ASX large caps roundup 17 Oct 2022. Picture Getty
ASX Large Caps: It was a bearish kinda day as local shares trounced across the board
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- The ASX wiped out Friday’s gains, down by 1.4% today
- All 11 sectors were in the red
- AUD under more pressure, down to 62.c US cents
The ASX 200 tracked Wall Street’s loss, closing 1.4% lower on Monday as all 11 sectors finished in the red.
Energy and Mining stocks were dumped en masse, along with Tech and Financials.
Aussie investors had plenty to digest today as a slew of geopolitical news and economics data were released over the weekend.
On Saturday, we learned that British PM Liz Truss threw her finance minister and long time political friend, Kwasi Kwarteng, under the bus after just 39 days on the job, making him the second-shortest-serving UK chancellor.
This follows a policy bungle where Kwarteng unveiled a budget that contained unfunded tax cuts, which raised concerns about the government’s financial position. The Bank of England had to step in with an emergency bond-buying program to prevent a financial calamity.
Then came China’s Community Party meeting where President Xi is expected to get an unprecedented third term in office.
In his speech, Xi touched on China’s reunification with Hong Kong and potentially also with Taiwan.
Earnings season has started and in the US, JPMorgan Chase declared $US1 billion worth of potential bad loans, as well as improved income and overall better-than-anticipated earnings.
Citigroup’s quarterly earnings also exceeded expectations, but its investment banking revenue dropped and operating expenses increased.
Back home, the AUD is falling to US62.2c as pressure mounts on the mining sector.
Miners fell across the board today but lithium miners were one of the few bright spots on the bourse.
This comes as battery grade lithium carbonate in China hit a record high of 532,000 yuan on Friday, according to the Benchmark Mineral Intelligence.
Still on lithium, shocking news out of lithium miner IGO (ASX:IGO) as its CEO Peter Bradford died unexpectedly over the weekend. The company did not disclose the cause of death.
Adbri (ASX:ABC) meanwhile was the worst performing large cap stock on Monday, plunging by 20%, after the company said CEO Nick Miller will be leaving the role.
Miller will step down as a Director and the Board will work with him to transition his executive responsibilities in an orderly manner. Senior executive Mark Irwin has been appointed as interim CEO and will start in the role tomorrow.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| LTR | Liontown Resources | 1.725 | 6% | 18,130,529 | $3,591,171,797 |
| CXO | Core Lithium | 1.2125 | 5% | 29,960,644 | $2,118,871,410 |
| NWS | News Corp.. | 27.13 | 5% | 340,414 | $1,067,615,094 |
| TLX | Telix Pharmaceutical | 5.63 | 4% | 694,383 | $1,693,913,955 |
| PNV | Polynovo Limited | 1.785 | 4% | 2,295,433 | $1,138,103,436 |
| PPH | Pushpay Holdings Ltd | 1.04 | 3% | 142,821 | $1,152,556,016 |
| FPH | Fisher & Paykel H. | 17.145 | 3% | 304,870 | $9,647,355,649 |
| BKW | Brickworks Limited | 22.24 | 2% | 153,276 | $3,305,232,328 |
| LKE | Lake Resources | 0.9975 | 2% | 8,679,824 | $1,355,224,366 |
| OCL | Objective Corp | 13.44 | 2% | 39,993 | $1,254,126,958 |
| LIC | Lifestyle Communit. | 16.46 | 2% | 212,231 | $1,690,494,768 |
| MP1 | Megaport Limited | 7.835 | 2% | 669,302 | $1,217,871,386 |
| EDV | Endeavour | 6.99 | 2% | 2,637,719 | $12,304,032,717 |
Sydney Star Casino (ASX:SGR) was in a trading halt after the NSW Independent Casino Commission announced that the company’s Sydney casino licence would be suspended from Friday.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| ABC | Adbri Limited | 1.445 | -21% | 12,404,194 | $1,200,834,701 |
| CGC | Costa Group Holdings | 2.02 | -13% | 10,593,736 | $1,073,102,336 |
| PNI | Pinnacle Investment | 8.18 | -7% | 558,458 | $1,759,561,439 |
| SQ2 | Block | 83.71 | -7% | 128,236 | $3,329,425,971 |
| CSR | CSR Limited | 4.32 | -6% | 1,762,425 | $2,207,955,656 |
| MCY | Mercury NZ Limited | 4.58 | -6% | 40,594 | $6,722,138,616 |
| BLD | Boral Limited | 2.57 | -6% | 3,328,811 | $3,000,400,500 |
| GOR | Gold Road Res Ltd | 1.22 | -5% | 2,339,874 | $1,387,952,664 |
| WAM | WAM Capital Limited | 1.745 | -5% | 1,502,529 | $2,006,982,063 |
| WAF | West African Res Ltd | 0.98 | -5% | 1,567,240 | $1,051,683,581 |
| BGA | Bega Cheese Ltd | 3.33 | -5% | 744,152 | $1,060,606,034 |
| GUD | G.U.D. Holdings | 7.215 | -4% | 582,441 | $1,063,754,955 |
| GQG | GQG Partners | 1.375 | -4% | 735,318 | $4,237,275,798 |
| MQG | Macquarie Group Ltd | 154.26 | -4% | 474,785 | $62,187,974,486 |
| CIA | Champion Iron Ltd | 4.765 | -4% | 884,636 | $2,570,449,836 |
| CHN | Chalice Mining Ltd | 3.72 | -4% | 803,673 | $1,460,033,113 |
| YAL | Yancoal Aust Ltd | 5.82 | -4% | 2,167,414 | $8,015,067,383 |
Costa Group (ASX:CGC) lost 12% to a 1-year low after revealing that its citrus earnings will be weaker than expected. Costa however said its full year EBITDA is looking better than last year’s results at this stage.
Medibank Private (ASX:MPL) was down another 3% despite saying that its into a cyberattack has found no evidence that customer data has been stolen.
The company said normal business operations have resumed, and it does not expect the short disruption to impact momentum of the business.
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