Elon Musk sells another US$7bn stake in Tesla. Picture Getty
ASX Large Caps: Local shares dip lower, Elon Musk sells more shares in Tesla
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- The ASX 200 dips on Wednesday
- US CPI will be released later tonight
- Elon Musk offloads US$7bn of shares in Tesla
Local shares dipped on Wednesday following a weak lead from Wall Street overnight. At the close, the ASX 200 was down by 0.50%.
Five sectors rose while six fell as investors await the all-crucial US inflation data to be released later tonight at 10.30pm AEST.
Experts predict the CPI will ease in July from the horror 9.1% reading in June, following the back to back 75bp hike rates by the Fed over the last two months.
Economists polled by Reuters see year-on-year headline inflation at 8.7% for July.
Meanwhile, the ABS has decided to provide CPI data on a monthly basis instead of the current quarterly.
“This change will deliver more timely information into the hands of businesses and others who rely on economic data,” said CPA Australia General Manager Media and Content, Dr Jane Rennie.
“Quarterly CPI reporting puts Australian governments, regulators and businesses at a distinct disadvantage, especially in economically uncertain times like now,” Dr Rennie said.
In a regulatory disclosure just released a few hours ago, Tesla CEO Elon Musk has sold another US$7bn worth of his stake in the company.
Musk, Tesla’s largest shareholder, sold around 7.9 million shares between Friday and Tuesday, the disclosures showed, leaving him with a 15% stake.
Over the last 12 months, Musk has cashed out roughly $US32bn worth of Tesla shares, and diverted some of them to shares in Twitter, where he now owns a 9% stake.
On the ASX, Financials was the best performing sector today, up by 1%, after the Commonwealth Bank (ASX:CBA) reported an 11% increase in cash earnings to $9.6 billion for the full year.
The CBA also reported a shrinking net interest margin (NIM), which was down 18 basis points to 1.9%. The CBA share price finished flat after rising earlier.
Tech was the worst performer, down almost 4% as sector giant Computershare (ASX:CPU) lost 5% after reporting its full year results.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| IMU | Imugene Limited | 0.295 | 9% | 58,392,174 | $1,583,980,545 |
| CRN | Coronado Global Res | 1.7 | 6% | 7,684,639 | $2,682,325,968 |
| LFS | Latitude Group | 1.625 | 6% | 12,645 | $1,599,230,769 |
| GNC | GrainCorp Limited | 8.035 | 5% | 2,708,078 | $1,708,690,966 |
| LKE | Lake Resources | 1.3 | 5% | 43,375,295 | $1,723,272,523 |
| WHC | Whitehaven Coal | 6.35 | 5% | 5,968,080 | $5,795,006,211 |
| SMR | Stanmore Resources | 1.895 | 4% | 1,044,831 | $1,636,007,782 |
| ANZ | ANZ Banking Grp Ltd | 23.535 | 4% | 7,066,519 | $65,664,542,696 |
| NHC | New Hope Corporation | 4.16 | 3% | 2,267,181 | $3,346,075,470 |
| ELD | Elders Limited | 12.315 | 3% | 648,145 | $1,865,200,762 |
| CXO | Core Lithium | 1.445 | 3% | 21,316,547 | $2,426,765,740 |
| NWS | News Corp.. | 26.46 | 3% | 230,335 | $1,095,035,906 |
| CNI | Centuria Capital | 1.9125 | 3% | 1,558,076 | $1,474,803,467 |
| AIZ | Air New Zealand | 0.59 | 3% | 843,040 | $1,936,866,981 |
| HGH | Heartland Group | 1.87 | 2% | 110 | $1,082,049,472 |
| CQE | Charter Hall Soc In | 3.925 | 2% | 523,491 | $1,406,527,158 |
Graincorp (ASX:GNC) was up 5% after the company upgraded its earnings guidance for the 12 months ending 30 September.
GNC told investors its FY22 underlying EBITDA and NPAT ranges have been increased to $680 – $730 million, and $365m – $400m, respectively.
Imugene (ASX:IMU) rose 9% after announcing that it has dosed the first patient in cohort 3 in the Phase I clinical trial of oncolytic virotherapy candidate, CHECKvacc.
BIG CAP LOSERS
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| IMU | Imugene Limited | 0.295 | 9% | 58,392,174 | $1,583,980,545 |
| CRN | Coronado Global Res | 1.7 | 6% | 7,684,639 | $2,682,325,968 |
| LFS | Latitude Group | 1.625 | 6% | 12,645 | $1,599,230,769 |
| GNC | GrainCorp Limited | 8.035 | 5% | 2,708,078 | $1,708,690,966 |
| LKE | Lake Resources | 1.3 | 5% | 43,375,295 | $1,723,272,523 |
| WHC | Whitehaven Coal | 6.35 | 5% | 5,968,080 | $5,795,006,211 |
| SMR | Stanmore Resources | 1.895 | 4% | 1,044,831 | $1,636,007,782 |
| ANZ | ANZ Banking Grp Ltd | 23.535 | 4% | 7,066,519 | $65,664,542,696 |
| NHC | New Hope Corporation | 4.16 | 3% | 2,267,181 | $3,346,075,470 |
| ELD | Elders Limited | 12.315 | 3% | 648,145 | $1,865,200,762 |
| CXO | Core Lithium | 1.445 | 3% | 21,316,547 | $2,426,765,740 |
| NWS | News Corp.. | 26.46 | 3% | 230,335 | $1,095,035,906 |
| CNI | Centuria Capital | 1.9125 | 3% | 1,558,076 | $1,474,803,467 |
| AIZ | Air New Zealand | 0.59 | 3% | 843,040 | $1,936,866,981 |
| HGH | Heartland Group | 1.87 | 2% | 110 | $1,082,049,472 |
| CQE | Charter Hall Soc In | 3.925 | 2% | 523,491 | $1,406,527,158 |
A2 Milk (ASX:A2M) lost 7% after revealing that the US FDA is deferring its review of A2M’s request to import infant milk formula into the US.
Computershare (ASX:CPU) lost 5% after the shares registry reported a 12% increase in management revenue to $2.6 billion. CPU also expects an increase in management EPS growth of 55% in FY 2023.
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