The ASX rose on Wednesday as Boral and Suncorp rose. Picture Getty Image
ASX Large Caps: Boral, Suncorp’s earnings push ASX higher; death reported at BHP mine site
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- The ASX climbed by 0.3% on Wednesday
- Mining and Financials were the best sectors
- Boral and Suncorp’s results helped pushed the sectors higher
Mining and Financials pushed the benchmark index higher today as the ASX 200 climbed 0.3% on Wednesday.
The financials sector was driven higher by Suncorp (ASX:SUN), which rose to a 6-month high after reporting a 44% increase in profit for the half to $560m.
Suncorp’s board has declared an interim dividend of 33 cents per share, an increase of 43% on the pcp.
In the Materials (Mining) sector, Boral (ASX:BLD) surged 12% to a one-year high after reporting a 12% increase in first half revenue to $1.68 billion.
Boral’s NPAT increased by 53% to $56.8 million, and the company declared no dividend.
A report has circulated about the death of a BHP (ASX:BHP) worker who was struck by a train at the mining giant’s Port Hedland site. BHP said a full internal investigation would be undertaken.
President Biden meanwhile has just concluded his State of the Union address to Congress. In his speech, Biden vowed once again to stand with Ukraine as long as needed.
“Putin’s invasion has been a test for the ages, a test for America, a test for the world,” Biden said.
Biden also said he was willing to co-operate with great power rival China, but vowed “to protect our country”.
Back home, Treasurer Jim Chalmers said that inflation remains the government’s “major focus”, while signalling that a recession is not expected despite RBA’s continual rate hikes.
“I am very hopeful, backed up by the comments itself of the Reserve Bank and others, that inflation has peaked,” Chalmers said.
Jessica Amir, a market strategist at Saxo Market is at the opposite end, and believes the RBA could make upward revisions to underlying inflation forecasts this Friday.
“For investors, this means volatility in the ASX200 could pick up on Friday – financials and insurers could be supported with the RBA seeing more hikes ahead,” said Amir.
Amir also reckons consumer discretionary stocks will likely face headwinds if inflation does get revised. On the flip side, the energy sector will be supported, she said.
BIG CAP WINNERS
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| Security | Description | Last | % | Volume | MktCap |
| BLD | Boral Limited | 3.94 | 11.79 | 10,052,541 | $3,882,871,235 |
| ARU | Arafura Rare Earths | 0.64 | 5.79 | 13,064,303 | $1,276,284,936 |
| ABC | Adbri Limited | 1.93 | 4.62 | 1,695,489 | $1,200,834,701 |
| SNZ | Summerset Grp | 9.40 | 3.98 | 93 | $2,098,336,722 |
| SUN | Suncorp Group | 12.94 | 3.77 | 6,293,055 | $15,763,022,695 |
| NIC | Nickel Industries | 1.11 | 3.76 | 6,296,159 | $3,184,751,652 |
| LKE | Lake Resources | 0.77 | 3.69 | 3,852,467 | $1,057,858,804 |
| LTR | Liontown Resources | 1.52 | 3.41 | 9,424,401 | $3,218,235,385 |
| SYA | Sayona Mining Ltd | 0.24 | 3.19 | 51,471,872 | $2,042,061,727 |
| ARB | ARB Corporation. | 30.12 | 3.19 | 211,872 | $2,392,754,565 |
Medibank Private (ASX:MPL) rose 3% despite telling the market it was facing a class action filed in the Federal Court over last year’s cybercrime event.
BIG CAP LOSERS
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| Security | Description | Last | % | Volume | MktCap |
| PNV | Polynovo Limited | 2.36 | -10.94 | 2,448,938 | $1,823,210,078 |
| DDR | Dicker Data Limited | 9.41 | -9.69 | 714,928 | $1,876,553,711 |
| AX1 | Accent Group Ltd | 2.09 | -6.70 | 913,879 | $1,237,510,306 |
| ELD | Elders Limited | 8.87 | -5.44 | 3,904,924 | $1,467,750,264 |
| HLS | Healius | 2.825 | -5.20 | 3,343,796 | $1,730,822,117 |
| UMG | United Malt Group | 3.54 | -4.32 | 767,226 | $1,106,962,800 |
| RGN | Region Group | 2.57 | -3.75 | 2,347,374 | $3,067,546,956 |
| ORA | Orora Limited | 2.87 | -3.69 | 1,812,705 | $2,519,148,334 |
| JLG | Johns Lyng Group | 5.49 | -3.51 | 2,514,175 | $1,486,281,509 |
| CNI | Centuria Capital | 1.7975 | -3.36 | 662,017 | $1,481,300,245 |
| AMC | Amcor PLC | 16.705 | -3.27 | 4,292,469 | $11,261,282,145 |
| LNK | Link Admin Hldg | 2.045 | -3.08 | 1,594,915 | $1,082,403,585 |
| CGC | Costa Group | 2.675 | -3.08 | 597,193 | $1,282,148,246 |
| APE | Eagers Automotive | 10.78 | -3.06 | 296,253 | $2,840,026,861 |
| SHL | Sonic Healthcare | 29.29 | -2.69 | 1,668,397 | $14,477,447,221 |
| GQG | GQG Partners | 1.495 | -2.61 | 1,032,334 | $4,532,556,341 |
Amcor (ASX:AMC) fell 3% after reporting its half year results.
The company’s net sales for the half was $7.35 billion, up 6% on the pcp. The company also reported that price increases for its bottles, pouches and food containers have blown out by 10%, which equated to $US670 million for the half.
Dicker Data (ASX:DDR) fell 9% after declaring dividends for FY22 at 2.5 cents per share, fully franked.
Polynovo (ASX:PNV) fell 10% on no specific news.
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