Newcrest has delisted, while Newmont (NEM) CDI made its ASX debut after acquisition. Picture Getty
ASX Large Caps: Local shares defy Wall Street, Newmont CDIs make ASX debut as Newcrest delists
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- ASX bucked Wall Street to finish higher by 0.3%, but still down -1pc for the week
- Newcrest has delisted, while Newmont (NEM) CDI made its ASX debut after acquisition
- Stocks which reported earnings today include: HVN, SDR, CRN, and RMD
Local traders brushed off a steep drop in New York overnight as the ASX closed the day +0.3% higher. But for the week, the ASX 200 index was down -1%.
Wall Street traders dumped stocks over fears the tech rally might be over following sluggish trading updates from Big Tech in recent days.
“Whether Amazon’s earnings report and Apple’s report next week can stop the rot in the tech trade remains to be seen,” Tony Sycamore, an analyst at IG, told Bloomberg.
Also worrying traders was the US GDP, which gained a massive 4.9% for the September quarter from 2.1% in the last quarter. The blockbuster figure has fuelled higher-for-longer interest rate angst.
On the ASX, the Consumer Staples over-performed today, up by 1.5%. But its gains were offset by losses in Tech, Industrial and Discretionary sectors.
Energy stocks also fell after crude prices slumped by -2.5% overnight.
Meanwhile, Newcrest Mining (ASX:NCM) has been removed from the ASX200 today following its acquisition by NYSE-listed Newmont Corporation.
Newmont Corporation (ASX:NEM)’s CDIs (CHESS Depositary Interests) have begun trading on the ASX, while its main shares trade on the NYSE.
To economics data, the ABS released the September quarter producer prices, which showed an increase of 1.8% from the previous quarter. This index measures the cost of manufacturing before they leave the producer, and today’s jump could complicate the RBA’s rates policy path.
Elsewhere, Asian stocks in the region mainly rose, but mainland Chinese stocks fluctuated after data shows that Chinese companies’ profit are still growing, albeit at a more softer pace than in the prior period.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| CIA | Champion Iron Ltd | 6.96 | 7.24 | 2,125,910 | $3,357,249,320 |
| CEN | Contact Energy Ltd | 7.70 | 7.09 | 8,415 | $1,830,187,422 |
| BGL | Bellevue Gold Ltd | 1.48 | 4.96 | 2,352,827 | $1,613,952,204 |
| AWC | Alumina Limited | 0.80 | 4.22 | 4,558,101 | $2,234,294,691 |
| HVN | Harvey Norman | 3.69 | 3.94 | 3,780,000 | $4,423,323,622 |
| CRN | Coronado Global Res | 1.76 | 3.68 | 2,727,657 | $2,849,971,341 |
| EDV | Endeavour | 5.01 | 3.30 | 3,315,090 | $8,686,253,082 |
| GOR | Gold Road Res Ltd | 1.90 | 3.27 | 4,490,713 | $1,981,107,688 |
| ILU | Iluka Resources | 7.45 | 3.26 | 1,333,443 | $3,071,692,897 |
| S32 | South32 Limited | 3.34 | 2.93 | 8,353,763 | $14,694,627,225 |
| APM | APM Human Services | 2.03 | 2.79 | 368,980 | $1,806,848,434 |
| SFR | Sandfire Resources | 6.11 | 2.69 | 824,744 | $2,719,104,804 |
| MMS | McMillan Shakespeare | 16.86 | 2.68 | 94,609 | $1,143,538,454 |
| NIC | Nickel Industries | 0.78 | 2.65 | 2,473,004 | $3,235,786,459 |
| CMM | Capricorn Metals | 4.71 | 2.51 | 449,483 | $1,725,648,023 |
| MFG | Magellan Fin Grp Ltd | 6.37 | 2.41 | 682,713 | $1,128,506,412 |
| COL | Coles Group | 15.34 | 2.37 | 1,603,621 | $20,049,105,179 |
Harvey Norman (ASX:HVN) was up 3% despite September quarter sales falling 9.1% year-on-year. Comparable sales declined by 10% and various currency appreciations impacted the bottom line. HVN also said it will conduct an on-market, 12-month share buy-back program.
SiteMinder (ASX:SDR) lifted 1.5% after September quarter revenue grew 30.8% year-on-year to $46.8m. SDR’s Annualised recurring revenue (ARR) rose 32% to $191.6m. The company also holds $45m in cash and equivalents.
Woolworths (ASX:WOW) climbed 1% after a vote at the AGM was recorded against adopting the company’s remuneration report. This result constituted a ‘first strike’ for WOW.
Coronado Global Resources (ASX:CRN) jumped 3% after reporting a revenue of $US718m for the September quarter, which has pushed its year-to-date revenue to US$2.2b.
Champion Iron (ASX:CIA) was up 7% after being slapped a rating upgrade by Macquarie and Goldman.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| DYL | Deep Yellow Limited | 1.29 | -6.34 | 3,556,905 | $1,046,618,174 |
| BXB | Brambles Limited | 13.26 | -5.15 | 3,475,794 | $19,437,623,779 |
| HLS | Healius | 1.84 | -4.66 | 2,003,003 | $1,099,943,604 |
| MCY | Mercury NZ Limited | 5.27 | -4.18 | 15,268 | $7,651,749,815 |
| GNE | Genesis Energy Ltd | 2.13 | -4.05 | 38,706 | $2,383,780,480 |
| RMD | ResMed Inc. | 21.60 | -3.83 | 4,068,078 | $11,641,605,554 |
| HGH | Heartland Group | 1.45 | -3.34 | 512 | $1,069,321,579 |
| AD8 | Audinate Group Ltd | 12.96 | -3.18 | 118,453 | $1,111,996,226 |
| REA | REA Group | 142.86 | -3.00 | 95,101 | $19,458,223,720 |
| CTD | Corp Travel Limited | 16.16 | -2.88 | 216,449 | $2,434,860,413 |
| MGH | Maas Group Holdings | 3.37 | -2.88 | 108,010 | $1,143,676,679 |
| EVT | EVT Limited | 10.14 | -2.87 | 57,516 | $1,694,154,727 |
| SDF | Steadfast Group Ltd | 5.43 | -2.86 | 2,556,059 | $5,805,560,993 |
| AUB | AUB Group Ltd | 26.72 | -2.84 | 209,402 | $2,981,154,550 |
| PDN | Paladin Energy Ltd | 0.96 | -2.78 | 13,268,670 | $2,953,541,778 |
| MPL | Medibank Private Ltd | 3.40 | -2.72 | 3,209,539 | $9,611,471,308 |
| DHG | Domain Holdings Aus | 3.45 | -2.54 | 330,840 | $2,236,066,322 |
| EBO | Ebos Group Ltd | 31.61 | -2.38 | 17,544 | $6,210,733,164 |
ResMed (ASX:RMD) was -3% lower after reporting that its gross margin in Q1 contracted 250 bps to 54.4%. Revenue, however, increased by 16% to $1.1 billion, up 15% vs pcp on a constant currency basis.
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