ASX Large Caps: Blue chips down 1%, but anxiety floats around US CPI, earnings season launch this week

ASX large caps roundup 11 July 2022. Picture Getty Image

The ASX 200 stumbles by 1% today
Energy leads, gold miners lose
Investors wait key indicators, including US CPI and China GDP

The ASX tumbled by 1% today as investors dumped blue chips in all sectors except for Energy and Healthcare.

There’s a fair bit of nervousness in the market ahead of a bumper week of economic data releases, the most important being the US CPI due out on Wednesday (US time).

China will also publish its second quarter GDP data on Friday. The country’s tech stocks were under pressure today after two of its biggest names received fresh fines from authorities. Alibaba and Tencent were on the hook today for not properly reporting past deals, although details of the amounts are sketchy. That’s a big step back for China’s unshackled-now-shackled technology super stocks.

There’s also investor anxiety around the US earnings season, which will kick off later this week. The quarter’s earnings will give insight into how much inflation and rising supply costs have eaten into company profits.

On the ASX today, energy companies rose as oil prices climbed by another 2% with Brent now trading at US$106.50 a barrel.

Gold miners meanwhile underperformed struggling as the gold price shows weakness, trading at US$1,741 an ounce.

A couple of top exec departures today also added a bit drama to the mix, as ASX CFO Gillian Larkins and EML Payments’ CEO Tom Cregan resigned.

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
NHC	New Hope Corporation	3.79	5%	3,194,080	$2,996,485,495
SNZ	Summerset Grp Hldgs	9.36	4%	182	$2,075,247,630
MEZ	Meridian Energy	4.39	4%	32,463	$5,325,143,686
OBL	Omni Bridgeway Ltd	3.85	3%	343,592	$1,002,025,969
DUI	Diversified United	4.85	2%	20,450	$1,013,116,556
JLG	Johns Lyng Group	6.95	2%	873,851	$1,766,680,327
SUN	Suncorp Group Ltd	11.26	2%	1,454,545	$13,951,784,985
SCP	SCA Property Group	2.88	2%	2,428,226	$3,159,090,116
WHC	Whitehaven Coal	5.095	1%	5,179,888	$4,810,046,410
SHL	Sonic Healthcare	33.73	1%	322,057	$15,987,112,451
QBE	QBE Insurance Group	11.935	1%	1,409,059	$17,487,614,826
VCX	Vicinity Centres	1.8975	1%	5,389,741	$8,535,516,296
MFG	Magellan Fin Grp Ltd	12.04	1%	668,009	$2,202,557,601

Retirement villages developer Summerset Group (ASX:SNZ) was up 4% after reporting 232 sales for the quarter ending 30 June, comprising 122 new sales and 110 resales. Summerset has now achieved 511 sales for 1H22, the second highest first half ever.

Finance company Omni Bridgeway (ASX:OBL) also rose 4% after reporting a record level of annual commitments of $463 million for FY22, a 12% increase year-on-year over FY21.

Bridgeway says the record addition to commitments this year is consistent with its aspirational target to grow our FUM (funds under management) to $5 billion by FY25.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
NVX	Novonix Limited	2.195	-11%	4,038,869	$1,196,602,814
CGC	Costa Group Holdings	2.605	-10%	12,837,543	$1,337,893,822
SYA	Sayona Mining Ltd	0.14	-7%	15,942,414	$1,237,012,901
DMP	Domino Pizza Enterpr	70.65	-6%	373,157	$6,535,686,046
LFS	Latitude Group	1.41	-6%	26,607	$1,557,692,307
CDA	Codan Limited	7.23	-6%	306,196	$1,390,997,460
LKE	Lake Resources	0.68	-6%	19,470,871	$1,000,591,132
LOV	Lovisa Holdings Ltd	15.95	-6%	179,723	$1,813,918,824
SEK	Seek Limited	21.24	-5%	536,607	$7,938,637,852
DEG	De Grey Mining	0.755	-5%	2,516,424	$1,121,134,954
EVN	Evolution Mining Ltd	2.33	-5%	9,802,232	$4,490,868,823
ILU	Iluka Resources	8.555	-5%	1,297,010	$3,813,885,659

Produce company Costa Group (ASX:CGC) fell 11% today after the company provided a market update.

Costa said wet weather has resulted in some quality issues, which have become more evident now. The company says the full impact of these quality issues across its citrus portfolio and on second half earnings cannot be determined until the citrus season is further progressed.

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