ASX Large Caps: Local shares up 3pc this week as Block Inc makes a big comeback

ASX ends week higher as risk appetite returns

It was a three-day winning streak for local shares, as the ASX finished higher by 0.60% on Friday. For, the week the ASX 200 gained 3.27%.

Risk appetite seems to have returned, encouraged by a potential resolution in the Russian-Ukraine conflict. Market sentiment has also been lifted after Russian bonds averted a default following coupon payments in dollars yesterday.

US President Joe Biden is scheduled to talk with China’s Xi Jinping later today, which could simmer down concerns over potential sanctions on China.

The Aussie dollar has been a major gainer this week, edging closer to US 74c as pressure mounts on the RBA to hike its rates following the US Fed’s 25bp increase earlier this week.

On the ASX, the Energy and Mining sectors lifted higher today on the back of higher oil and iron ore prices.

Tech has also made a comeback and this week, the sector was up 8% driven by the rebound in Block Inc (ASX:SQ2), whose share price has surged by almost 20%.

Meanwhile in global news, Amazon has completed its $11b acquisition of film studio Metro-Goldwyn-Mayer (MGM), while the Australian consumer watchdog ACCC is suing Meta over crypto ads made on the Facebook platform.

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
SMR	Stanmore Resources	1.58	10.5%	2,630,060	$1,240,076,440
CRN	Coronado Global Res	1.975	8.5%	8,008,309	$3,051,145,789
INR	Ioneer Ltd	0.52	8.3%	8,488,614	$1,003,463,232
LKE	Lake Resources	1.52	7.4%	31,249,895	$1,792,062,278
PDN	Paladin Energy Ltd	0.84	7.0%	23,206,726	$2,103,146,794
SQ2	Block	168.525	7.0%	359,911	$7,663,464,270
LTR	Liontown Resources	1.64	6.5%	16,254,728	$3,376,026,805
TLX	Telix Pharmaceutical	5.11	6.2%	1,475,687	$1,495,166,374
IMD	Imdex Limited	2.84	6.0%	967,024	$1,062,492,432
PPH	Pushpay Holdings Ltd	1.085	5.9%	651,634	$1,169,358,600
ERA	Energy Resources	0.38	5.6%	239,668	$1,328,897,951
AVZ	AVZ Minerals Ltd	0.89	5.3%	55,021,893	$2,916,993,303
NVX	Novonix Limited	5.61	5.3%	4,444,617	$2,589,654,422
VUL	Vulcan Energy	10.07	5.2%	1,185,679	$1,259,843,511
CXO	Core Lithium	1.105	4.7%	35,911,755	$1,799,347,745
ASM	Ausstratmaterials	7.75	4.6%	338,255	$1,033,739,504
CXL	Calix Limited	7.23	4.5%	1,505,013	$1,117,177,477
CMM	Capricorn Metals	4.01	4.4%	4,232,371	$1,426,868,863
YAL	Yancoal Aust Ltd	4.26	4.4%	377,581	$5,387,392,903

Energy players like Stanmore Resources (ASX:SMR), Coronado (ASX:CRN) and Paladin Energy (ASX:PDN) caught a bid today following the rise in oil and metals prices.

Airport operator Auckland International (ASX:AIA) also traded higher. On Wednesday, AIA reported that its passenger numbers for January were down 73% compared to the pre-COVID equivalent in January 2019.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
MP1	Megaport Limited	12.98	-8.2%	4,275,889	$2,233,399,086
ABP	Abacus Property Grp.	3.345	-6.0%	4,013,656	$2,962,932,097
5EA	5Eadvanced	3.26	-5.5%	1,187,419	$1,038,657,932
HSN	Hansen Technologies	5.2	-4.2%	361,537	$1,089,647,521
APE	Eagers Automotive	12.5	-4.2%	684,646	$3,352,977,033
SGR	The Star Ent Grp	3.18	-3.9%	10,210,186	$3,151,167,035
GQG	GQG Partners	1.425	-3.1%	1,513,206	$4,340,623,988
BRN	Brainchip Ltd	0.96	-3.0%	18,513,681	$1,697,218,523
PMV	Premier Investments	27.63	-2.9%	171,364	$4,524,941,805
SGM	Sims Limited	20.4	-2.9%	460,666	$4,151,293,923
FLT	Flight Centre Travel	18.86	-2.8%	1,651,857	$3,876,525,875

The Star Entertainment Group (ASX:SGR) was down 4% over allegations in the media that it disguised $900m in casino transactions as ‘hotel expenses’ to help Chinese high rollers circumvent rules.

The casino released a statement today saying that it wasn’t in a position to comment as a formal review into its operations is currently ongoing.