ASX Large Caps: Earnings on watch as rising costs chip away at margins; benchmark flat again
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The ASX 200 has finished flat for the second day in a row.
Gains of over 1% in Consumer Discretionary and Comm Services were offset by losses in Financials and Utilities sectors.
The latest Westpac consumer confidence index showed that Australian consumer sentiment fell again in August, down 3% to 81.2.
But business confidence and conditions have both surprisingly rose in July, up to +7 and +20 points respectively.
CBA said the spread between consumer confidence and business confidence is the widest it’s ever been, as businesses were successfully passing on higher costs to customers.
[REPORT] Buoyant business boosts inflation risks https://t.co/QT6yfbmzPh #ausecon pic.twitter.com/wrSmHqn6oQ
— CommSec (@CommSec) August 9, 2022
A Westpac report said:
“The August decline in the index was mainly driven by consumers’ increasingly pessimistic expectations of family finances in the next 12 months, and a considerable decline in their buying intentions for major household items.”
Earnings season for the ASX giants is now underway, with some reporting their results today.
National Australia Bank (ASX:NAB) posted a US$1.8 billion Q3 cash earnings, but has signalled higher costs. The NAB share price slid 3% today.
News Corporation (ASX:NWS) posted its highest earnings result on record, nearly doubling its net income and increasing revenue for the full fiscal year by 11%. The NWS share price rallied 4%.
Bitcoin fell marginally to US$23,805 as Bloomberg reported that the RBA, Treasury and other agencies will start reviewing the case for a central bank digital currency.
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Code | Name | Price | % Change | Volume | Market Cap |
---|---|---|---|---|---|
LKE | Lake Resources | 1.235 | 15% | 84,804,866 | $1,493,966,099 |
MP1 | Megaport Limited | 8.95 | 9% | 2,217,894 | $1,292,227,451 |
DHG | Domain Holdings Aus | 4 | 9% | 2,315,029 | $2,324,498,323 |
LFG | Liberty Fin Group | 4.76 | 8% | 4,105 | $1,332,804,000 |
REA | REA Group | 132.31 | 7% | 214,641 | $16,385,177,252 |
NIC | Nickel Industries | 1.14 | 6% | 10,405,090 | $2,949,775,377 |
LTR | Liontown Resources | 1.695 | 5% | 30,154,541 | $3,529,482,569 |
CRN | Coronado Global Res | 1.59 | 5% | 9,164,363 | $2,539,827,401 |
PNV | Polynovo Limited | 2.12 | 5% | 3,335,731 | $1,336,609,849 |
LFS | Latitude Group | 1.54 | 4% | 120,726 | $1,531,730,769 |
VUL | Vulcan Energy | 8.77 | 4% | 921,120 | $1,205,449,881 |
BRG | Breville Group Ltd | 23.05 | 4% | 287,700 | $3,149,785,050 |
NWS | News Corp.. | 25.28 | 4% | 163,306 | $1,034,105,892 |
SYA | Sayona Mining Ltd | 0.255 | 4% | 153,482,605 | $2,032,941,984 |
CXO | Core Lithium | 1.41 | 4% | 37,726,877 | $2,357,429,576 |
REH | Reece Limited | 15.59 | 3% | 209,411 | $9,741,441,449 |
Lake Resources (ASX:LKE) jumped 15% on no specific news. Lake however is one of the most heavily shorted stocks on the ASX, leaving some to suspect that the short sellers might be closing their positions.
Megaport (ASX:MP1) rose 14% after reporting that its annualised recurring revenue (ARR) gained by 43% in FY22 to $128.3 million, compared to $89.8 million in FY21.
REA Group (ASX:REA) rose 6% after reporting a 26% rise in revenue to $1.17 billion. EBITDA grew by 19% to $674 million, while NPAT rose by 25% to $408 million.
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Code | Name | Price | % Change | Volume | Market Cap |
---|---|---|---|---|---|
IMU | Imugene Limited | 0.27 | -5% | 23,724,802 | $1,671,979,464 |
BKI | BKI Investment Ltd | 1.71 | -3% | 521,853 | $1,315,242,099 |
NAB | National Aust. Bank | 29.69 | -3% | 6,632,847 | $97,501,434,231 |
ACL | Au Clinical Labs | 5.23 | -3% | 235,424 | $1,087,885,341 |
SQ2 | Block | 124.14 | -2% | 205,403 | $4,770,650,713 |
PSI | Psc Insurance Ltd | 4.39 | -2% | 6,699 | $1,565,648,986 |
APA | APA Group | 12 | -2% | 580,824 | $14,430,101,761 |
RMD | ResMed Inc. | 33.96 | -2% | 690,434 | $14,284,257,971 |
DEG | De Grey Mining | 0.9975 | -2% | 2,427,290 | $1,431,827,823 |
VSL | Vulcan Steel | 8.6 | -2% | 93,911 | $1,149,825,005 |
PPH | Pushpay Holdings Ltd | 1.18 | -2% | 297,633 | $1,369,053,208 |