ASX Large Caps: Market dips as Vitol sells Viva Energy shares; eyes now turn to CPI reading tonight

Tech, Mining stocks dragged the ASX lower today
Vitol divested 16pc of its stake in Viva Energy
Traders to focus on US CPI data tonight

The ASX was dragged lower by tech stocks today following the selloff on Nasdaq overnight. At the close, the benchmark ASX200 index was down around -0.8%.

Other sectors to finish lower today include Mining and Industrials, while Energy closed modestly higher.

Tech leaders Wisetech (AS:WTC) and Xero (ASX:XRO) were down -2% each as local traders tracked proceedings on Wall Street.

After unveiling its new slick iPhone 15 armed with the new A17 Pro chip, Apple slid 2% as the buzz faded quickly.

According to Farhan Badami, market analyst at eToro, iPhone announcements are usually a reliable signal to investors that it’s time to buy the dip on Apple.

“But after three consecutive quarters of revenue declines, the Cupertino-headquartered company will likely be hoping for significant product pre-order volumes in the coming weeks,” he added.

Meanwhile, energy stocks rallied today after crude prices climbed 1.7% overnight, hitting 2023 highs. Forecast by OPEC+ and the US point to a tightening oil market in the months ahead.

And later tonight, all eyes will be focused on the US CPI data for August.

In recent statements, Fed officials have largely downplayed any chances of an interest rate hike this month.

“Markets are not pricing a rate hike in the September FOMC meeting as current standings indicate 93% chance of no rate hike, and only 7% chance of 25bp rate hike,” said Zoran Kresovic – Head of Sales APAC at Eightcap.

“However, this can easily change if the market beats the consensus for US headline CPI…

“Hence, the market is keeping the odds of a rate hike in the November meeting at around 43.5% and expects one more 25bp rate hike by the end of the year,” he added.

BIG CAP WINNERS

Swipe or scroll to reveal the full table. Click headings to sort.

Code	Name	Price	% Change	Volume	Market Cap
MEZ	Meridian Energy	4.88	3.61	69,625	$5,955,768,944
EBO	Ebos Group Ltd	33.43	3.24	29,479	$6,210,436,628
CRN	Coronado Global Res	1.67	2.92	1,414,696	$2,724,237,311
CMM	Capricorn Metals	4.32	2.74	400,330	$1,579,024,335
STX	Strike Energy Ltd	0.39	2.67	1,997,571	$952,236,519
SYA	Sayona Mining Ltd	0.10	2.50	11,530,255	$1,029,329,601
AZS	Azure Minerals	2.71	2.46	1,667,867	$1,140,811,940
BAP	Bapcor Limited	7.01	2.34	1,321,788	$2,324,975,625
PSI	Psc Insurance Ltd	4.80	2.13	62,917	$1,688,593,069
AD8	Audinate Group Ltd	13.61	1.95	170,254	$1,088,958,392
FPH	Fisher & Paykel H.	19.99	1.68	301,665	$11,437,453,109
LTR	Liontown Resources	3.05	1.67	10,157,095	$6,606,766,758
WPR	Waypoint REIT	2.50	1.63	605,609	$1,652,668,706
SGM	Sims Limited	13.83	1.54	179,539	$2,631,132,302
INA	Ingenia Group	4.32	1.41	520,067	$1,736,304,705
JDO	Judo Cap Holdings	1.01	1.25	561,530	$1,105,519,872

Lithium miner IGO (ASX:IGO) was the worst large cap today after the stock traded ex-dividend.

Judo Capital (ASX:JDO) said it has successfully priced its inaugural capital-relief securitisation transaction with an issue size of $500m. This is the first transaction of its kind in Australia, and establishes a new source of funding for Judo. The bank intends to issue into this market on a programmatic basis.

Strike Energy (ASX:STX) says Production Licence – L24 has been granted over the 100% owned and operated South Erregulla gas field previously located in EP503. Strike has now commenced the high impact SE appraisal drilling campaign, and spudded the SE2 appraisal well. It has also subsequently drilled to 4,259m (measured depth) within the intermediate hole section.

Liontown Resources (ASX:LTR) says it has awarded Monadelphous (ASX:MND) the mining services contract for the Kathleen Valley Lithium Project in WA. The value of the contract is approximately $100 million, and includes carbon steel pipe fabrication and signifies the final major construction contract award for Kathleen Valley.

BIG CAP LOSERS

Swipe or scroll to reveal the full table. Click headings to sort.

Code	Name	Price	% Change	Volume	Market Cap
IGO	IGO Limited	13.19	-7.47	3,394,348	10,791,066,335
NEU	Neuren Pharmaceut.	11.37	-5.72	417,797	1,526,382,053
CTT	Cettire	2.84	-5.33	1,317,539	1,143,714,660
MAQ	Macquarie Technology	65.73	-5.21	27,512	1,688,031,543
APM	APM Human Services	1.76	-4.74	1,289,641	1,692,200,690
MCY	Mercury NZ Limited	5.46	-4.21	5,794	7,906,858,637
ABC	Adbri Limited	2.09	-4.13	411,252	1,424,258,404
AX1	Accent Group Ltd	1.89	-4.06	792,406	1,109,214,796
APE	Eagers Automotive	14.00	-3.71	195,233	3,735,331,961
PLS	Pilbara Min Ltd	4.44	-3.48	10,842,656	13,833,559,249
TLX	Telix Pharmaceutical	11.30	-3.42	646,835	3,738,367,608
MPL	Medibank Private Ltd	3.47	-3.34	3,891,347	9,886,871,632
SMR	Stanmore Resources	3.06	-3.02	1,045,334	2,839,383,647
BXB	Brambles Limited	14.75	-2.83	1,534,378	21,090,336,992
HLS	Healius	2.43	-2.80	519,938	1,424,410,368

Viva Energy (ASX:VEA) fell after Ductch oil tradin giant Vitol sold approximately 16% of its stake in Viva. Following the sale, Vitol remains the largest shareholder in Viva with an ~30% interest, and the sale increases the free float of the company to ~70%.

Vitol has not previously sold any Viva Energy shares since its IPO more than five years ago in July 2018.

De Grey Mining (ASX:DEG) has been granted a mining lease for the Hemi Gold Project in WA. The grant represents an important milestone for the company, and de-risking of the Project on the path toward development and production. This milestone follows the previously announced signing of a mining agreement with the Kariyarra People in December 2022.

De Grey, however, said the grant does not allow for the commencement of development of the Hemi Project which remains subject to statutory, including environmental approvals.