Allkem and Qantas flag higher costs. Picture: Getty
ASX Large Caps: Miners decline as iron ore tumbles, Qantas and Allkem flag higher costs
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- ASX tracked Wall Street and slipped on Monday
- Lithium and iron ore stocks tumbled, Energy stocks rise
- Allkem, Qantas flag higher costs
Local shares trimmed early losses and ended the day flattish on Monday. Gainers were Tech and Comm Services, while losers were led by Mining stocks.
Lithium miners led the decline, with Pilbara Minerals (ASX:PLS) and Allkem (ASX:AKE) slipping 3% each.
Iron ore stocks BHP (ASX:BHP) and Fortescue (ASX:FMG) also tumbled as iron ore futures in Singapore slipped 3% lower today to $US117 per tonne.
Energy stocks meanwhile rallied as WTI futures jumped almost 1% in Asian hours to above US$90 a barrel.
Bond yields crept higher (prices lower) as traders await a number of Fed officials speaking at public events this week.
Hedge fund titan Bill Ackman said long-term rates would rise further as he sees inflation remaining stubbornly high.
“The long-term inflation rate is not going back to 2% no matter how many times Chairman Powell reiterates it as his target,” Ackman wrote on X, formerly Twitter.
“The long-term deflationary effects of outsourcing production to China are no more. Workers and unions’ bargaining power continues to rise,” he wrote in the post.
Elsewhere in the region, Asian stocks mainly fell on Monday with Chinese property stocks tumbling further after news that China Evergrande Group had cancelled a creditor meeting initially planned for today.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| PDN | Paladin Energy Ltd | 1.05 | 6.09 | 21,524,966 | $2,936,412,013 |
| BOE | Boss Energy Ltd | 4.74 | 5.22 | 1,845,535 | $1,588,201,038 |
| WHC | Whitehaven Coal | 7.01 | 3.78 | 4,856,938 | $5,647,055,292 |
| TNE | Technology One | 15.81 | 3.60 | 365,942 | $4,954,536,349 |
| DMP | Domino Pizza Enterpr | 54.87 | 2.98 | 323,529 | $4,747,061,307 |
| AIZ | Air New Zealand | 0.70 | 2.94 | 642,391 | $2,290,555,734 |
| LFG | Liberty Fin Group | 3.70 | 2.78 | 5,533 | $1,093,693,943 |
| AGL | AGL Energy Limited. | 10.99 | 2.61 | 1,108,560 | $7,205,122,865 |
| NHC | New Hope | 6.24 | 2.55 | 2,127,611 | $5,139,639,621 |
| MP1 | Megaport Limited | 11.23 | 2.46 | 420,238 | $1,743,332,825 |
| MGH | Maas Group Holdings | 3.33 | 2.46 | 67,429 | $1,071,166,918 |
| LIC | Lifestyle Communit. | 16.80 | 2.31 | 52,214 | $1,716,631,051 |
| YAL | Yancoal Aust Ltd | 5.19 | 2.17 | 1,665,939 | $6,707,832,340 |
| MAQ | Macquarie Technology | 63.75 | 2.11 | 15,269 | $1,519,812,651 |
| KLS | Kelsian Group Ltd | 5.80 | 2.11 | 215,175 | $1,529,956,513 |
| PSI | Psc Insurance Ltd | 4.85 | 2.11 | 10,897 | $1,706,556,825 |
| CNI | Centuria Capital | 1.46 | 2.11 | 262,899 | $1,147,228,639 |
| DHG | Domain Holdings Aus | 4.01 | 1.91 | 112,620 | $2,482,412,611 |
Santos (ASX:CEO) rose after its board approved a flexible working arrangement for CEO Kevin Gallagher to enable him to support a family member’s medical treatment through to the end of the year.
External commitments will be delegated, which include participation in industry bodies, conferences and extended overseas or domestic travel.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| MCY | Mercury NZ Limited | 5.58 | -3.96 | 1,952 | $8,059,447,137 |
| ALX | Atlas Arteria | 5.73 | -3.54 | 588,719 | $8,617,952,220 |
| PLS | Pilbara Min Ltd | 4.11 | -3.29 | 20,453,739 | $12,781,005,828 |
| SFR | Sandfire Resources | 6.05 | -3.20 | 597,930 | $2,856,202,525 |
| AKE | Allkem Limited | 11.63 | -3.16 | 2,328,542 | $7,678,248,729 |
| BGL | Bellevue Gold Ltd | 1.45 | -3.02 | 1,328,859 | $1,689,311,872 |
| SQ2 | Block | 69.98 | -2.40 | 56,756 | $2,301,544,833 |
| RDX | Redox Limited | 2.19 | -2.23 | 241,246 | $1,176,182,399 |
| MAD | Mader Group Limited | 6.14 | -2.15 | 1,035,280 | $1,254,000,000 |
| VUK | Virgin Money Uk PLC | 3.19 | -2.15 | 303,395 | $2,239,390,711 |
| LNW | Light & Wonder Inc. | 114.15 | -2.02 | 88,248 | $1,432,782,706 |
Allkem (ASX:AKE) fell after flagging higher costs in its latest lithium project estimates released today. The company said that the cost of building its three flagship projects – one in Canada and two in South America – has blown out by $US413 million due to higher labour and material expenses.
Qantas (ASX:QAN) fell after announcing a further $80 million in customer improvements across FY24, in addition to the $150 million previously budgeted, which will be funded from profits. The airline also said it will continue to absorb higher fuel prices, but will monitor them in the weeks ahead and, if current levels are sustained, will look to adjust its settings.
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