• Aussie shares bounced back on Wednesday
  • Iron ore producers fell, while energy and bank stocks gained
  • Ampol was the best performing large cap today

 

The ASX 200 index bounced back +0.5% on Wednesday, tracking movements on Wall Street overnight.

Gains in energy and financial stocks were offset by falls in iron ore miners.

Fortescue (ASX:FMG) and BHP (ASX:BHP) fell after iron ore futures traded around 1.5% lower in Singapore. Rio Tinto (ASX:RIO) also fell -0.5% after releasing its half year results (more details below)

Oil stocks gained on the back of a 2% rally in crude oil prices as Russia’s seaborne crude supply fell to a six-month low.

The best performing large cap today was Ampol (ASX:ALD), which rose by 4% as the company released its half-year results (more details below).

Elsewhere, Apollo’s Chief Economist said the consumer market is beginning to feel the pain from the Fed’s ultra-aggressive rate hikes.

“A default cycle has started,”Apollo’s Torsten Slok told Bloomberg TV.

“It’s very clear that the effects of monetary policy are showing up in the the background, and it will eventually begin to slow things down,” he said.

Looking ahead to tonight’s session Wall Street, eyes will be locked on the release of Tesla, Netflix and IBM results.

 

BIG CAP WINNERS

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Ampol (ASX:ALD) reported a strong first half performance, with its refinery repairs now successfully completed.

Unaudited EBIT for the first half was approximately $575 million. Group total fuel sales volume was up 24%, with Australian fuel sales volume growing by 13% and international sales growing by 8.1%.

The Lytton refining’s EBIT was approximately $100 million, reflecting the lower Singapore product cracks in the second quarter and higher operating expenses (mainly electricity costs).

Woodside Energy (ASX:WDS) rose despite revenue plunging by 29% in the June quarter due to a 34% fall in the average price for its gas exports.

 

BIG CAP LOSERS

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Rio Tinto (ASX:RIO) fell after saying that its shipments for the quarter was 79.1mt, down 1% year on year and down 4% vs the previous quarter. Production for the latest quarter was 81.3mt, up 3% YoY and up 2% QoQ.

For guidance, Rio said shipments are expected to be in the “upper half” of the original 320mt to 335mt guidance range due to “continued operational improvements across the Pilbara system, and the implementation of the safe production system”.

NOW READ: Rio Tinto Results: Rio hits accelerator at Pilbara iron ore business, eyes UPPER END of guidance

Northern Star Resources (ASX:NST) fell after the gold producer reported mixed quarterly results.

During the quarter, NST said gold sold totalled 426koz at an AISC of $1,700/oz (US$1,139/oz). FY23 sales and cost guidance were delivered with 1,563koz gold sold at an AISC of $1,759/oz.

For FY24, the company has guided the market to 1,600-1,750koz of gold sold at an AISC of $1,730-1,790/oz.

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