In a surprising move, China's central bank PBOC cut its key lending rates today. Picture Getty
ASX Large Caps: Local bourse up as China cuts key rate; aftermarket stock GUD top gainer, up by 15pc
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- ASX pushed higher after earnings reports by majors
- Cochlear, CSL, and Seek reported results today
- In a surprising move, China’s central bank PBOC cuts its key lending rates
The ASX 200 gained around 0.3% on Tuesday after a slew of earnings reports pushed the local bourse higher.
Healthcare was the best performing sector, up by 3%, driven by a 5% lift from sector leader CSL (ASX:CSL) – more details below.
The Tech sector also gained almost 2%, mostly driven by sentiment as Nasdaq and Mega Techs rose overnight.
More bad news, however, for iron ore miners, with futures in Singapore trading below $US100 a tonne to near the lowest level since June.
Oil stocks were also sold down as crude prices slipped by 1% overnight on concerns around the health of China and appreciation of the USD.
And there was more bad news from China today, with July industrial output and retail sales growth coming in below forecasts.
In a surprising move, China’s central bank PBOC unexpectedly cut its rates by 15bp this afternoon in response to the deteriorating data. The market was expecting the cut to be done in September, but desperate situations had called for desperate measures.
Back home, weaker-than-expected wages data released today was bullish for the market hoping for an RBA pullback.
According to ABS data, annual wages growth in Australia fell to 3.6% in the June quarter, from 3.7% in the previous quarter.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| GUD | G.U.D. Holdings | 11.77 | 15.17 | 1,878,654 | $1,439,943,793 |
| 360 | Life360 Inc. | 9.00 | 12.16 | 2,987,635 | $1,607,964,374 |
| SGM | Sims Limited | 15.86 | 6.37 | 651,997 | $2,880,336,463 |
| COH | Cochlear Limited | 246.46 | 5.68 | 613,598 | $15,312,044,577 |
| CSL | CSL Limited | 273.76 | 4.09 | 750,013 | $126,863,115,643 |
| PME | Pro Medicus Limited | 72.37 | 3.95 | 220,701 | $7,270,573,454 |
| PNV | Polynovo Limited | 1.66 | 3.76 | 969,029 | $1,100,921,238 |
| BSL | BlueScope Steel Ltd | 21.38 | 3.46 | 898,591 | $9,411,994,428 |
| NEU | Neuren Pharmaceut. | 12.65 | 3.18 | 354,466 | $1,551,695,188 |
| WAM | WAM Capital Limited | 1.66 | 3.12 | 1,999,698 | $1,766,469,056 |
| TWE | Treasury Wine Estate | 11.74 | 3.03 | 4,879,700 | $8,221,850,725 |
| MP1 | Megaport Limited | 10.92 | 2.97 | 690,907 | $1,683,094,924 |
| CAR | Carsales.Com Ltd. | 27.11 | 2.96 | 1,376,593 | $9,919,394,293 |
| DOW | Downer EDI Limited | 4.34 | 2.84 | 1,206,949 | $2,834,040,925 |
| ABC | Adbri Limited | 2.81 | 2.75 | 1,310,153 | $1,783,589,652 |
| BAP | Bapcor Limited | 6.42 | 2.64 | 423,877 | $2,121,328,125 |
| BEN | Bendigo and Adelaide | 9.15 | 2.52 | 1,881,447 | $5,064,224,512 |
CSL (ASX:CSL) rose almost 5% after reporting full year FY23 revenue of $13.31 billion, up 31% on pcp on constant currency. NPAT was $2.19 billion, down 3% on pcp, while total full year dividend was US$2.36, up 6% on pcp.
National Australia Bank (ASX:NAB) reported an unaudited statutory net profit for Q3 of $1.75bn, and a 5.8% growth in cash earnings vs the pcp of $1.90bn.
Cochlear (ASX:COH) says full year sales revenue increased 19% on pcp to a record $1.956 billion.
Statutory net profit increased 4% to $301m on pcp, while FY24 underlying net profit guidance range is $355-375m, a 16-23% increase on FY23.
Pro Medicus (ASX:PME)’s full year revenue came in at $124.9m, up 33.6% on pcp. Net profit $60.6m, up 36.5% on pcp. Fully-franked final dividend 17c per share.
Life360 Inc (ASX:360) delivered total Q2 revenue of $70.8 million, a YoY increase of 45%. Q2 net loss of $4.4 million, but positive Adjusted EBITDA of $5.7 million. Calendar 2023 guidance for Adjusted EBITDA3 increased to $9m-$14m from $5m-$10m.
Automotive spare parts company G.U.D. Holdings (ASX:GUD) was the best performer, up by 15% after announcing that it delivered full year results in line with expectations. Underlying EBITA increased 27% to $191.1m, while final dividend was declared at 22 cents per share, in line with the pcp.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| SEK | Seek Limited | 24.31 | -5.63 | 2,669,682 | $9,176,232,094 |
| AKE | Allkem Limited | 13.62 | -2.54 | 2,648,416 | $8,908,083,461 |
| EVN | Evolution Mining Ltd | 3.61 | -2.43 | 5,467,973 | $6,789,560,380 |
| CWY | Cleanaway Waste Ltd | 2.67 | -2.74 | 3,051,892 | $6,099,906,121 |
| CGF | Challenger Limited | 6.72 | -3.45 | 3,623,629 | $4,785,793,169 |
| GQG | GQG Partners | 1.56 | -2.19 | 457,893 | $4,709,724,667 |
| RGN | Region Group | 2.24 | -4.49 | 2,326,298 | $2,688,411,939 |
| DHG | Domain Holdings Aus | 4.04 | -3.70 | 856,265 | $2,646,643,471 |
| GOR | Gold Road Res Ltd | 1.63 | -3.56 | 1,011,867 | $1,817,140,044 |
| PSI | Psc Insurance Ltd | 4.85 | -3.00 | 31,536 | $1,778,419,605 |
| NAN | Nanosonics Limited | 4.79 | -2.15 | 205,560 | $1,478,324,066 |
| EMR | Emerald Res NL | 2.36 | -3.28 | 215,561 | $1,454,299,702 |
| MAD | Mader Group Limited | 6.85 | -2.42 | 173,975 | $1,404,000,000 |
| ABG | Abacus Group | 1.15 | -3.15 | 626,831 | $1,063,452,583 |
| CXO | Core Lithium | 0.55 | -2.68 | 10,710,663 | $1,040,769,405 |
Jobs board Seek (ASX:SEK) fell after reporting a bottom line FY23 NPAT of $220m, a 16% decrease from the pcp. This is despite notching a 10% vs pcp growth in revenue to $1.225 billion.
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