ASX large caps roundup 29 Apr 2022. Picture Getty Image
ASX Large Caps: Blue chips leap higher for second day straight, but end the week 2pc lower
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- ASX 200 finished Friday higher
- Tech and Telco led the proceedings today
- A 15bp rate hike next week, a poll found
Local blue chips rallied for the second consecutive day, with the ASX 200 finishing 0.90% higher on Friday. For the week, the benchmark index was down 2.2%.
All eleven sectors were up, led by Telco and Tech stocks, following a big rally in the Nasdaq overnight.
US Big Tech delivered a mix bag of earnings results this week, with Meta being the standout after it surpassed user numbers forecasts. The Meta share price surged 18% overnight.
Energy stocks also caught a bid today as oil prices surged on news that Germany would back any EU ban on Russian oil as long as it’s done gradually. The German policy shift has now increased the likelihood of a bloc-wide embargo, with a decision to be announced as early as next week.
Meanwhile, a poll conducted by Reuters found that the RBA is likely to raise its interest rates for the first time in more than a decade at Tuesday’s meeting.
The median forecast in the April 27-29 Reuters poll of 32 economists showed the RBA would raise its official cash rate by 15 basis points to 0.25% from a record low 0.10% at its May 3 meeting.
“The surge in inflation clearly suggests tighter policy is warranted so delaying the first rate hike for political reasons is a mistake,” said Marcel Thieliant, a senior economist at Capital Economics, told Reuters.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| 5EA | 5Eadvanced | 3.59 | 4% | 1,707,492 | $1,036,257,870 |
| ANN | Ansell Limited | 27.31 | 4% | 624,583 | $3,348,105,767 |
| CDA | Codan Limited | 7.135 | 4% | 596,190 | $1,237,246,115 |
| JIN | Jumbo Interactive | 17.7 | 4% | 74,565 | $1,063,125,365 |
| WAF | West African Res Ltd | 1.3475 | 5% | 1,936,175 | $1,312,023,220 |
| PLS | Pilbara Min Ltd | 2.83 | 5% | 20,845,446 | $8,007,683,979 |
| PDN | Paladin Energy Ltd | 0.815 | 6% | 22,243,935 | $2,276,848,164 |
| CHN | Chalice Mining Ltd | 6.96 | 6% | 1,609,233 | $2,332,504,224 |
| BRN | Brainchip Ltd | 0.975 | 6% | 11,641,605 | $1,577,213,172 |
| NIC | Nickel Mines Limited | 1.3125 | 7% | 18,364,639 | $3,213,360,311 |
| TLX | Telix Pharmaceutical | 4.59 | 9% | 749,245 | $1,317,675,588 |
| SDR | Siteminder | 4.705 | 9% | 821,979 | $1,174,148,814 |
| FFX | Firefinch Ltd | 1.11 | 15% | 22,830,081 | $1,139,899,708 |
Firefinch (ASX:FFX) was up 15% after demerging its lithium assets, Leo Lithium. The demerger will result in two independent ASX listed companies; Firefinch and Leo Lithium. The separation of Firefinch’s lithium and gold projects will allow shareholders to retain exposure to the projects but in separate and focussed entities.
Siteminder (ASX:SDR) recorded its strongest ever March quarter, with Q3FY22 revenues of $29 million, growing 16.1% in constant currency from Q3FY21, and accelerating from the 10.4% y/y growth in H1FY22. Annualised Recurring Revenue (ARR) at the end of Q3FY22 grew 18% y/y, from Q3FY21 to $117 million.
OceanGold (ASX:OGC) produced 134,035 ounces of gold in the quarter, a 26% increase from the previous quarter. It also reposted record quarterly revenue of $286 million, and record quarterly EBITDA of $158 million. Bottom line net profit after tax was $79 million.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| RMD | ResMed Inc. | 28.89 | -5% | $1,839,210 | $12,387,911,637 |
| 29M | 29Metalslimited | 2.715 | -5% | $2,844,446 | $1,371,760,264 |
| URW | Unibailrodawestfield | 5.065 | -4% | $323,716 | $1,008,847,488 |
| DMP | Domino Pizza Enterpr | 75.43 | -4% | $449,956 | $6,799,675,484 |
| SFR | Sandfire Resources | 5.64 | -3% | $2,675,671 | $2,386,094,617 |
| CEN | Contact Energy Ltd | 7.35 | -3% | $102 | $1,877,581,039 |
| OCL | Objective Corp | 17.46 | -3% | $14,810 | $1,704,407,232 |
| PME | Pro Medicus Limited | 47.45 | -3% | $196,928 | $5,098,608,984 |
| NUF | Nufarm Limited | 6.43 | -2% | $1,291,829 | $2,492,925,663 |
| APE | Eagers Automotive | 13.28 | -1% | $253,551 | $3,463,458,269 |
| CNU | Chorus Limited | 6.685 | -1% | $186,645 | $3,030,384,698 |
| MP1 | Megaport Limited | 8.63 | -1% | $1,184,406 | $1,382,053,890 |
At Stockhead we tell it like it is. While Firefinch is a Stockhead advertiser, it did not sponsor this article.
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