ASX Large Caps: Energy and Mining drag down ASX today, but shares finish higher in August

The ASX 200 fell on Wednesday, 0.50% higher for the month
Energy and mining sectors were the main laggards
Ahead tonight, US and Euro employment data and Euro zone GDP will be released

Australian shares tracked Wall Street lower today, slipping 0.20% on Wednesday, but the index gained 0.50% for the month of August.

Tony Sycamore at City Index says the ability of the local index to close higher for a second consecutive month is a commendable effort, given that key equity markets in the U.S, Germany and China, barring a miracle, will close out the month in negative territory.

“More so considering the fireworks provided by the Australian reporting season, ongoing growth concerns in China and Europe and Fed Chair Powell’s hawkish message at Jackson Hole that shattered hopes of an imminent dovish pivot,” Sycamore said.

Looking ahead to September, Sycamore says the likely drivers of the ASX200 will continue to be the global thematics.

“This includes next week’s RBA meeting and Q2 GDP data which coincides with the start of the RBA’s tightening cycle,” he said.

Meanwhile overnight, US stocks fell for the fourth straight amid raised concerns the Fed could unleash more supersized rate hikes after the release of strong job figures.

The JOLTs survey showed that new job openings in the US rose from 11.04 million in June to 11.239 million in July, compared to consensus of 10.45 million.

On the ASX, seven out of 11 sectors fell on Wednesday, with Energy leading the laggards.

Energy stocks were dumped after oil prices fell by more than 5% last night. At the time of writing, the benchmark Brent crude is trading at just over US$100 a barrel.

Traders are worried about new crude supply coming into the market following Iraq’s comments that it would be willing to produce and redirect more oil exports to Europe if required.

Mining stocks also fell sharply as iron ore prices tumbled below $US100 a tonne on concerns that fresh COVID outbreaks could temper with China’s reopening.

Fortescue (ASX:FMG), which sells about 88% of its iron ore to China, was down 2%.

In the last 24 hours, the Chinese government has put key industrial cities of Shenzhen, Guangzhou and Dalian under curbs again, placing millions of citizens under fresh lockdowns.

These closures came as data released on Wednesday showed more signs that China’s economy is heading towards a contraction.

China’s purchasing managers’ index came in at 49.4 in August, up from July’s 49.0 but still below the 50-point baseline mark that separates growth from contraction.

Gold prices are also declining as investors continue to see a wrath of elevated inflation data, trading at this hour at US$1,725 an ounce.

However, gold miner Perseus Mining (ASX:PRU) was up 1% today after delivering a record financial performance in FY22.

Perseus’s profit after tax jumped more than double to $280 million on the back of revenue of $1.1 billion, which was 66% from a year earlier.

Looking ahead to tonight’s session, US employment change for August will be released, along with European employment change for August and Euro zone GDP for Q2.

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
WEB	Webjet Limited	5.55	9%	6,124,677	$1,946,151,083
DEG	De Grey Mining	0.98	7%	8,603,205	$1,290,761,042
LOV	Lovisa Holdings Ltd	22.9	6%	613,405	$2,312,531,582
NWH	NRW Holdings Limited	2.42	5%	1,232,214	$1,033,145,119
GQG	GQG Partners	1.635	5%	893,521	$4,606,376,477
MP1	Megaport Limited	7.19	4%	1,190,691	$1,091,133,218
CCP	Credit Corp Group	20.385	4%	120,471	$1,328,156,023
CHN	Chalice Mining Ltd	4.52	4%	1,126,653	$1,636,892,794
CTD	Corp Travel Limited	19.325	4%	371,089	$2,721,658,876
SYA	Sayona Mining Ltd	0.29	4%	37,548,505	$2,323,659,294

Webjet (ASX:WEB) jumped 8% after reporting that its first half FY23 bookings were tracking at 95% of pre-pandemic levels.

The airlines also said that all its three businesses are profitable in FY23 to date, while cash surplus from operations is expected to be more than $100 million as at 30 September.

Corporate Travel Management (ASX:CTD) was another travel stock that did well today, up 4% on no news.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
PBH	Pointsbet Holdings	2.9	-12%	5,170,170	$1,005,541,312
TAH	TABCORP Holdings Ltd	0.9525	-6%	15,477,531	$2,248,029,420
MIN	Mineral Resources.	64.24	-5%	1,280,734	$12,871,689,310
WDS	Woodside Energy	34.255	-5%	6,380,159	$68,108,154,286
HLS	Healius	3.685	-4%	5,473,130	$2,217,928,293
BGA	Bega Cheese Ltd	4.005	-4%	329,103	$1,261,659,069
MMS	McMillan Shakespeare	14.33	-4%	387,381	$1,149,109,439
NHC	New Hope Corporation	4.9	-3%	3,522,110	$4,211,726,835
A2M	The A2 Milk Company	5.55	-3%	6,359,438	$4,261,151,905
ZIM	Zimplats Holding Ltd	26	-3%	5,146	$2,884,688,993
NIC	Nickel Industries	0.995	-3%	7,776,675	$2,799,555,334
YAL	Yancoal Aust Ltd	5.86	-3%	1,511,801	$7,962,249,805
HVN	Harvey Norman	4.21	-3%	4,454,131	$5,395,208,812
BHP	BHP Group Limited	40.62	-3%	11,941,539	$211,498,008,213
GMG	Goodman Group	19.64	-3%	2,864,237	$37,891,452,123
FPH	Fisher & Paykel H.	17.54	-3%	636,472	$10,389,132,495
ALD	Ampol Limited	34.32	-2%	496,605	$8,373,935,759
FMG	Fortescue Metals Grp	18.51	-2%	8,569,463	$58,346,385,196
BPT	Beach Energy Limited	1.705	-2%	6,182,703	$3,980,927,230
ELD	Elders Limited	11.555	-2%	772,581	$1,849,553,105

Pointsbet (ASX:PBH) slumped 11% after posting a bottom line $267m loss for FY22 on the back off $297m in revenue. Pointsbet also announced Edward Hartman as its new chief strategic officer starting next next month.