• The ASX was up 1% on Friday, flat for the week
  • Investors await Fed’s Jerome Powell speech at Jackson Hole later tonight
  • Afterpay to kill its Money App 

 

The ASX rose by 1% on Friday, erasing all of its losses for the week.

All sectors except for Comm Services were in the green, as local investors tracked movements on Wall Street overnight.

A speech by US Fed Governor Jerome Powell at Jackson Hole awaits tonight, providing further insights into the next Fed’s rates decision on September 20th.

Fed funds futures at this moment are indicating a 60% chance the Fed will raise its rates by 75bps, and are fully priced for 50bps lift.

In company news, Bega Cheese (ASX:BGA) was the best performing stock of the day, up by, 11%, after reporting its full year results.

Bega reported a 45% increase in revenue to $3 billion in FY22, but bottom line EBITDA slipped 19% to $149 million. The company however reported will pay out a dividend of 11c per share, 10% higher than FY21.

Polynovo was the worst performing large caps, down 10% after investors dumped the stock following its full year results. PNV’s total revenue was $41.9m, up 42.8% on last year. Bottom line NPAT was a loss of $2m.

Block Inc (ASX:SQ2)’s Afterpay said it will kill off its Money App next month under its relationship with Westpac. The Block Inc parent stock listed on NYSE was unaffected by the announcement, up by nearly 3% last night.

Energy stocks rose 1% today despite oil prices slipping 2%.

Oil has been seesawing this week ahead of Jackson Hole, while Bitcoin has been consolidating at the US$21k level, trading at US$21,550.

The governor of the Indian central bank, Shaktikanta Das, has warned about investing in cryptocurrency in an interview with ET Now.

“Something which doesn’t have an underlying, the prices will not remain high all the time so therefore it may crash, and it has crashed, ultimately …”

“It is the small investors who lose money, so therefore it is a big risk for the small investors,” said Das.

 

BIG CAP WINNERS

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BGA Bega Cheese Ltd 4.2 12% 3,685,447 $1,134,280,028.20
VEA Viva Energy Group 2.97 8% 6,456,670 $4,282,113,675.12
QAN Qantas Airways 5.17 6% 12,141,830 $9,166,177,232.28
SYR Syrah Resources 1.6875 4% 2,278,644 $1,082,199,886.54
FMG Fortescue Metals Grp 19.98 4% 5,704,402 $58,931,388,530.52
CIA Champion Iron Ltd 5.505 4% 1,679,057 $2,730,779,705.28
IFL Insignia Financial 3.68 4% 2,468,378 $2,308,127,850.93
PLS Pilbara Min Ltd 3.55 4% 33,837,105 $10,156,162,823.29
VNT Ventiaservicesgroup 2.87 4% 1,153,047 $2,361,137,068.20
GQG GQG Partners 1.705 4% 651,554 $4,842,600,911.76
PXA Pexagroup 15.22 4% 314,679 $2,596,049,536.32
KAR Karoon Energy Ltd 2.145 4% 3,941,167 $1,155,236,678.64
CEN Contact Energy Ltd 7.05 3% 3,874 $1,689,327,530.88
BSL BlueScope Steel Ltd 17.48 3% 1,059,193 $7,957,886,381.08
LIC Lifestyle Communit. 17.45 3% 75,829 $1,765,767,262.59
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Viva Energy (ASX:VEA) was up 6% after posting first half record revenues. For the half, Viva delivered a record $611.7 million in revenue, a rise of 139% on pcp. Net profit was $127 million, up 27% on pcp.

Qantas (ASX:QAN) rose by another 6% after announcing its $1.9bn net loss today.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
PNV Polynovo Limited 1.68 -17% 4,616,798 $1,336,609,848.88
MAQ Macquarie Telecom Gp 63.78 -12% 56,240 $1,562,835,624.19
SYA Sayona Mining Ltd 0.28 -5% 39,544,156 $2,448,141,041.64
DEG De Grey Mining 0.945 -5% 3,301,065 $1,403,614,466.97
MCY Mercury NZ Limited 5.36 -5% 39,672 $7,780,988,904.60
NAN Nanosonics Limited 4.14 -4% 809,036 $1,307,109,314.93
GUD G.U.D. Holdings 8.285 -4% 171,866 $1,215,921,226.48
PDN Paladin Energy Ltd 0.79 -4% 12,533,293 $2,441,778,781.64
AWC Alumina Limited 1.525 -3% 6,288,809 $4,584,656,638.86
MP1 Megaport Limited 7.575 -3% 748,415 $1,236,617,647.18
ABC Adbri Limited 2.17 -3% 1,620,032 $1,461,885,723.20
NCM Newcrest Mining 18.31 -3% 2,620,236 $16,880,029,368.30
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Macquarie Telecom Group (ASX:MAQ) was one of the worst performing large caps today, down by 10% after reporting a full year profit of $88.4 million on Thursday.