Local blue chips recovered early losses and closed the day 0.20% higher, despite a selldown on Wall Street overnight.
The benchmark ASX 200 index was cushioned by broad-based rallies in Energy and Mining stocks.
After falling to below US$110/barrel last week, Brent crude has now retaken US$121 as President Biden makes his way to Europe to talk with EU ministers.
A spokesman for Biden said that an announcement over a US/EU joint embargo on Russian energy will be made as early as Friday (European time).
The Ukraine conflict has not only driven oil prices higher, other commodities and agriculture prices have also spiked.
As reported by Stockhead’s Emma Davies, fertiliser is the latest commodity experiencing a parabolic price increase. The CRU Group’s fertiliser price index has hit a new record high of $377 per metric tonne.
The price hikes have led to increased concern on global inflation as well as a possible recession.
The spread on the US 10yr vs 2yr treasury yield has inverted over the last few days (an inverse or flattening yield curve is usually a leading indicator of a recession).
The surge in commodities have also led to a spike in the Aussie dollar, which is trading just a touch below US75c.
On the ASX, major energy producers like Woodside Petroleum (ASX:WPL), Santos (ASX:STO), and Whitehaven Coal (ASX:WHC) rose.
Tech was the worst performing sector today as investors took profits following a strong rally in the last few sessions.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| AVZ | AVZ Minerals Ltd | 1.1125 | 8.0% | 42,131,276 | $3,555,624,972 |
| WHC | Whitehaven Coal | 4.415 | 6.4% | 19,779,184 | $4,285,473,563 |
| BKW | Brickworks Limited | 22.93 | 5.2% | 447,790 | $3,307,191,697 |
| CEN | Contact Energy Ltd | 7.59 | 4.4% | 1,342 | $1,789,784,484 |
| JBH | JB Hi-Fi Limited | 52.9 | 4.3% | 639,669 | $5,824,586,960 |
| BFL | Bsp Financial Group | 5.25 | 4.0% | 5,250 | $2,359,478,286 |
| OCL | Objective Corp | 18.03 | 3.9% | 61,298 | $1,645,634,568 |
| NHC | New Hope Corporation | 3.4 | 3.3% | 8,462,632 | $2,738,454,800 |
| SLR | Silver Lake Resource | 2.19 | 3.3% | 2,285,497 | $1,971,958,176 |
| EML | EML Payments Ltd | 2.86 | 3.2% | 2,109,079 | $1,034,485,075 |
| UMG | United Malt Group | 3.92 | 3.2% | 954,851 | $1,136,880,713 |
| WPL | Woodside Petroleum | 33.31 | 3.1% | 3,239,891 | $31,319,107,980 |
| YAL | Yancoal Aust Ltd | 4.63 | 3.1% | 263,340 | $5,928,773,072 |
| ORG | Origin Energy | 6.295 | 3.0% | 7,043,026 | $10,760,999,644 |
| AGL | AGL Energy Limited. | 7.49 | 3.0% | 3,738,082 | $4,786,416,450 |
| ZIM | Zimplats Holding Ltd | 28.45 | 2.9% | 16,203 | $2,977,257,371 |
| DDR | Dicker Data Limited | 15.17 | 2.8% | 251,717 | $2,551,079,436 |
| GRR | Grange Resources. | 1.095 | 2.8% | 3,465,186 | $1,232,565,713 |
Australia’s largest brick manufacturer Brickworks (ASX:BKW) released a record half year result, with statutory NPAT of $581 million, up 720% on the pcp.
Brickworks declared that it has an unbroken 46-year record of maintaining or increasing the Brickwork dividend — and today’s record half year results are no different with a 5% increase in the interim dividend to 22 cents per share.
JB Hi-Fi (ASX:JBH) also surged 4% after reporting a strong third quarter of FY22. The eletronics retailer reported comparable store sales up 10.5% during the period. Its Good Guys brand also reported a 5.1% lift in comparable store sales.
Crown Resorts (ASX:CWN) traded 0.5% higher after a government-ordered inquiry found that it is unfit for a gambling licence in WA.
However, WA gaming minister Tony Buti said the inquiry recommended that Crown continue operating under the supervision of a government-appointed monitor for two years, instead of having its licence revoked.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| RMD | ResMed Inc. | 31.86 | -4.6% | 3,550,890 | $13,695,966,295 |
| HLS | Healius | 4.29 | -3.8% | 1,282,083 | $2,581,738,828 |
| SMR | Stanmore Resources | 1.765 | -4.6% | 939,512 | $1,604,294,696 |
| TLX | Telix Pharmaceutical | 4.78 | -6.6% | 1,094,226 | $1,591,528,448 |
| Z1P | Zip Co Ltd. | 1.56 | -5.2% | 12,801,550 | $1,100,596,798 |
| NMT | Neometals Ltd | 1.76 | -4.9% | 2,088,347 | $1,014,496,333 |
| OML | Ooh!Media Limited | 1.585 | -5.4% | 6,573,501 | $1,002,731,837 |