ASX large caps roundup 16 Nov 2022. Picture Getty
ASX Large Caps: Lithium stocks stage recovery, ASX falls as IMF says the RBA must continue hiking rates
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- The ASX 200 retreated on Wednesday
- IMF says the RBA needs to keep hiking rates
- Trump announced his 2024 presidential run
Local shares retreated 0.35% on Wednesday, dragged down by shares in Healthcare, Financials and Discretionary sectors.
The Energy sector gained over 1% as coal stocks climbed following a surge in coal prices overnight. According to data from Commsec, thermal coal futures rose over 3% to US$341/tonne.
Investors are also bullish on coal stocks amid Australia’s thawing relationship with China after PM Albanese spoke to President Xi at Bali’s G20 event.
Nufarm (ASX:NUF) was one of the best performing stocks today, up 7%, after reporting a 24% growth in its full-year earnings.
Meanwhile, ABS data released today show that Australian wages rose at the fastest pace in 10 years, with the Wage Price Index increasing by 1% in the September quarter and 3.1% annually.
Elsewhere, IMF Australia mission chiefs told the press at the Sydney Masonic Centre today that Australia has a long way to go before a full recovery.
The IMF said the RBA needs to continue hiking rates to fight inflation, and predicted that Australia’s economic growth will slow to about 1.7% next year amid a “difficult” global economic outlook.
“There are significant downside risks to this assessment, including a more pronounced global growth slowdown, more persistent inflationary pressures, and an acceleration of the ongoing housing price decline,” said the IMF.
The Westpac-Melbourne Institute Leading Index released today, which indicates the likely pace of economic activity, fell from -1.09% in September to -1.19% in October.
The growth rate of –1.19% is a new post-pandemic low, casting doubts on Australia’s economic recovery.
To politics, where Donald Trump has announced his intention to run for the US presidency in 2024.
“My fellow Americans, we will join together and reverse this staggering American decline, and it is staggering indeed, and we will again restore the spirit of our nation,” he said at a rally a few hours ago.
Looking ahead at tonight’s session on Wall St, data on US industrial production for October and retail sales are due for release. ECB president Christine Lagarde is also expected to speak.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| NUF | Nufarm Limited | 5.93 | 9% | 1,919,222 | $2,060,514,598 |
| SFR | Sandfire Resources | 4.945 | 7% | 4,899,200 | $1,899,140,845 |
| WHC | Whitehaven Coal | 8.725 | 6% | 10,739,330 | $7,648,795,828 |
| SMR | Stanmore Resources | 2.58 | 5% | 2,224,094 | $2,208,385,160 |
| LFG | Liberty Fin Group | 4.07 | 5% | 34,173 | $1,181,004,000 |
| NHC | New Hope Corporation | 5.565 | 5% | 5,066,051 | $4,676,974,212 |
| 29M | 29Metalslimited | 2.565 | 4% | 614,553 | $1,184,136,004 |
| IGO | IGO Limited | 16 | 4% | 4,370,003 | $11,631,633,608 |
| LYC | Lynas Rare Earths | 8.745 | 4% | 5,735,144 | $7,602,611,604 |
| PDL | Pendal Group Ltd | 4.44 | 4% | 1,551,023 | $1,636,048,322 |
| NIC | Nickel Industries | 0.9875 | 3% | 9,102,800 | $2,608,366,190 |
| CRN | Coronado Global Res | 2.105 | 3% | 4,106,943 | $3,419,965,609 |
| MIN | Mineral Resources. | 82.68 | 3% | 638,308 | $15,227,971,272 |
| AKE | Allkem Limited | 14.67 | 3% | 4,419,449 | $9,086,627,726 |
IGO (ASX:IGO), Mineral Resources (ASX:MIN) and other lithium stocks recovered some of yesterday’s losses, up by 4% today.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| DEG | De Grey Mining | 1.1775 | -10% | 8,196,082 | $2,035,202,200 |
| IMU | Imugene Limited | 0.195 | -7% | 5,628,464 | $1,333,700,860 |
| WAF | West African Res Ltd | 1.125 | -6% | 1,261,875 | $1,225,659,053 |
| ALL | Aristocrat Leisure | 35.675 | -6% | 3,422,690 | $24,992,944,294 |
| EVN | Evolution Mining Ltd | 2.515 | -6% | 10,010,599 | $4,899,220,740 |
| CXO | Core Lithium | 1.49 | -5% | 37,636,712 | $2,881,564,770 |
| AWC | Alumina Limited | 1.565 | -4% | 12,017,496 | $4,744,249,117 |
| NVX | Novonix Limited | 2.53 | -4% | 2,751,557 | $1,284,834,947 |
| PPT | Perpetual Limited | 31.76 | -4% | 160,064 | $1,891,741,470 |
| SLR | Silver Lake Resource | 1.205 | -4% | 2,461,518 | $1,162,180,416 |
Gold explorer De Grey Mining (ASX:DEG) plunged 10% on no specific news.
Aristocrat Leisure (ASX:ALL) sank 6% despite reporting solid FY22 results. Aristocrat’s bottom line statutory NPAT rose 15.7% to $948.5 million.
The company said it’s expecting “continued strong revenue and profit growth from Aristocrat Gaming” in FY23.
GrainCorp (ASX:GNC) fell 2% after saying that it continues to grapple with difficult weather conditions in an investor presentation.
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