ASX Large Caps: Blue chips on a roll as investors shrug off recession fears

ASX 200 extends winning streak
US bonds have sharply inverted, sparking concerns of a potential recession
China says it has found a new Omicron sub-variant

It was a sea of green today on the ASX, as local investors shrugged off a rapid sharp inversion in the US bond market.

The ASX closed 0.27% higher, extending its 1.32% gain last week. All sectors finished higher, except for Consumer Discretionary.

Metal miners got a boost after the spot iron ore price surged to an 8-month high of US$159.95 a tonne.

But there are jitters in the market over a potential repricing of equities, as the US treasury yield curve inverted sharply on Friday.

The US 2-year Treasury yield is now higher than the 10-year yield, (2.46% vs 2.38%), sparking concerns of a potential recession. An inverted curve has historically been a prelude to a recession.

Meanwhile, a new coronavirus subvariant has been found in China, causing jitters around the world.

On Sunday, China reported 13,000 Covid cases, the most since its pandemic peak two years ago.

Officials in Suzhou, a city close to Shanghai, said they have detected a mutation of the Omicron variant that hasn’t been recorded in local or international databases.

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
SYA	Sayona Mining Ltd	0.33	32.0%	165,837,477	$1,774,854,053
PDL	Pendal Group Ltd	5.29	18.1%	5,221,544	$1,716,509,715
ASM	Ausstratmaterials	9.14	16.1%	1,019,696	$1,097,912,267
TLX	Telix Pharmaceutical	4.7	10.1%	2,161,765	$1,333,287,858
MFG	Magellan Fin Grp Ltd	16.84	9.7%	2,293,130	$2,850,694,611
LTR	Liontown Resources	2.12	9.0%	16,742,617	$4,263,878,010
NVX	Novonix Limited	6.92	8.0%	3,946,999	$3,114,387,400
JRV	Jervois Global Ltd	0.885	7.9%	3,727,545	$1,246,195,788
INR	Ioneer Ltd	0.775	7.6%	19,339,928	$1,505,194,847
SDR	Siteminder	4.9	7.5%	863,546	$1,239,379,304
AKE	Allkem Limited	13.31	7.3%	6,013,041	$7,906,960,266
DEG	De Grey Mining	1.315	6.9%	10,825,522	$1,732,877,536
MCY	Mercury NZ Limited	5.97	6.8%	32,168	$7,724,509,715
ILU	Iluka Resources	12.22	6.1%	3,717,890	$4,883,700,580
LKE	Lake Resources	2.45	6.1%	22,232,333	$2,941,730,221

Sayona Mining (ASX:SYA) surged 32% after telling investors that lithium from ‘Authier’ performed as well, if not better than the incumbent suppliers in battery test work.

Miners like Pilbara Minerals (ASX:PLS), IGO Ltd (ASX:IGO) and Fortescue (ASX:FMG) all rose by around 3%-5% on the back of rising metal prices.

Pendal Group (ASX:PDL) rose 18% after Perpetual (ASX:PPT) said it wants to buy 100% of its shares. PPT has offered Pendal shareholders 1 PPT share for every 7.5 Pendal shares, plus $1.67 cash for each Pendal share.

Telix Pharma (ASX:TLX) announced that it is part of the Australian Precision Medicine Enterprise (APME) Project which has been awarded $23 million in Federal Government grant funding.

The funding comes under the Modern Manufacturing Initiative (MMI), which is a key element of the Australian Government’s manufacturing strategy.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
AIZ	Air New Zealand	0.89	-22.6%	16,430,698	$1,291,270,861
PPT	Perpetual Limited	31.97	-6.6%	768,355	$1,941,300,332
SMR	Stanmore Resources	1.6	-6.4%	1,478,585	$1,541,362,704
PPH	Pushpay Holdings Ltd	1.015	-6.0%	1,054,829	$1,231,955,269
HTA	Hutchison	0.083	-4.6%	8,386	$1,180,808,246
MAF	MA Financial Group	7.35	-4.2%	467,342	$1,330,916,616
IMU	Imugene Limited	0.24	-4.0%	14,091,059	$1,462,015,710
FBU	Fletcher Building	5.66	-3.2%	1,409,307	$4,652,451,835
BOQ	Bank of Queensland.	8.23	-3.2%	4,968,311	$5,462,317,464
ALL	Aristocrat Leisure	35.1	-3.0%	1,827,063	$24,233,667,010
HSN	Hansen Technologies	5.47	-2.3%	133,237	$1,124,516,316
CNU	Chorus Limited	6.58	-2.2%	518,349	$3,003,242,653
SWM	Seven West Media Ltd	0.68	-2.2%	1,043,797	$1,105,132,176