• ASX closed modestly lower despite a rally in energy stocks
  • Retail stocks tumbled after sluggish retail sales data
  • Brickworks slumps after 54pc drop in profit

 

Local shares seesawed on Thursday before closing -0.1% lower. Energy stocks were in focus after crude prices jumped by 4% overnight.

Karoon Energy (ASX:KAR) jumped 5%, Santos (ASX:STO) and Woodside Energy (ASX:WDS) by 3% each, and coal stock Whitehaven (ASX:WHC) was up over 5%.

Crude is now at the highest level in almost 12 months as  production cuts by Saudi Arabia and Russia continue to drive up the cost of oil. The latest prediction is for tropical storms to disrupt production in the Gulf of Mexico, which could potentially cause gasoline prices to climb even further.

Other stocks to rise today include lithium miners, while the retail sector slumped after the latest retail sales data.

According to the ABS release today, Australian retail sales volume rose modestly in August by just 0.2% as consumers continued to cut back on spending.

“Naturally, the outlook for discretionary retail stocks appears challenging,” said Stake market analyst, Megan Stals.

“Even consumer staples retailers such as Woolworths and Coles have also entered into a downtrend, as the impact of increasing theft and higher staffing costs hit the bottom line.”

Stals said segments that could benefit are those with defensive characteristics.

“Insurance companies weathered 2023 better than most, with AUB Group (ASX:AUB) being up over 30% and QBE Insurance Group (ASX:QBE) more than 20%,” said Stals.

Elsewhere, Asian stocks were mainly lower today as higher oil prices sapped risk sentiments in many markets.

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
WHC Whitehaven Coal 7.32 5.56 8,592,252 $5,797,643,433
RMD ResMed Inc. 24.05 4.59 6,496,353 $11,054,693,681
KAR Karoon Energy Ltd 2.64 4.35 3,021,226 $1,433,089,752
CTT Cettire 2.91 4.30 1,272,383 $1,063,654,634
CRN Coronado Global Res 2.00 4.18 4,996,671 $3,210,408,893
STO Santos Ltd 7.93 3.46 8,727,333 $24,877,940,881
AZS Azure Minerals 2.73 3.41 1,947,736 $1,151,812,300
NEU Neuren Pharmaceut. 11.15 3.24 427,285 $1,366,909,301
PLS Pilbara Min Ltd 4.23 3.05 31,117,283 $12,329,911,505
NHC New Hope 6.37 2.99 3,306,457 $5,224,173,168
BPT Beach Energy Limited 1.65 2.97 4,520,345 $3,650,133,850
WDS Woodside Energy 36.65 2.75 8,280,276 $67,728,404,332
HLI Helia Group Limited 3.66 2.52 1,100,081 $1,127,947,519
YAL Yancoal Aust Ltd 5.31 2.31 2,465,618 $6,853,080,678
IGO IGO Limited 12.29 1.99 2,916,807 $9,125,077,147
MIN Mineral Resources. 67.28 1.94 427,451 $12,878,954,550
AKE Allkem Limited 11.54 1.90 2,236,070 $7,237,117,037
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Building products company Brickworks (ASX:BKW) slumped 7% after reporting a 54% drop in net profit to $395 million for the full FY23.

Solomon Lew’s Premier Investments (ASX: PMV) slipped modestly after full year profits declined by 4.9% to $271 million. Premier also announced that Andrea Weiss, resident in the US, will be joining the Premier Board as a Non-Executive Director effective 4 December 2023.

Toll roads operator, Atlas Arteria (ASX:ALX), dropped 2% after announcing that its French toll road APRR would be hit with a new tax by authorities. Arteria says the new tax will represent 4.6% of revenues exceeding EUR120m per legal entity.

Diversified investment house Washington H Soul Pattinson  (ASX:SOL) meanwhile tumbled 7% after reporting a 9% drop in regular profit to $759.3 million for the full year.

“FY23 was marked by significant transaction activity and a rebalancing of the group portfolio toward private market investments,” said SOL.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
SOL Soul Pattinson (W.H) 31.68 -6.80 773,519 $12,269,297,663
BKW Brickworks Limited 23.99 -6.75 951,300 $3,915,733,555
OCL Objective Corp 10.35 -5.82 62,979 $1,047,058,545
NCM Newcrest Mining 24.54 -4.59 2,858,235 $22,999,614,427
CMW Cromwell Prop 0.37 -4.49 3,544,243 $1,021,358,013
GQG GQG Partners 1.37 -4.20 1,191,278 $4,222,511,771
GMD Genesis Minerals 1.37 -4.20 4,248,833 $1,484,039,434
SGR The Star Ent Grp 0.61 -3.97 24,773,272 $1,019,768,953
GOR Gold Road Res Ltd 1.60 -3.61 2,234,095 $1,790,179,509
CLW Chtr H Lwr 3.23 -3.58 1,284,450 $2,421,900,811
IEL Idp Education Ltd 20.95 -3.46 941,291 $6,039,895,779
CAR Carsales.Com Ltd. 27.83 -3.33 1,095,196 $10,851,854,747
CEN Contact Energy Ltd 7.35 -3.29 102 $1,928,985,632
IFL Insignia Financial 2.36 -3.28 1,446,308 $1,616,739,710
CNI Centuria Capital 1.38 -3.17 513,982 $1,143,203,275
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