- The ASX trimmed early losses on Tuesday
- BHP, Coles and Viva Energy were some of the companies reporting earnings today
- RBA board considered a 50bp hike according to minutes
The ASX trimmed its losses late in the day, finishing Tuesday 0.2% lower after falling by as much as 0.6% earlier.
A busy day of reporting and a release from the RBA weighed on local sentiment which lacked direction throughout the day due to the public holiday in the US.
BHP (ASX:BHP) fell slightly after profits fell by 32% in the first half, with net income missing market expectations by some margin.
But BHP’s boss Mike Henry said the company’s returns to shareholders remain strong, saying the miner is paying over one-fifth of the dividends returned to Australian investors despite the fall in profits.
Coles (ASX:COL) fell 1% despite posting a 17% boost in net income in the first half, while announcing that CEO Steven Cain will be replaced by Leah Weckert on May 1st.
Analysts believe that Coles’ results reinforce the rationale behind why investors are seeking safe havens in consumer staple stocks in times of uncertainty.
“Investors have already been rewarded this year, with shares gaining more than 10 per cent – outperforming the ASX200. These results mean that the good news is likely to continue for investors,” said Josh Gilbert, market analyst at eToro.
Qantas (ASX:QAN) has unveiled a $100m investment to transform a number of its international and domestic lounges as the airline returned to profit in the last half.
Lithium stocks bounced back with the likes of Pilbara Minerals (ASX:PLS) and Mineral Resources (ASX:MIN) rallying by 3% each.
The biggest mover today however was retirement property developer Ingenia Communities (ASX:INA), which crashed 13% after reporting a 16% decline in net profits to $33.7m.
Meanwhile, the RBA has today released the minutes from its February 7th meeting, which suggest that board members were considering a super-sized 50bp increase in rates to tame inflation.
“The recent inflation data had suggested more breadth and persistence in inflation than had been expected, and that strong demand was leading to price increases in some parts of the economy,” the minutes said.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| JLG | Johns Lyng Group | 6.39 | 14.02 | 3,699,332 | 1,462,772,662 |
| HUB | HUB24 Ltd | 29.53 | 9.37 | 741,977 | 2,162,118,474 |
| ARU | Arafura Rare Earths | 0.66 | 9.09 | 19,078,720 | 1,277,283,154 |
| SYA | Sayona Mining Ltd | 0.22 | 7.32 | 17,790,179 | 1,781,372,996 |
| GRR | Grange Resources. | 1.05 | 6.35 | 2,420,063 | 1,139,978,618 |
| BSL | BlueScope Steel Ltd | 18.82 | 5.49 | 1,661,228 | 8,277,596,835 |
| NIC | Nickel Industries | 1.07 | 4.90 | 7,728,239 | 3,050,184,681 |
| TAH | TABCORP Holdings | 1.04 | 4.25 | 12,587,574 | 2,279,476,953 |
| PLS | Pilbara Min Ltd | 4.38 | 4.17 | 17,778,734 | 12,591,471,858 |
| JDO | Judo Cap Holdings | 1.50 | 4.17 | 1,801,435 | 1,591,948,616 |
| LTR | Liontown Resources | 1.34 | 3.88 | 7,328,349 | 2,836,006,477 |
| CXO | Core Lithium | 0.96 | 3.80 | 14,257,458 | 1,706,615,450 |
| SFR | Sandfire Resources | 6.55 | 3.80 | 1,318,417 | 2,882,988,066 |
| OBL | Omni Bridgeway Ltd | 3.89 | 3.60 | 358,649 | 1,046,465,531 |
| MIN | Mineral Resources. | 84.67 | 3.45 | 599,555 | 15,623,972,937 |
| AX1 | Accent Group Ltd | 2.12 | 3.41 | 635,071 | 1,132,542,914 |
| SLX | Silex Systems | 5.11 | 3.23 | 1,053,246 | 1,016,289,584 |
Johns Lyng (ASX:JLG) surged 14% after reporting a 71% increase in sales revenue vs pcp. The company’s profits increased by 84% as it upgraded outlook.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| INA | Ingenia Group | 4.00 | -13.42 | 2,906,953 | $1,883,034,680 |
| MND | Monadelphous Group | 12.78 | -8.45 | 877,297 | $1,340,654,003 |
| EVT | EVT Limited | 13.15 | -6.21 | 129,617 | $2,261,814,480 |
| A2M | The A2 Milk Company | 6.09 | -6.16 | 7,686,952 | $4,759,135,990 |
| ALU | Altium Limited | 37.70 | -5.75 | 403,708 | $5,265,883,960 |
| BGL | Bellevue Gold Ltd | 1.05 | -5.63 | 7,311,400 | $1,253,328,497 |
| MFG | Magellan Fin Grp Ltd | 9.29 | -4.23 | 966,022 | $1,760,645,865 |
| MEZ | Meridian Energy | 4.66 | -4.12 | 75,182 | $6,140,680,164 |
| PWH | Pwr Holdings Limited | 10.57 | -4.04 | 492,134 | $1,105,187,543 |
| IPH | IPH Limited | 8.15 | -3.72 | 244,293 | $1,907,037,380 |
| SGP | Stockland | 3.75 | -3.60 | 10,998,836 | $9,286,097,765 |
| VEA | Viva Energy Group | 2.93 | -3.30 | 2,873,240 | $4,695,408,336 |
| CNU | Chorus Limited | 7.24 | -3.21 | 232,541 | $3,318,509,861 |
| MCY | Mercury NZ Limited | 5.47 | -3.19 | 87,309 | $7,830,944,985 |
| GEM | G8 Education Limited | 1.25 | -2.53 | 3,006,948 | $1,088,896,555 |
| QAN | Qantas Airways | 6.42 | -2.51 | 3,110,223 | $11,954,913,618 |
| EDV | Endeavour | 6.72 | -2.40 | 2,836,731 | $12,321,942,517 |
| SNZ | Summerset Grp Hldgs | 8.36 | -2.22 | 1,152 | $1,984,599,444 |
| CTD | Corp Travel Limited | 17.57 | -2.12 | 501,376 | $2,626,547,141 |
Viva Energy (ASX:VEA) fell 3% despite reporting a 211% increase in NPAT of $596.6 million for the year.