• ASX makes a warm-ish 0.7% start to the month
  • US shares help fuel the rise after Wall Street’s best month since November 2020
  • 10 from 12 Aussie sectors in the green with battery metals driving Large Cap wins

 

 

The ASX 200 is on track to finish the first day of August trade 0.7% higher, after Wall Street’s best month since November 2020. The S&P 500 closed out July 8% higher , the tech-heavy Nasdaq’s July gain topped 11.3%, partly thanks to earnings like Apple’s, which rose 3% on its record June quarter revenue of US$83 billion – up 2% year over year.

Amazon found 10% after posting US$121 billion in Q2 revenue, beating analysts expectations with a US$2 billion stick.

Everyone except Christian thinks the retailer is a monster. More sensible people think it’s still operating on some super-tight margins (and that Jeff B’s still paying off some of his rocket upgrades. Maybe.)

In local news, a look at the sectors shows it was Energy (+2.02%) and Health Care (+1.72%), Telcos (+1.29%) and Utilities (+1.81%) powering the market throughout the day, as quarterlies continued to flood in, giving investors huge amounts of data to consider.

Information Tech (-0.37%) and Consumer Discretionary (-0.33%) provided the only real downward pressure, but that barely-there pessimism wasn’t enough to really dampen the mood.

 

BIG CAP WINNERS

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We’re gonna have to belt through these today because the quarterlies are murdering everyone in the newsroom today – but high up among the noteworthy Large Cap winners today was Lynas Rare Earths (ASX:LYC), up 4.49% as the seemingly unquenchable demand for battery metals keeps that sector upbeat and firing.

That sector sentiment also helped to lead Allkem (ASX:AKE) up 4.47%, which has been steadily rebuilding value since hitting a low of $9.92 in mid-July.

Rural suppliers Elders (ASX:ELD) climbed 4.52% after Goldman Sachs indicated the Agribusiness company was a strong buy, giving investors a share price target of $21 at the end of last week, due to its “strong track record; good industry structure; potential for positive earnings surprise; and an attractive valuation.”

And Champion Iron (ASX:CIA) is making the most of this week’s 9.95% surge in iron ore prices, with investors looking to get in on the gains, adding a handsome 3.5% to its price today.

 

BIG CAP LOSERS

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Not so lucky was Stanmore Resources (ASX:SMR) which fell 3.62% as coal prices fell by 0.85% and – amazingly – Hawaii announced that it had taken receipt of its last-ever shipment of coal before all of its coal-fired power plants are shut down for good.

Also sliding today was Chalice Mining (ASX:CHN), down 3.31%, giving up its short lived gains gifted to it by investors in the wake of its reasonably positive quarterly report released late last week.