- ASX climbed on Monday, tracking US stocks
- CSL, Resmed, and Westpac were the main gainers
- RBA expected to hike 25bp tomorrow
The ASX inched back to claim back the 7,000 level, finishing the day 0.25% higher to 6,995.
The local market tracked Wall Street, which gained decisively on Friday after weak employment data in the US (jobless rate rose by 0.1% to 3.9%) bolstered the case for a Fed pause.
Local traders also got the chance to assess the ANZ October job advertisements report today, which showed job ads fell a huge -3% in October following a fall in September of -0.5%.
The Melbourne Institute’s October inflation gauge also showed a decline of -0.1% in October, signalling the local economy has finally lost some steam.
These data have complicated tomorrow’s decision for the RBA, where most economists anticipate a 0.25% hike.
To the ASX, Energy was the only sector in the red today amongst a sea of greens. Energy stocks fell after a steep -2% drop in crude prices on Friday.
Gold miners meanwhile rallied, with the likes of Red 5 (ASX:RED) and De Grey (ASX:DEG) leading the sector.
Across the region, Asian stocks also advanced as investors brought forward their forecasts for Fed Reserve rate reductions next year.
PM Albanese has commenced his official visit to China last Friday night, with China’s premier Li Qiang asserting that China will ‘share development opportunities’ with Australia, ‘no matter how the world changes’.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| GNE | Genesis Energy Ltd | 2.35 | 8.29 | 14,154 | $2,331,969,410 |
| RED | Red 5 Limited | 0.33 | 8.20 | 13,746,806 | $1,055,967,721 |
| DEG | De Grey Mining | 1.22 | 6.55 | 4,027,164 | $2,059,964,202 |
| SNZ | Summerset Grp Hldgs | 9.47 | 6.40 | 262 | $2,085,104,300 |
| GMD | Genesis Minerals | 1.53 | 5.71 | 2,185,715 | $1,551,636,171 |
| LOV | Lovisa Holdings Ltd | 19.52 | 5.63 | 210,776 | $2,027,119,969 |
| CTT | Cettire | 2.97 | 4.95 | 948,770 | $1,078,904,163 |
| MEZ | Meridian Energy | 4.70 | 4.91 | 25,620 | $5,673,358,069 |
| EVN | Evolution Mining Ltd | 3.68 | 4.70 | 7,769,358 | $6,448,515,377 |
| HGH | Heartland Group | 1.48 | 4.59 | 1,981 | $1,012,100,357 |
| PRU | Perseus Mining Ltd | 1.77 | 4.59 | 4,426,830 | $2,321,323,086 |
| SGR | The Star Ent Grp | 0.59 | 4.46 | 6,525,361 | $1,606,461,291 |
| LFS | Latitude Group | 1.18 | 4.42 | 36,534 | $1,174,834,607 |
| BGL | Bellevue Gold Ltd | 1.43 | 4.40 | 12,443,557 | $1,568,392,598 |
| CMM | Capricorn Metals | 4.78 | 4.14 | 1,102,701 | $1,725,648,023 |
| NEU | Neuren Pharmaceut. | 12.74 | 4.00 | 753,872 | $1,550,429,531 |
| RRL | Regis Resources | 1.82 | 4.00 | 3,890,401 | $1,321,842,914 |
| EMR | Emerald Res NL | 2.64 | 3.94 | 1,920,343 | $1,579,082,592 |
Healthcare was the best performing ASX sector today, buoyed by CSL (ASX:CSL) which rose almost 2% on no specific news.
CSL’s shares might have risen after the AFR published a story that legendary Australian investor Chris Kourtis is bullish on CSL and Resmed (ASX; RMD) following the recent Wegovy-driven selloff. RMS shares also picked up 3% today.
Westpac (ASX:WBC) rose 3% after reporting a 26% jump in uts full-year net profit to $7.2 billion, The bank also improved its final dividend payout to 72¢, while also announcing plans for a $1.5 billion on-market share buyback to reflect its strong balance sheet.
Origin Energy (ASX:ORG) rose almost 1% after AusSuper increased its stake in the company to 15.03% from 13.7% last week.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| DYL | Deep Yellow Limited | 1.20 | -9.43 | 5,941,307 | $1,004,905,131 |
| SQ2 | Block | 75.86 | -6.55 | 410,858 | $2,742,416,022 |
| BOE | Boss Energy Ltd | 4.32 | -5.37 | 1,483,440 | $1,609,377,052 |
| PDN | Paladin Energy Ltd | 0.96 | -4.48 | 13,588,820 | $2,998,292,411 |
| BFL | Bsp Financial Group | 5.12 | -3.58 | 3,069 | $2,480,938,088 |
| AD8 | Audinate Group Ltd | 12.78 | -3.37 | 108,736 | $1,098,698,812 |
| CPU | Computershare Ltd | 24.39 | -2.94 | 763,823 | $15,171,718,214 |
| LYC | Lynas Rare Earths | 7.00 | -2.91 | 3,512,656 | $6,732,809,589 |
| SFR | Sandfire Resources | 6.18 | -2.68 | 748,231 | $2,901,901,765 |
| MAD | Mader Group Limited | 6.65 | -2.64 | 87,158 | $1,366,000,000 |
| KAR | Karoon Energy Ltd | 2.46 | -2.58 | 924,934 | $1,427,630,423 |
| SMR | Stanmore Resources | 3.79 | -2.57 | 453,126 | $3,506,413,456 |
| S32 | South32 Limited | 3.25 | -2.26 | 13,269,108 | $15,037,138,446 |
| WHC | Whitehaven Coal | 7.00 | -2.17 | 5,182,832 | $5,981,695,606 |
| NHC | New Hope Corporation | 5.32 | -2.03 | 2,517,143 | $4,590,171,570 |
| CRN | Coronado Global Res | 1.72 | -1.99 | 2,021,270 | $2,942,176,296 |
| CIA | Champion Iron Ltd | 7.68 | -1.92 | 1,397,755 | $4,050,425,605 |
Block Inc (ASX:SQ2) fell 6% despite its NYSE-listed parent shares surging by 10% on Friday after raising its full year profit guidance.