- The ASX 200 rose by 1% on Thursday
- The lithium sector caught a bid on the back off a report from China
- Bitcoin has surged in the last 24 hours
Aussie shares rose by 1% today following the lower than expected US CPI data overnight that pushed Wall Street higher.
All 11 sectors except Utilities were up today, as traders expect a tamer US Fed moving forward.
The US annual CPI rate for July came in at 8.5%, lower than market predictions of 8.7%. In June, that headline rate was 9.1%.
From June to July, the CPI move was flat, and President Biden was quick to point that out.
“Today, we received news that our economy had 0% inflation in the month of July — 0%,” Biden said.
“Here’s what that means: while the price of some things go up — went up last month, the price of other things went down by the same amount. The result? Zero inflation last month.”
Back to the ASX, the lithium mining sector was on fire today, as leader Lake Resources (ASX:LKE) rose 15% and Core Lithium (ASX:CXO) was up by 5%.
Although there were no specific news, it’s believed traders have been buying lithium stocks after a report showed that China’s electric vehicles sales are set to hit a record 6 million cars this year.
The Aussie dollar meanwhile rallied to 70.69 cents, while Bitcoin has surged in the past 24 hours. At 4pm AEST, BTC was changing hands at US$24,560.
Looking ahead to Wall Street, US initial jobless claims and producer prices are scheduled later tonight.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| LKE | Lake Resources | 1.555 | 18% | 69,545,404 | $1,834,451,396 |
| NVX | Novonix Limited | 3.27 | 11% | 5,929,880 | $1,435,705,717 |
| SQ2 | Block | 125.99 | 8% | 260,455 | $4,385,101,791 |
| VUL | Vulcan Energy | 9.58 | 8% | 1,347,875 | $1,274,250,826 |
| PNI | Pinnacle Investment | 11.48 | 7% | 1,167,876 | $2,135,295,178 |
| SYA | Sayona Mining Ltd | 0.2825 | 7% | 121,803,866 | $2,198,896,432 |
| PBH | Pointsbet Holdings | 3.8 | 6% | 2,084,217 | $1,089,426,830 |
| LOV | Lovisa Holdings Ltd | 18.555 | 6% | 178,894 | $1,886,991,384 |
| SMR | Stanmore Resources | 2.015 | 5% | 1,348,431 | $1,726,145,952 |
| MCY | Mercury NZ Limited | 5.94 | 5% | 19,552 | $7,807,420,374 |
| SEK | Seek Limited | 24.55 | 5% | 831,044 | $8,289,810,840 |
| CNI | Centuria Capital | 2.01 | 5% | 1,962,235 | $1,518,413,247 |
| NWL | Netwealth Group | 13.56 | 5% | 246,941 | $3,157,387,298 |
| LFG | Liberty Fin Group | 4.9 | 5% | 13,384 | $1,420,848,000 |
| SFR | Sandfire Resources | 4.855 | 5% | 2,607,091 | $1,902,315,984 |
| NIC | Nickel Industries | 1.13 | 5% | 6,340,333 | $2,949,775,377 |
Earnings continue to dominate the large caps news flow out of the ASX.
QBE Insurance (ASX:QBE) jumped 3% after reporting H1 FY22 NPAT of $151m, and interim dividend of 9 cents a share . The results have beaten consensus estimates of $123m and 7 cents respectively.
Novonix (ASX:NVX) was up 10% today on no specific news.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| CPU | Computershare Ltd | 23 | -5% | 3,072,159 | $14,616,287,225 |
| RIO | Rio Tinto Limited | 95.21 | -4% | 1,490,591 | $36,817,224,105 |
| IMU | Imugene Limited | 0.285 | -3% | 31,035,381 | $1,730,645,410 |
| SDR | Siteminder | 4.15 | -3% | 924,191 | $1,165,995,003 |
| VNT | Ventiaservicesgroup | 2.73 | -3% | 993,998 | $2,412,466,135 |
| GNE | Genesis Energy Ltd | 2.63 | -3% | 14,642 | $2,834,882,788 |
| APA | APA Group | 11.87 | -2% | 939,393 | $14,359,308,130 |
| ELD | Elders Limited | 12.05 | -2% | 502,430 | $1,926,226,626 |
| MAQ | Macquarie Telecom Gp | 67.57 | -2% | 3,382 | $1,485,416,280 |
| CWY | Cleanaway Waste Ltd | 2.68 | -2% | 3,206,281 | $5,631,380,541 |
| GOLD | ETFS GOLD | 23.48 | -2% | 143,030 | $2,610,449,567 |
| ARF | Arena REIT. | 4.74 | -2% | 333,026 | $1,673,951,527 |
| CMM | Capricorn Metals | 4.21 | -2% | 486,461 | $1,591,839,792 |
| GRR | Grange Resources. | 1.1925 | -1% | 3,281,112 | $1,400,379,825 |
AMP (ASX:AMP) lost 1.55% today after reporting underlying NPAT of $117 million, down 24.5% on the pcp. The company has also announced a $1.1bn capital return to shareholders today, which includes a $350 million on market buy back.
Telstra (ASX:TLS) also lost 1.5% as it reported a 4.7% revenue drop on pcp for FY22 to $22.045 billion. Its net profit was also down by 4.6% on pcp to $1.814 billion.