ASX large caps roundup 25 Oct 2022. Pic Getty
ASX Large Caps: Local bourse higher as market expects cash splash in tonight’s Fed Budget
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- The ASX 200 rose modestly on Tuesday
- Jim Chalmers will deliver his first Budget as Treasurer tonight
- Aussie CPI data due tomorrow
Aussie shares rose 0.3% on Tuesday ahead of tonight’s Fed Budget.
Treasurer Jim Chalmers will hand down his first budget as treasurer at 7.30pm AEDT, with a focus on affordable housing.
“Housing is simply unaffordable for many Australians and rental costs have skyrocketed, particularly in regional Australia where they have risen 12.5 per cent in the last year,” said St Vincent de Paul Society National President, Claire Victory.
The Real Estate sector was the best performing sector today, up by 1.60%.
Social security (age pension, JobSeeker payments) will also be one of the areas targeted by Chalmers, where he noted that $33 billion would be needed over the next four years.
Defence is set to get a $1 billion boost to recruit new personnel amid China’s challenge. Among other sectors to receive new funding are health, infrastructure, and electric vehicles.
The Budget deficit had been forecast to be $78 billion for this financial year, but Jim Chalmers said it will be less than half that at $36.9 billion.
“Our responsible approach to revenue upgrades means the budget bottom line will be more than $40 billion better over the forward estimates in aggregate, and debt will be lower than previously forecast,” Chalmers said to the ABC.
The quarterly inflation report will follow closely on the heels of the Budget, and will be released tomorrow.
Last month, the ABS reported that the Monthly CPI indicator had risen by 6.8% in the year to August, but economists expect tomorrow’s figure to be higher.
Food prices are expected to rise another 2.8% in the September quarter, adding 0.5% to headline inflation alone.
Back to the ASX, Medibank Private (ASX:MPL) released another statement this morning in the continuing cyber incident that has damaged its reputation.
“It has become clear that the criminal has taken data that now includes Medibank customer data, in addition to that of ahm and international student customers,” the statement said.
Looking ahead to tonight’s session on Wall St, the US house price index for Aug is scheduled to be released.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| SYA | Sayona Mining Ltd | 0.255 | 9% | 105,096,848 | $1,952,968,223 |
| CCP | Credit Corp Group | 18.3 | 7% | 255,225 | $1,158,575,325 |
| LTR | Liontown Resources | 1.985 | 6% | 24,055,796 | $4,129,298,458 |
| CXO | Core Lithium | 1.4725 | 5% | 30,040,686 | $2,568,328,981 |
| NEC | Nine Entertainment | 2.075 | 5% | 2,210,339 | $3,368,151,675 |
| FLT | Flight Centre Travel | 15.735 | 3% | 473,271 | $3,043,411,397 |
| SCP | SCA Property Group | 2.555 | 3% | 1,973,081 | $2,797,518,448 |
| BRG | Breville Group Ltd | 19.41 | 3% | 207,100 | $2,687,145,289 |
| PME | Pro Medicus Limited | 54.2 | 3% | 127,125 | $5,488,959,218 |
| BAP | Bapcor Limited | 6.37 | 3% | 698,165 | $2,104,357,500 |
| ARB | ARB Corporation. | 27.36 | 3% | 73,076 | $2,181,456,777 |
| HMC | Homeco Limited | 4.29 | 3% | 281,320 | $1,257,248,466 |
| SDF | Steadfast Group Ltd | 4.905 | 3% | 1,108,706 | $4,949,254,494 |
| HLS | Healius | 3.375 | 3% | 1,352,424 | $1,910,662,861 |
| SEK | Seek Limited | 21.14 | 2% | 440,167 | $7,317,877,520 |
The best performing large capped stock today was Credit Corp (ASX:CCP), up 7% on the back of its AGM.
At the AGM, the company reiterated an upbeat FY23 guidance on profit of $90 million to $97 million.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| RWC | Reliance Worldwide | 3.11 | -13% | 10,471,831 | $2,836,440,206 |
| ALD | Ampol Limited | 27.56 | -12% | 2,387,184 | $7,454,089,657 |
| INR | Ioneer Ltd | 0.5375 | -8% | 7,462,740 | $1,227,408,434 |
| HGH | Heartland Group | 1.525 | -6% | 6,320 | $1,149,673,862 |
| CHN | Chalice Mining Ltd | 4.25 | -5% | 1,259,990 | $1,689,574,401 |
| NHC | New Hope Corporation | 6.725 | -5% | 5,746,494 | $6,217,063,376 |
| BRN | Brainchip Ltd | 0.8675 | -4% | 6,431,066 | $1,556,022,740 |
| WHC | Whitehaven Coal | 10.41 | -4% | 6,859,640 | $10,087,229,365 |
| SFR | Sandfire Resources | 3.35 | -4% | 2,317,355 | $1,431,533,812 |
| MEZ | Meridian Energy | 4.07 | -4% | 20,444 | $5,359,378,495 |
| YAL | Yancoal Aust Ltd | 5.68 | -4% | 3,213,402 | $7,790,592,678 |
| SNZ | Summerset Grp Hldgs | 8.54 | -4% | 665 | $2,058,876,850 |
| OZL | OZ Minerals | 24.205 | -4% | 3,910,003 | $8,405,447,929 |
| CRN | Coronado Global Res | 2.01 | -3% | 1,736,531 | $3,487,023,758 |
| CIA | Champion Iron Ltd | 5.02 | -3% | 1,475,735 | $2,684,232,324 |
| SGM | Sims Limited | 12.355 | -3% | 836,894 | $2,466,376,576 |
Reliance Worldwide (ASX:RWC) tumbled 14% after reporting falling EBITDA margins for the quarter.
EBITDA margins fell from 5% on pcp to 21.4%, as the company warned that higher costs could continue to affect margins.
“Lower volumes and higher costs negatively impacted margins, while price rises implemented to recover costs resulted in diluted margins,” Reliance said.
Ampol (ASX:ALD) fell 11% on a disappointing trading update.
The oil refiner and service station owner recorded losses in its fuel and infrastructure division of $21.3m in Q3.
Pilbara Minerals (ASX:PLS) was down half a percent despite saying it has shipped 138,249 dry metric tonnes of spodumene concentrate in the September quarter with an average realised sale price of $US4266 a tonne.
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