• The ASX closes flat on Monday
  • Miners gain, offset by losses in Tech and Healthcare
  • Ahead this week, US Fed’s rate decision and Australia’s June quarter CPI

 

The ASX 200 closed flat on Monday, despite a broad-based fall on Wall Street on Friday.

Gains in Energy and Miners were offset by losses in Healthcare and Tech, as investors await two critical data points later this week.

On Tuesday US time, the Fed will announce its interest rates decision, with market consensus pointing to a 75bp hike. Some hawkish experts have predicted a 100bp hike.

“Last Friday’s price action (on Wall Street) may have softened the ardour of the 100 basis point hikes on the committee,” says Oanda market analyst, Jeff Halley.

Agricultural commodities also fell on Friday after Russia and Ukraine signed a Turkey-brokered deal to allow Ukrainian grain exports to resume from Black Sea ports such as Odessa.

“Naturally, Russia decided to rain cruise missiles down on Odessa over the weekend, including one that hit a grain silo.

“That has seen wheat futures rise by 2% this morning, and has led to some US Dollar strength and extended the risk-off tone to equity markets,” Halley said.

China’s increasingly strident warnings to US officials around Nancy Pelosi’s intended visit to Taiwan have also added to nervousness in the markets.

On the ASX, Miners jumped by 1% today as iron ore prices climbed almost 6% to US$104.55 a tonne.

Australia will releases its Q2 CPI on Wednesday. The last CPI reading for March was 5.1%, but major banks like ANZ and Westpac have predicted that to rise to 6.1% in the June quarter.

Most banks also agree that the RBA would hike all through 2022 to take its cash rate to a terminal rate of 2.6% before stopping. The next RBA rate decision is on August 2nd.

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
NEU Neuren Pharmaceut. 4.85 13% 745,790 $541,652,406.80
IAG Insurance Australia 4.47 6% 11,933,595 $10,378,071,867.26
LFS Latitude Group 1.73 6% 55,826 $1,692,692,306.94
MAD Mader Group Limited 2.79 5% 99,439 $530,000,000.00
URW Unibailrodawestfield 3.84 5% 158,505 $645,701,811.60
KMD KMD Brands Limited 1.01 4% 29,714 $687,731,342.48
NIC Nickel Industries 1.04 4% 5,936,731 $2,731,273,497.00
SDF Steadfast Group Ltd 5.32 4% 2,428,780 $5,005,280,998.40
OFX OFX Group Ltd 2.61 4% 497,758 $612,717,126.84
EVN Evolution Mining Ltd 2.42 3% 13,981,212 $4,289,237,978.22
CTD Corp Travel Limited 18.83 3% 696,318 $2,650,216,787.52
NST Northern Star 7.35 3% 5,593,496 $8,295,698,700.64
FLT Flight Centre Travel 17.66 3% 2,431,159 $3,418,803,595.35
MYX Mayne Pharma Ltd 0.335 3% 1,419,926 $573,573,246.03
SYA Sayona Mining Ltd 0.185 3% 42,076,249 $1,484,415,480.60
BKI BKI Investment Ltd 1.72 3% 699,601 $1,244,650,008.60
SUN Suncorp Group Ltd 11.3 3% 1,604,262 $13,901,280,785.76
VSL Vulcan Steel 8.84 3% 109,468 $1,132,741,890.64
DBI Dalrymple Bay 2.05 3% 23,622 $991,523,334.00
IFT Infratil Limited 7.27 2% 107,835 $5,148,738,062.50
MP1 Megaport Limited 8.79 2% 1,641,518 $1,356,996,797.44
SLX Silex Systems 3.16 2% 332,787 $633,372,629.49
FMG Fortescue Metals Grp 18.22 2% 5,707,711 $54,897,944,487.94
ECX Eclipx Group Ltd 2.585 2% 4,120,468 $744,458,797.17
ERA Energy Resources 0.235 2% 195,445 $849,018,135.54

Flight Centre (ASX:FLT) was up by 4% after amending its FY22 market guidance following a solid rebound in travel demand globally late in the year. Based on preliminary FY22 trading results, FLT now expects to record an underlying EBITDA loss of between $180million and $190million for the 12 months to June 30.

This reflects an 11.9% improvement on the mid-point in the company’s initial FY22 market guidance of an underlying loss between $195million and $225million.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
PNV Polynovo Limited 1.495 -13% 4,233,871 $1,141,411,875.90
PBH Pointsbet Holdings 2.94 -11% 2,126,891 $1,003,981,588.33
DDR Dicker Data Limited 11.67 -11% 395,708 $2,256,021,725.04
IMU Imugene Limited 0.23 -10% 16,570,620 $1,495,962,500.55
NAN Nanosonics Limited 4.24 -8% 2,155,146 $1,394,478,295.98
DHG Domain Holdings Aus 3.23 -6% 767,254 $2,166,584,034.79
NVX Novonix Limited 2.425 -5% 3,912,747 $1,245,245,204.48
CRN Coronado Global Res 1.395 -5% 7,504,925 $2,464,386,983.10
CDA Codan Limited 8.01 -5% 298,553 $1,517,616,214.65
PSI Psc Insurance Ltd 4.1 -4% 138,328 $1,498,605,193.80
A2M The A2 Milk Company 4.38 -4% 1,981,260 $3,391,073,767.68
PDN Paladin Energy Ltd 0.615 -4% 10,288,709 $1,905,778,561.28
OZL OZ Minerals 17 -4% 2,354,982 $5,911,597,388.74
NWL Netwealth Group 12.47 -4% 288,739 $3,162,263,572.27
JRV Jervois Global Ltd 0.4 -4% 5,219,520 $630,696,648.82

EML Payments (ASX:EML) plunged by 25% after announcing that the Central Bank of Ireland revealed shortcomings in the operations of EML’s Irish subsidiary, PCSIL.

EML says that PCSIL will now adopt a revised approach as a result of these findings, which may result in additional controls being embedded into its internal control framework.