00 |
| 5EA | 5Eadvanced | 1.95 | -6% | 721,338 | $592,410,422.70 |
| MCR | Mincor Resources NL | 1.855 | -6% | 1,356,116 | $959,328,810.39 |
| GMG | Goodman Group | 16.635 | -4% | 4,282,850 | $32,494,505,840.64 |
| NCK | Nick Scali Limited | 9.85 | -4% | 194,812 | $828,630,000.00 |
| DHG | Domain Holdings Aus | 3.44 | -4% | 1,568,543 | $2,255,016,036.21 |
| ACL | Au Clinical Labs | 3.69 | -3% | 566,742 | $771,005,937.30 |
| ARB | ARB Corporation. | 28.85 | -3% | 158,898 | $2,444,213,859.54 |
| GWA | GWA Group Ltd | 1.945 | -3% | 171,173 | $533,062,277.13 |
| KLS | Kelsian Group Ltd | 4.83 | -3% | 226,062 | $1,090,523,512.14 |
| JHX | James Hardie Indust | 33.2 | -3% | 785,890 | $15,281,507,275.38 |
| NMT | Neometals Ltd | 1.115 | -3% | 1,609,470 | $635,198,484.20 |
Wealth management provider Magellan Financial Group (ASX:MFG) released its monthly funds under management report today, noting investors withdrew a whopping $3.6 billion in September.
About $3.2 billion of this was institutional money and $400 million was retail investors’ money, with total fund under management now at $50.9 billion.
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