• 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
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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
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