ASX large caps roundup 23 May 2022. Picture Getty Image
ASX Large Caps: Blue chips close flat, Codan and Elders provide upbeat guidance
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- ASX closes flat
- Mining and Energy lead, while Health and Financials lag
- Codan, Elders offer strong guidance
The first day of a new government didn’t have much impact on the local stock market, with Aussie blue chips closing the day flat.
There’s strong expectation Labour’s election victory could bring a renewed focus on key sectors and segments from aged care and childcare through to sustainable innovation and energy.
On the ASX, the healthcare and financial sectors led the laggards today, while mining and energy led the winners.
Most major miners were trading higher on the back of rising iron prices after Chinese banks slashed a key interest rate on Friday.
Chinese banks cut a key interest rate for the long-term loan prime rate (LPR) by a record amount on Friday, a move that would reduce mortgage costs and may help spur a revival in the country’s economy.
But from a global viewpoint, stock markets are still under pressure from runaway inflation that has found its way into corporate profits.
Recent earnings reports from some of America’s biggest retailers have added to concern that the highest rate of inflation in four decades is catching up with US consumers, and pitching the economy toward a recession.
Germany on Friday became the latest country to report sky-high inflation, with the country’s producer prices soaring by a record 33% in April, as energy prices surged by 87% from a year earlier.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| CDA | Codan Limited | 7.71 | 14% | 2,205,548 | $1,220,966,561 |
| IMU | Imugene Limited | 0.2275 | 14% | 32,735,542 | $1,169,759,546 |
| ELD | Elders Limited | 14.915 | 9% | 1,621,737 | $2,143,729,064 |
| GQG | GQG Partners | 1.54 | 8% | 4,068,065 | $4,207,747,743 |
| BRN | Brainchip Ltd | 1.255 | 7% | 33,278,891 | $2,005,803,708 |
| SNZ | Summerset Grp Hldgs | 10.06 | 7% | 794 | $2,181,552,074 |
| TWE | Treasury Wine Estate | 12 | 5% | 2,058,205 | $8,243,506,170 |
| AAC | Australian Agricult. | 2.065 | 5% | 1,982,735 | $1,187,450,492 |
| KAR | Karoon Energy Ltd | 1.97 | 5% | 7,615,402 | $1,047,906,196 |
| APM | APM Human Services | 3.43 | 4% | 2,464,591 | $3,017,528,602 |
| JHX | James Hardie Indust | 38.49 | 4% | 873,418 | $16,473,457,032 |
| HUB | HUB24 Ltd | 24.88 | 4% | 182,537 | $1,916,592,781 |
| GRR | Grange Resources. | 1.605 | 4% | 4,865,959 | $1,788,088,288 |
| MP1 | Megaport Limited | 7.51 | 4% | 813,078 | $1,141,971,386 |
| A2M | The A2 Milk Company | 4.43 | 4% | 4,617,015 | $3,182,849,940 |
| CAR | Carsales.Com Ltd. | 20.01 | 3% | 404,103 | $5,481,545,189 |
| FFX | Firefinch Ltd | 0.965 | 3% | 7,645,761 | $1,104,462,412 |
Software maker Codan (ASX:CDA) rose 13% after releasing its outlook guidance for the rest of FY22. The company said it could match its record first half in the second half. Based on this forecast, Codan expects a record full year profit and the second best year ever in the company’s history.
Agri company Elders (ASX:ELD) rallied 9% after releasing its first half results and providing guidance.
For the first half, Elders delivered 80% EBIT growth, a 36% increase in underlying earnings per share, and announced a 40% increase in interim dividend to 28 cents per share (all vs pcp).
Elders also said its underlying EBIT guidance has been upgraded to 30% to 40% above the prior financial year.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| SYA | Sayona Mining Ltd | 0.2325 | -17% | 161,646,806 | $2,011,169,313 |
| JDO | Judo Cap Holdings | 1.715 | -6% | 1,675,367 | $2,012,046,167 |
| NVX | Novonix Limited | 3.93 | -4% | 3,451,566 | $1,996,900,502 |
| VNT | Ventiaservicesgroup | 2.63 | -4% | 607,719 | $2,344,027,379 |
| IPL | Incitec Pivot | 3.6 | -4% | 20,255,745 | $7,263,921,608 |
| AIZ | Air New Zealand | 0.6 | -3% | 1,324,429 | $2,088,447,875 |
| MCR | Mincor Resources NL | 2.42 | -3% | 1,193,241 | $1,210,917,743 |
| GMA | Genworth Mortgage | 2.94 | -3% | 1,520,154 | $1,203,221,645 |
| SQ2 | Block | 123.99 | -3% | 333,210 | $5,581,541,352 |
| ACL | Au Clinical Labs | 5.56 | -3% | 237,124 | $1,154,490,566 |
| IVC | InvoCare Limited | 11.79 | -2% | 309,453 | $1,741,694,262 |
| WHC | Whitehaven Coal | 5.13 | -2% | 8,170,330 | $5,343,501,853 |
| ALD | Ampol Limited | 33.49 | -2% | 387,818 | $8,178,528,038 |
| ZIM | Zimplats Holding Ltd | 29.28 | -2% | 12,427 | $3,229,129,470 |
| YAL | Yancoal Aust Ltd | 5.78 | -2% | 642,009 | $7,817,001,467 |
Industrial manufacturer Incitec Pivot (ASX:IPL) lost 4% after announcing an intention to separate its two leading businesses, Dyno Nobel and Incitec Pivot Fertilisers. The company says the split will create value for shareholders.
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