- ASX closed flattish on Friday, but was up 1pc for the week
- Energy stocks crumbled after crude prices dropped 5pc overnight
- Cathie Wood’s views on AI stocks at the Sohn conference
The ASX reversed early losses to close flattish on Friday. For the week, the benchmark ASX200 index was up 1%.
In New York last night, stocks were mixed as the focus turned to the oil market where crude prices suffered further losses of 5%.
Energy stocks were expectedly the worst performers today, with the sector down 1.5%. Mining and Industrials stocks meanwhile led the winners.
Gold miners like Northern Star (ASX:NST) and Evolution Mining (ASX:EVN) rose around 4%. Carsales (ASX:CAR) was one of the worst large caps, down over 3%.
There were no major economic data releases today, but reports are anticipated later tonight from the APEC summit in San Francisco where PM Albanese is one of the attendees.
Meanwhile, Australia’s leading investor conference, Sohn Hearts & Minds, got under way today at the Drama Theatre, Sydney Opera House.
Ark’s Cathie Wood was one of the big names who attended. Amongst the various topics she touched on, Wood said she was bearish on Google and Nvidia, but was instead favourable on companies that already have real AI expertise.
Woods also said she was still enthusiastic about Tesla, while bullish on Bitcoin.
Elsewhere in the region, Asian stock markets were mostly down today.
Alibaba shares in Hong Kong shaved 10% after the company said it was shelving plans to spin off its clouds business.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| GQG | GQG Partners | 1.47 | 6.16 | 3,696,546 | $4,074,871,499 |
| A2M | The A2 Milk Company | 4.00 | 4.58 | 4,570,361 | $2,761,610,967 |
| EVN | Evolution Mining Ltd | 3.76 | 4.31 | 4,728,411 | $6,613,861,925 |
| TLX | Telix Pharmaceutical | 9.39 | 4.22 | 588,169 | $2,913,810,069 |
| GNC | GrainCorp Limited | 7.85 | 3.91 | 1,729,383 | $1,693,744,327 |
| CNI | Centuria Capital | 1.42 | 3.66 | 613,569 | $1,098,924,275 |
| SVW | Seven Group Holdings | 31.37 | 3.41 | 1,000,645 | $11,027,550,854 |
| CMM | Capricorn Metals | 4.58 | 3.39 | 477,730 | $1,665,494,715 |
| DEG | De Grey Mining | 1.23 | 3.38 | 1,764,215 | $2,193,686,354 |
| GMD | Genesis Minerals | 1.55 | 3.34 | 2,860,153 | $1,609,543,176 |
| PRU | Perseus Mining Ltd | 1.79 | 3.32 | 5,903,905 | $2,376,265,644 |
| RMS | Ramelius Resources | 1.59 | 3.26 | 2,708,732 | $1,743,988,132 |
| GOR | Gold Road Res Ltd | 1.85 | 3.21 | 1,954,907 | $1,932,524,665 |
| BGL | Bellevue Gold Ltd | 1.45 | 3.20 | 4,306,759 | $1,614,352,820 |
| PDN | Paladin Energy Ltd | 0.97 | 3.19 | 9,890,471 | $2,804,373,001 |
| NST | Northern Star | 11.68 | 3.18 | 5,865,241 | $13,009,183,033 |
| DTL | Data#3 Limited | 7.55 | 2.86 | 173,988 | $1,135,527,830 |
| ALX | Atlas Arteria | 6.01 | 2.74 | 649,200 | $8,487,377,186 |
Centuria Capital (ASX:CNI) rose after announcing some board changes.
The company confirmed the retirement of Independent Non-Executive Director, Peter Done, from the CNI board’s Audit, Risk & Compliance Committee (ARCC) effective today. Kristie Brown will step in in the interim while a search for Done’s replacement is being concluded.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| AX1 | Accent Group Ltd | 1.93 | -8.77 | 3,199,100 | $1,188,042,244 |
| MCY | Mercury NZ Limited | 5.50 | -4.84 | 6,976 | $8,041,293,441 |
| CTT | Cettire | 2.98 | -4.18 | 783,881 | $1,185,650,864 |
| AKE | Allkem Limited | 8.70 | -3.87 | 2,390,646 | $5,785,857,702 |
| MEZ | Meridian Energy | 4.60 | -3.77 | 12,113 | $6,052,395,700 |
| CAR | CAR Group Limited | 28.34 | -3.49 | 1,487,598 | $11,069,229,690 |
| TUA | Tuas Limited | 2.22 | -3.48 | 134,088 | $1,069,407,818 |
| SDF | Steadfast Group Ltd | 5.23 | -3.42 | 5,790,686 | $5,618,619,852 |
| CEN | Contact Energy Ltd | 7.10 | -3.27 | 23,465 | $1,868,369,358 |
| KAR | Karoon Energy Ltd | 2.06 | -3.24 | 15,158,387 | $1,206,081,443 |
| HLS | Healius | 1.85 | -2.89 | 575,684 | $1,082,846,035 |
| CHC | Charter Hall Group | 10.71 | -2.86 | 896,122 | $5,212,429,133 |
| IFT | Infratil Limited | 9.27 | -2.83 | 22,739 | $7,936,230,476 |
| AWC | Alumina Limited | 0.71 | -2.76 | 12,551,009 | $2,103,719,027 |
| LYC | Lynas Rare Earths | 6.71 | -2.75 | 3,429,676 | $6,449,390,918 |
| LOV | Lovisa Holdings Ltd | 18.59 | -2.57 | 179,021 | $2,092,935,552 |
Footwear retailer Accent Group (ASX:AX1) tumbled 9% after providing an update on trade for the first 19 weeks of FY24. Total Group owned sales (including wholesale sales) were flat compared to last year. Total owned retail sales are up 2.1%. Like for Like sales were down 2.0%. FY24 gross margin % is broadly in line with the comparable period last year.
Steadfast Group (ASX:SDF) and Karoon Energy (ASX:KAR) both fell after announcing the completion of cap raises.