ASX Large Caps: Local shares breeze through the first week of 2023, up by more than 1pc

The ASX closed the first week of 2023 on a high note
Gold miners extended gains, lithium miners rally
Speculative buy call by brokers on these stocks

The ASX 200 finished the first week of 2023 on a high note, finishing 0.7% higher on Friday and 1.3% for the week.

Investors crowded on lithium stocks today, with market favourite Core Lithium (ASX:CXO) rallying 7%. CXO extended on its 4% gains yesterday after reporting its first shipment to China.

But mood faded in the afternoon after Samsung reported a 69% decline in its quarterly profit on slowing demand for memory chips.

On the ASX, struggling fund manager Magellan Financial (ASX:MFG) cratered 10% after seeing another funds outflow in December, this time by almost $5 billion.

Gold miners meanwhile extended yesterday’s gains and are on track for the third straight weekly gain, with the bullion now trading now at US$1,839 an ounce.

US$1900 level looks to be a strong resistance level for the metal where traders lock in profits as the US dollar staged a comeback following the Fed minutes release.

Traders continue to be bullish on gold, with major gold stocks Newcrest Mining (ASX:NCM) and St Barbara (ASX:SBM) rallying for the second straight day.

Meanwhile, major brokers have issued Speculative Buy ratings on Sunstone Metals (ASX:STM), Argosy Minerals (ASX:AGY), and Musgrave Minerals (ASX:MGV).

Broker Wilsons has also put out an Overweight rating on Clarity Pharma (ASX:CU6)

BIG CAP WINNERS

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Security	Description	Last	%	Volume	MktCap
CXO	Core Lithium	1.20	8.11	19,205,671	$2,050,041,819
LTR	Liontown Resources	1.42	7.39	12,093,395	$2,899,294,662
YAL	Yancoal Aust Ltd	6.20	7.18	3,183,380	$7,632,139,946
LKE	Lake Resources	0.83	6.45	5,852,520	$1,078,544,673
PLS	Pilbara Min Ltd	3.96	6.32	29,597,512	$11,152,446,503
MIN	Mineral Resources.	82.85	6.05	562,903	$14,825,637,036
SYA	Sayona Mining Ltd	0.22	5.95	22,846,843	$1,824,005,822
PRU	Perseus Mining Ltd	2.35	5.86	4,507,790	$3,035,768,111
SMR	Stanmore Resources	3.18	5.83	1,730,976	$2,704,145,094
CRN	Coronado Global Res	2.02	4.39	2,221,210	$3,243,937,968
S32	South32 Limited	4.25	4.30	13,679,776	$18,608,376,390
AKE	Allkem Limited	11.82	4.14	2,700,782	$7,237,419,276
FMG	Fortescue Metals Grp	21.88	4.02	5,954,920	$64,750,632,226
IGO	IGO Limited	13.98	3.98	2,395,774	$10,177,679,407
BGL	Bellevue Gold Ltd	1.31	3.77	4,162,862	$1,391,884,467
SGM	Sims Limited	14.02	3.70	276,985	$2,611,356,214
CIA	Champion Iron Ltd	8.02	3.48	1,493,279	$4,008,246,727
CHN	Chalice Mining Ltd	6.88	3.46	1,558,029	$2,503,373,840

Yancoal (ASX:YAN) was the best performing large cap today, up by 8%.

Lithium stocks Mineral Resources (ASX:MIN) and Pilbara Minerals (ASX:PLS) gained 6%.

BIG CAP LOSERS

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Security	Description	Last	%	Volume	MktCap
MFG	Magellan Fin Grp Ltd	8.67	-10.62	2,282,696	$1,760,645,865
TLX	Telix Pharmaceutical	7.40	-4.27	335,929	$2,445,329,612
RGN	Region Group	2.54	-4.15	4,094,309	$3,001,444,868
INA	Ingenia Group	4.45	-3.26	191,789	$1,874,883,014
LIC	Lifestyle Communit.	19.13	-3.19	84,281	$2,065,811,789
UMG	United Malt Group	3.51	-3.04	183,213	$1,083,028,469
NSR	National Storage	2.28	-2.78	920,087	$2,808,055,935
CNI	Centuria Capital	1.72	-2.56	309,679	$1,401,660,447
CQR	Charter Hall Retail	3.77	-2.46	865,822	$2,243,546,291
APM	APM Human Services	2.41	-2.43	118,980	$2,265,439,407
PNI	Pinnacle Investment	9.65	-2.43	189,105	$1,990,501,514
XRO	Xero Ltd	71.28	-2.36	193,872	$10,963,185,260
HDN	Homeco Daily Needs	1.27	-2.32	612,532	$2,682,033,209
AGL	AGL Energy Limited.	7.85	-2.30	1,654,003	$5,402,160,281
CCP	Credit Corp Group	19.28	-2.28	48,012	$1,342,959,069
DMP	Domino Pizza Enterpr	67.91	-2.23	128,333	$6,188,128,052