ASX large caps Nov 23 2022. Picture : Getty
ASX Large Caps: Local shares up; Travel is back as Qantas predicts +$1.35b profit for the half
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- The ASX rallied by 0.60% on Wednesday
- Qantas issued an upbeat earnings guidance
- RBNZ lifted rates by a jumbo 75 basis points
The ASX had a broad rally on Tuesday, up 0.60%, as local investors reacted to the buoyant mood on Wall St overnight.
All ASX sectors except for Tech rose, with the Energy and Utility sectors leading the way.
Last night, US energy stocks jumped in New York as oil prices climbed higher after Saudi Arabia rejected reports that OPEC+ was considering increasing output on 4 December.
“Oil is having a tug-of-war with China Covid demand concerns getting countered with what appears to be a motivated Saudi Arabia to keep the oil market tight,” said OANDA analyst, Edward Moya.
On a separate note, Saudi Arabia announced a public holiday after its jaw dropping 2-1 win over Argentina last night. The Saudis’ win has been described as one of the biggest upsets in the world cup history.
Back home, Qantas (ASX:QAN) was one of the best performing large caps today, up by around 5.5%.
Qantas issued an earnings guidance today, saying that the airline is expecting an underlying profit before tax of between $1.35 billion and $1.45 billion for the half. This range is a $150m increase to the previous guidance it released in October.
“This is a clear indication that even with sky-high airfares, travel demand is strong and will continue into early next year,” said Josh Gilbert, market analyst at eToro.
“It also serves as an indication of the resilience of the average consumer, who continues to spend despite the rising cost of living pressures.”
Elsewhere, the Reserve Bank of NZ (RBNZ) has lifted its cash rate (the OCR) for the 9th consecutive meeting, raising it by 75 basis points to 4.25% today.
“Inflation is no one’s friend,” RBNZ governor Adrian Orr said.
“In order to rid the country of inflation we need to reduce spending levels. That means that we will have a period of negative GDP growth, we think to the tune of around one per cent of GDP.”
In the past hour, Bitcoin was up by another half a percent to US$16,518 as disgraced former FTX founder Sam Bankman-Fried apologised to his staff over the collapse.
“I didn’t mean for any of this to happen, and I would give anything to be able to go back and do things over again,” he wrote in the message sent to employees and obtained by Bloomberg News.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| LTR | Liontown Resources | 1.03 | -7.40 | 11800466 | $2,701,874,659 |
| FBU | Fletcher Building | 3.70 | -6.09 | 658295 | $3,085,191,768 |
| CSL | CSL Limited | 289.51 | -5.08 | 709946 | $147,343,443,385 |
| IGO | IGO Limited | 6.90 | -3.57 | 2157437 | $5,414,464,863 |
| NIC | Nickel Industries | 0.63 | -3.46 | 3691387 | $2,785,776,422 |
| IFL | Insignia Financial | 2.23 | -3.26 | 848886 | $1,533,241,532 |
| SGR | The Star Ent Grp | 0.53 | -3.18 | 10386275 | $1,577,774,482 |
| SKC | Skycity Ent Grp Ltd | 1.91 | -3.05 | 236734 | $1,497,604,262 |
| SQ2 | Block | 102.27 | -2.78 | 57993 | $3,731,605,362 |
| HLS | Healius | 1.42 | -2.75 | 987752 | $1,056,427,548 |
| DYL | Deep Yellow Limited | 1.47 | -2.65 | 3239154 | $1,154,715,624 |
| FPH | Fisher & Paykel H. | 22.43 | -2.61 | 150839 | $13,448,683,596 |
| LFG | Liberty Fin Group | 4.20 | -2.55 | 30236 | $1,309,394,693 |
| CMW | Cromwell Prop | 0.41 | -2.41 | 639801 | $1,086,829,680 |
Coal shares rose for the second consecutive day as coal prices continue to climb.
Whitehaven Coal (ASX:WHC) rose 5% and Yancoal (ASX:YAN) rose by 4%.
Nickel-copper play Chalice Mining (ASX:CHN) surged 6% after announcing “outstanding” drilling intersections at its Julimar project in WA. Results include: 157.5 metres at 0.8% nickel equivalent from 328 metres.
Brainchip (ASZ:BRN) also surged 6% on no particular news.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| CEN | Contact Energy Ltd | 7.18 | -10.25 | 18,057 | $2,036,369,872 |
| CTT | Cettire | 3.07 | -8.51 | 2,376,132 | $1,277,148,037 |
| LTR | Liontown Resources | 1.25 | -8.09 | 18,722,621 | $3,285,526,258 |
| CMM | Capricorn Metals | 4.47 | -8.02 | 2,609,627 | $1,827,156,731 |
| PLS | Pilbara Min Ltd | 3.28 | -7.08 | 49,752,832 | $10,623,403,190 |
| MMS | McMillan Shakespeare | 16.89 | -6.74 | 181,568 | $1,261,235,165 |
| EMR | Emerald Res NL | 2.70 | -6.25 | 1,551,126 | $1,794,427,857 |
| LFG | Liberty Fin Group | 3.85 | -6.10 | 6,307 | $1,245,595,879 |
| IGO | IGO Limited | 7.56 | -5.85 | 4,481,363 | $6,080,860,538 |
| RMS | Ramelius Resources | 1.66 | -5.43 | 3,687,423 | $1,989,363,213 |
| MCY | Mercury NZ Limited | 5.70 | -5.00 | 6,443 | $8,347,363,434 |
| SLR | Silver Lake Resource | 1.09 | -5.00 | 3,980,280 | $1,074,955,983 |
| PRU | Perseus Mining Ltd | 1.94 | -4.68 | 5,359,813 | $2,788,334,831 |
| IFL | Insignia Financial | 2.07 | -4.61 | 2,380,436 | $1,446,580,054 |
| RED | Red 5 Limited | 0.36 | -4.61 | 12,116,319 | $1,315,631,915 |
| MIN | Mineral Resources. | 57.35 | -4.29 | 908,699 | $11,695,570,766 |
| NST | Northern Star | 12.36 | -4.19 | 2,418,019 | $14,824,952,396 |
Polynovo (ASX:PNV) dropped 8% after announcing the completion of a $30m institutional placement.
Polynovo said the funds will be used to expand the business in the US, Canada, India, and Hong Kong.
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