ASX Large Caps: Blue chips bounce back to post first win this week

ASX 200 bounced back to finish marginally higher
Lifestyle Communities was the best performing stock
Key US CPI data ahead

Local shares bounced back from earlier losses and finished the day 0.19% higher at 7,064.

With China imposing its martial-like lockdowns in its two biggest cities Shanghai and Beijing, appetite for commodity-linked stocks continued to be subdued.

But at today’s close, things were a little more mixed with six ASX sectors winning, and five losing.

Healthcare was by far the best performer, up by almost 2%, as sector leader CSL (ASX:CSL) rose by 2% on no specific news. CSL makes up a good 60% of the whole Health (XHJ) index.

Financials were the worst performing sector ahead of the key US CPI data to be released later today (US time). A strong read tonight could expedite the Fed’s dot plot, or the rate at which the central bank will hike this year.

In China, things are already starting to look ominous with a strong CPI print earlier today. According to Chinese data, factory and consumer prices rose faster than expected in April.

A dip in China’s growth could further undermine the Aussie stock market and our dollar, which has now slipped to US$69c from US77c just a few weeks ago.

Bitcoin meanwhile, staged a mini comeback as it powered above US$31k to trade at US$31,600 at 4pm AEDT. The crypto had looked rather downtrodden this morning and had languished just a touch above US$30k.

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
LIC	Lifestyle Communit.	14.08	16%	800,184	$1,268,132,439
ERA	Energy Resources	0.32	8%	211,109	$1,088,958,043
AAC	Australian Agricult.	1.84	6%	1,209,311	$1,042,786,472
SNZ	Summerset Grp Hldgs	10.12	6%	181	$2,209,283,668
NAN	Nanosonics Limited	3.72	5%	422,469	$1,065,471,132
BRN	Brainchip Ltd	1.07	5%	18,666,060	$1,748,649,387
A2M	The A2 Milk Company	4.17	5%	3,043,955	$2,959,752,981
JLG	Johns Lyng Group	7.25	5%	1,507,601	$1,796,221,863
LYC	Lynas Rare Earths	8.7	4%	4,163,272	$7,553,184,707
GQG	GQG Partners	1.475	4%	1,649,284	$4,192,983,716
JDO	Judo Cap Holdings	1.64	4%	1,868,795	$1,746,721,398
IPH	IPH Limited	8	4%	1,310,952	$1,687,096,279

Real estate developer Lifestyle Communities (ASX:LIC) was the best performing large cap today, up 12%. There was no specific news, but in yesterday’s release, LIC reaffirmed its forecast to deliver 1,100 to 1,300 new home settlements and 450 to 550 resale settlements, attracting a deferred management fee between FY22 and FY24.

Magellan Financial (ASX:MFG) rose just 0.32% despite announcing a new CEO, David George.

George has over 20 years’ experience across analytical roles, investment management and organisational leadership in Australia and Canada. In March, Magellan founder Hamish Douglass resigned from the Board on an ‘extended medical leave’.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
LNK	Link Admin Hldg	4.22	-15%	26,796,791	$2,549,547,781
HGH	Heartland Group	2.02	-7%	1,701	$1,286,601,289
CHN	Chalice Mining Ltd	5.65	-5%	3,856,266	$2,112,389,670
HLS	Healius	4.02	-4%	6,037,849	$2,431,233,874
NAB	National Aust. Bank	30.45	-4%	6,876,445	$102,277,538,915
MEZ	Meridian Energy	4.18	-3%	44,045	$5,463,950,749
PDL	Pendal Group Ltd	5.17	-3%	1,960,783	$2,042,186,782
VUK	Virgin Money Uk PLC	2.6	-3%	5,704,613	$2,221,839,043
CXL	Calix Limited	6.9	-3%	671,695	$1,148,250,176
CIA	Champion Iron Ltd	6.66	-3%	2,694,076	$3,538,791,351
HMC	Homeco Limited	5.58	-3%	252,221	$1,716,810,028
IFT	Infratil Limited	7.25	-2%	20,798	$5,366,290,375
DRR	Deterra	4.39	-2%	1,427,653	$2,367,795,154

Super fund administrator Link Administration (ASX:LNK) received a ‘please explain’ from the ASX after falling 13% today. The company said it had no idea why investors would want to dump its shares.

“Link Group is not aware of any material information about the proposed acquisition by Dye & Durham that is not in the explanatory booklet approved by the Supreme Court of New South Wales on 10 May 2022,” the Link’s response read.

Graincorp (ASX:GNC) fell 2% despite delivering a record half-year result. EBITDA was $427 million for the half-year, up from $140 million on pcp. NPAT rose to $246 million from $51 million in the pcp.