ASX large caps roundup 6 May 2022. Picture Getty Image
ASX Large Caps: Blue chips track Wall Street deep into the red as risk aversion sweeps markets
News
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- ASX 200 down 2.2% today, and 3.12% for the week
- There was broad based selloff as risk aversion takes hold
- RBA revises economic targets
The ASX 200 tracked Wall Street deep into red territory today, falling by 2.3% with all eleven sectors tumbling.
It was one of the worst daily drops for the ASX since late February, taking its total loss for the week to over 3%.
Gains were few and far between as local investors reacted to the worst day of the year for US stocks.
In the overnight session (US time), the S&P 500 crashed by around 3% and tech heavy Nasdaq by 5%, as US investors reassessed the effectiveness of the Fed’s plan in tackling inflation.
Tech was the worst performing sector on the ASX, losing 4.3%, as the RBA revised its economic forecast today.
In a statement, the RBA says that it anticipates inflation to keep rising 6% by December (vs 5.1% now), at which point it will have hit its peak.
Core inflation, the RBA’s preferred measure, will hit 4.75% by year end (vs 3.75% now). The RBA also predicted that wages will increase by 3.75% by mid 2024, the fastest pace since 2012.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| LTR | Liontown Resources | 1.03 | -7.40 | 11800466 | $2,701,874,659 |
| FBU | Fletcher Building | 3.70 | -6.09 | 658295 | $3,085,191,768 |
| CSL | CSL Limited | 289.51 | -5.08 | 709946 | $147,343,443,385 |
| IGO | IGO Limited | 6.90 | -3.57 | 2157437 | $5,414,464,863 |
| NIC | Nickel Industries | 0.63 | -3.46 | 3691387 | $2,785,776,422 |
| IFL | Insignia Financial | 2.23 | -3.26 | 848886 | $1,533,241,532 |
| SGR | The Star Ent Grp | 0.53 | -3.18 | 10386275 | $1,577,774,482 |
| SKC | Skycity Ent Grp Ltd | 1.91 | -3.05 | 236734 | $1,497,604,262 |
| SQ2 | Block | 102.27 | -2.78 | 57993 | $3,731,605,362 |
| HLS | Healius | 1.42 | -2.75 | 987752 | $1,056,427,548 |
| DYL | Deep Yellow Limited | 1.47 | -2.65 | 3239154 | $1,154,715,624 |
| FPH | Fisher & Paykel H. | 22.43 | -2.61 | 150839 | $13,448,683,596 |
| LFG | Liberty Fin Group | 4.20 | -2.55 | 30236 | $1,309,394,693 |
| CMW | Cromwell Prop | 0.41 | -2.41 | 639801 | $1,086,829,680 |
BrainChip (ASX:BRN) bucked the trend and was up 2.5% today. The company had received a ‘please explain’ from the ASX after some high trading volumes on its stock on Wednesday. BRN responded by saying that it wan’t aware of any reason. The BRN share price has lifted 11% this week.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| CEN | Contact Energy Ltd | 7.18 | -10.25 | 18,057 | $2,036,369,872 |
| CTT | Cettire | 3.07 | -8.51 | 2,376,132 | $1,277,148,037 |
| LTR | Liontown Resources | 1.25 | -8.09 | 18,722,621 | $3,285,526,258 |
| CMM | Capricorn Metals | 4.47 | -8.02 | 2,609,627 | $1,827,156,731 |
| PLS | Pilbara Min Ltd | 3.28 | -7.08 | 49,752,832 | $10,623,403,190 |
| MMS | McMillan Shakespeare | 16.89 | -6.74 | 181,568 | $1,261,235,165 |
| EMR | Emerald Res NL | 2.70 | -6.25 | 1,551,126 | $1,794,427,857 |
| LFG | Liberty Fin Group | 3.85 | -6.10 | 6,307 | $1,245,595,879 |
| IGO | IGO Limited | 7.56 | -5.85 | 4,481,363 | $6,080,860,538 |
| RMS | Ramelius Resources | 1.66 | -5.43 | 3,687,423 | $1,989,363,213 |
| MCY | Mercury NZ Limited | 5.70 | -5.00 | 6,443 | $8,347,363,434 |
| SLR | Silver Lake Resource | 1.09 | -5.00 | 3,980,280 | $1,074,955,983 |
| PRU | Perseus Mining Ltd | 1.94 | -4.68 | 5,359,813 | $2,788,334,831 |
| IFL | Insignia Financial | 2.07 | -4.61 | 2,380,436 | $1,446,580,054 |
| RED | Red 5 Limited | 0.36 | -4.61 | 12,116,319 | $1,315,631,915 |
| MIN | Mineral Resources. | 57.35 | -4.29 | 908,699 | $11,695,570,766 |
| NST | Northern Star | 12.36 | -4.19 | 2,418,019 | $14,824,952,396 |
Macquarie Group (ASX:MQG) tumbled 7% despite delivering a 56% jump in profit for the full year FY22, to $4.706bn. The bank has however sounded a warning, saying that it remains cautious on economic outlook.
Newscorp (ASX:NWS) lost 8% and hits 15-month lows after reporting a subdued third quarter. The media giant’s net profit was $US104 million for the quarter, up from $96 million on pcp. This was on the back of an increase in Q3 revenue of just 7%, to $US2.49 billion.
REA Group (ASX:REA) also plunged 7% despite delivering strong Q3 results. The real estate group saw a 23% growth in revenue YoY to $278 million, and a 275 rise in EBITDA to $155 million.
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