- 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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| Code | Name | Price | % Change | Market Cap |
|---|---|---|---|---|
| AKE | Allkem Limited | 11.79 | 5% | $7,192,783,210 |
| LYC | Lynas Rare Earths | 9.1 | 4% | $7,860,004,635 |
| ELD | Elders Limited | 11.75 | 4% | $1,765,055,755 |
| CIA | Champion Iron Ltd | 4.98 | 4% | $2,481,177,005 |
| AIZ | Air New Zealand | 0.565 | 4% | $1,835,813,052 |
| SHL | Sonic Healthcare | 35.4 | 3% | $16,452,803,114 |
| SGM | Sims Limited | 15.16 | 3% | $2,851,540,081 |
| DRR | Deterra | 4.45 | 3% | $2,283,231,041 |
| BFL | Bsp Financial Group | 5.15 | 3% | $2,336,117,115 |
| PNI | Pinnacle Investment | 10.31 | 3% | $1,997,598,573 |
| WDS | Woodside Energy | 32.84 | 3% | $60,722,017,677 |
| GRR | Grange Resources. | 1.15 | 3% | $1,296,219,342 |
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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| Code | Name | Price | % Change | Market Cap |
|---|---|---|---|---|
| UMG | United Malt Group | 3.04 | -17% | $1,097,987,425 |
| MP1 | Megaport Limited | 8.29 | -14% | $1,530,768,215 |
| NVX | Novonix Limited | 2.57 | -9% | $1,376,579,660 |
| IMU | Imugene Limited | 0.225 | -8% | $1,437,297,304 |
| VUL | Vulcan Energy | 7.35 | -6% | $1,118,015,348 |
| BRN | Brainchip Ltd | 1.025 | -6% | $1,865,507,926 |
| SYA | Sayona Mining Ltd | 0.185 | -5% | $1,608,772,404 |
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.