• ASX closes lower to end the financial year
  • Energy and Miners were the main laggards
  • CBA rises its fixed rate home loans

 

Blue chip stocks finished in the red today on the last day of the financial year. Historically, investors sell off their loss making positions before the year end to offset any capital gains tax.

The ATO has issued a stern warning on this practice, as well as saying it would be cracking down on car-related expenses this tax time.

“We do expect car and travel expenses to go down quite significantly because if you’ve been working from home, you can’t be at two places at once,” ATO Commissioner Tim Loh warned.

On the ASX, Energy and Miners dragged the bourse down, falling by more than 1%. Energy fell on the back of oil prices, which dipped by 2% overnight, and iron ore prices also traded weaker by around 2%.

Utilities stocks were sold off as the Australian Market Operator (AEMO) released its development plan for the National Electricity Market (NEM) over the next 30 years.

In its latest version, the AEMO says the plan is for a “true transformation” of the NEM from fossil fuels to firmed renewables, emphasising the need for investment in generation, storage, transmission, and system services that exceed all previous efforts

Meanwhile, Financial stocks underperformed on Thursday with all Big Four banks falling more than 1%. This came as CBA lifted its fixed home mortgages by 1.4% today, according to RateCity.

The market is nervous that higher mortgage rates may make it more difficult for people to get home loans.

A bit of good news out of China today though, where the country’s non-manufacturing PMI has rebounded to 54.7 versus 47.8 last month. The PMI is a traditional measure used to gauge the direction of economic trends as viewed by business decision makers.

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
SHL Sonic Healthcare 33.2 1% 374,480 $15,761,468,522
JHX James Hardie Indust 31.92 1% 645,218 $14,026,643,320
TLC The Lottery Corp 4.55 3% 3,380,494 $9,837,910,927
YAL Yancoal Aust Ltd 5.38 2% 165,220 $6,998,329,016
DMP Domino Pizza Enterpr 68.41 2% 173,809 $5,829,406,108
CAR Carsales.Com Ltd. 18.495 1% 2,104,835 $5,161,929,809
APM APM Human Services 2.85 4% 886,959 $2,522,250,352
BFL Bsp Financial Group 4.95 4% 263 $2,223,983,493
GNC GrainCorp Limited 9.58 2% 1,047,235 $2,155,820,016
VNT Ventiaservicesgroup 2.49 2% 323,291 $2,087,382,046
AIZ Air New Zealand 0.505 0% 1,746,405 $1,701,074,479
BKI BKI Investment Ltd 1.645 2% 288,688 $1,200,065,531
IMU Imugene Limited 0.1875 1% 13,700,917 $1,085,154,490
TGR Tassal Group Limited 4.8 2% 1,290,518 $1,011,807,763

Pointsbet (ASX:PBH) was the best large cap performer, up by 13% today on no specific news.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
SYA Sayona Mining Ltd 0.1475 -8% 57,859,744 $1,319,480,427
SDR Siteminder 3.49 -7% 416,475 $1,016,508,464
CRN Coronado Global Res 1.675 -6% 3,233,762 $2,984,087,639
EVT Event Hospitality 12.92 -6% 115,123 $2,208,378,638
LTR Liontown Resources 1.0625 -5% 16,268,556 $2,455,292,222
RRL Regis Resources 1.2925 -5% 9,518,626 $1,026,495,765
MFG Magellan Fin Grp Ltd 12.96 -5% 1,225,813 $2,520,012,248
NHC New Hope Corporation 3.48 -5% 2,106,350 $3,038,103,349
ABP Abacus Property Grp. 2.61 -4% 904,968 $2,427,407,212
SMR Stanmore Resources 1.92 -4% 1,122,820 $1,802,763,396
JDO Judo Cap Holdings 1.2 -4% 1,149,425 $1,381,899,840

AGL Energy (ASX:AGL) was little changed, down by 0.30%, after reporting that it has become aware that Brookfield (or its subsidiaries) are acquiring more of AGL shares in the open market. In May, Brookfield and Mike Cannon-Brookes’ Grok Ventures unsuccessfully tried to acquire AGL in a hostile bid.