ASX Large Caps: Aussie stocks rally as RBA signals 2023 rate hike

Local shares were up 1.17% today as investors digested live comments from RBA’s governor Dr. Philip Lowe, who was speaking at the National Press Club.

Australia’s central bank boss hinted that he might start raising rates in 2023, consistent with a growth in wages that’s expected to hit 3% next year.

Asked by journos if a rate hike in 2022 is possible, Dr Lowe said it’s possible but unlikely.

“We’ll be looking for further evidence that labour costs are growing at a rate consistent with inflation being sustained within the target range,” Dr Lowe said.

“We expect this evidence to emerge over time, but it is unlikely to do so quickly.”

All sectors except Utilities rose following the speech, with Energy and Mining leading the pack and rising by 2.7% and 1.6% respectively.

The benchmark ASX 200 meanwhile is down by almost 7% year to date, and has followed the moves in US where the S&P 500 had its worst ever start to the year since the 2009 global crisis.

The Aussie dollar kept its ground throughout the RBA speech and firmly anchored on the 71c handle, trading currently at US$0.7130.

BIG CAP WINNERS

Swipe or scroll to reveal the full table. Click headings to sort

Code	Name	Price	% Change	Volume	Market Cap
KAR	Karoon Energy Ltd	2.02	6.6%	4,776,276	$1,054,319,047
BRN	Brainchip Ltd	1.76	6.3%	45,912,938	$2,837,269,348
SWM	Seven West Media	0.69	6.2%	3,873,149	$1,033,576,855
AEF	Australian Ethical	9.92	6.1%	328,876	$1,050,819,740
CIA	Champion Iron Ltd	6.72	6.0%	1,690,262	$3,211,158,494
AIA	Auckland Internation	7.06	5.4%	693,733	$9,866,092,618
TLX	Telix Pharmaceutical	7.45	5.2%	742,117	$2,178,088,807
WOR	Worley Limited	11.84	5.0%	1,347,977	$5,906,828,953
GMA	Genworth Mortgage	2.6	4.8%	1,371,931	$1,020,500,587
CPU	Computershare Ltd	20.71	4.8%	1,094,244	$11,929,691,679
AKE	Allkem Limited	9.61	4.5%	3,684,717	$5,865,235,391
PLS	Pilbara Min Ltd	3.4	4.3%	16,486,098	$9,704,356,645
ABC	Adbri Limited	2.98	4.2%	1,952,040	$1,866,514,807

Market darling Brainchip (ASX:BRN) was once again in the winners’ circle, after being granted another US patent for its artificial intelligence microchips. BrainChip’s patent portfolio now comprises eight US and one Chinese granted patents.

The BRN stock price has surged by 125% this year amid the patent announcements.

Genworth Mortgage Insurance (ASX:GMA) was up 5% after the company announced a continuation of the insurance claims environment in Q4 similar to that experienced in Q3, leading to favourable net claims incurred.

This included high growth in dwelling prices, falling delinquencies, low numbers of mortgages in possession, and low numbers of paid claims.

Genworth however confirmed that unaudited total investment income was a loss of $10.6 million for the full year of FY21, including a loss of $11.6 million in the second half.

BIG CAP LOSERS

Swipe or scroll to reveal the full table. Click headings to sort.

Code	Name	Price	% Change	Volume	Market Cap
CTT	Cettire	2.38	-21.2%	7,056,601	$1,151,339,424
NVX	Novonix Limited	6.57	-14.7%	7,050,629	$3,740,895,127
AEF	Australian Ethical	8.6	-13.4%	550,417	$1,116,004,280
SQ2	Block	145.8	-9.7%	1,772,684	$15,408,308,469
BRN	Brainchip Ltd	1.59	-9.7%	28,457,927	$3,017,277,373
Z1P	Zip Co Ltd.	2.91	-9.6%	7,480,731	$1,896,048,326
INR	Ioneer Ltd	0.64	-9.2%	9,457,345	$1,445,636,621
IMU	Imugene Limited	0.305	-9.0%	28,358,272	$1,944,911,454
TPW	Temple & Webster Ltd	8.17	-8.8%	639,656	$1,079,258,235
WTC	Wisetech Global Ltd	42.59	-8.0%	955,135	$15,102,433,831
HUB	HUB24 Ltd	25.53	-7.8%	385,678	$1,899,529,454
ERA	Energy Resources	0.3	-7.7%	664,350	$1,199,699,539
MFG	Magellan Fin Grp Ltd	18.46	-7.5%	2,020,922	$3,704,974,430
PDN	Paladin Energy Ltd	0.69	-7.4%	21,198,023	$1,995,811,035
360	Life360 Inc.	8.02	-7.3%	577,045	$1,583,652,207
ALU	Altium Limited	34.45	-6.9%	588,156	$4,866,985,045
LTR	Liontown Resources	1.375	-6.8%	11,348,588	$3,221,998,341
APX	Appen Limited	9.4	-6.7%	1,387,222	$1,240,595,153
VUL	Vulcan Energy	8.99	-6.7%	680,876	$1,268,697,245