- The ASX finished Friday flat, 1% higher for the week
- Energy stocks topped the bourse today
- Earnings season continues with results from TPG, AGL, Cochlear and Newcrest
Local blue chips ended Friday flat as a rally in energy stocks was offset by a fall in pretty much every other sector.
For the week, the ASX 200 index finished higher by around 1%.
The Energy sector surged 3% as investors reacted to the 3% rally in oil prices overnight following another round of impressive US economic data boosted optimism for an improving crude demand.
Initial jobless claims in the US fell by 2,000 to 250,000 in the past week VS survey: 265,000.
“The US economy still looks good, and China’s economy could be ready to bounce back fairly soon,” said Oanda analyst Edward Moya.
OPEC Secretary General Al Ghais reminded energy traders that OPEC could be in a position to cut production if needed.
“OPEC is not going to let this pullback with oil prices continue much further,” Moya added.
Coal mining stocks also surged today after the Newcastle thermal coal futures prices roe to $US436 a tonne.
Shares in Latitude Group (ASX:LFS) were flat after CEO Ahmed Fahour announced that he will retire from the company by the end of August 2023, after joining the company in 2018 and taking the company public in 2021.
Much of the newsflow on Friday was mainly driven by earnings.
Gold copper miner Newcrest Mining (ASX:NCM) rose 4% on its full-year result. Newcrest reported statutory and underlying profits for FY22 of $872 million, and a fully franked final dividend of US 20 cents per share.
Bitcoin finished the week down around 6% at US$22,806.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| SYA | Sayona Mining Ltd | 0.2675 | 7% | 38,166,798 | $2,074,695,798 |
| WHC | Whitehaven Coal | 7.34 | 6% | 9,449,867 | $6,626,962,548 |
| YAL | Yancoal Aust Ltd | 5.67 | 6% | 4,697,411 | $7,077,555,382 |
| STO | Santos Ltd | 7.465 | 6% | 14,102,521 | $23,723,028,559 |
| CRN | Coronado Global Res | 1.84 | 5% | 5,796,991 | $2,942,176,296 |
| DDR | Dicker Data Limited | 12.07 | 4% | 167,839 | $2,006,890,492 |
| NCM | Newcrest Mining | 19.36 | 4% | 5,602,286 | $16,674,611,021 |
| SGM | Sims Limited | 16.04 | 4% | 580,454 | $3,002,949,288 |
| WDS | Woodside Energy | 33.335 | 4% | 4,984,808 | $61,063,792,635 |
| SMR | Stanmore Resources | 2.415 | 4% | 3,685,055 | $2,100,219,356 |
| NHC | New Hope Corporation | 4.9 | 3% | 4,258,629 | $3,945,372,569 |
| BPT | Beach Energy Limited | 1.69 | 3% | 10,954,886 | $3,741,387,196 |
| MFG | Magellan Fin Grp Ltd | 14.39 | 3% | 933,752 | $2,589,393,347 |
| MCY | Mercury NZ Limited | 5.8 | 3% | 47,655 | $7,793,601,931 |
| GMA | Genworth Mortgage | 2.865 | 3% | 1,307,545 | $1,053,053,158 |
| LOV | Lovisa Holdings Ltd | 19.14 | 3% | 139,913 | $2,003,047,801 |
| MPL | Medibank Private Ltd | 3.64 | 3% | 7,081,973 | $9,776,711,502 |
AGL Energy (ASX:AGL) fell almost 6% after releasing its full year results.
AGL reported a 27% fall in underlying EBITDA to $1.218 billion. Underlying profit after tax also dropped by 58% to $225 million. AGL however said that FY23 earnings would be strong despite the challenging market and energy industry conditions
Cochlear (ASX:COH) was up 2% after reporting that sales have increased by 10% to $1.64 billion in FY22.
The total number of Cochlear implants rose 5% to 38,182 during the FY, driving statutory net profit higher 11% to $289.1 million. Cochlear declared a dividend of $1.45 per share, up 4% on the pcp.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| TPG | TPG Telecom Limited | 5.76 | -13% | 11,159,259 | $12,308,841,849 |
| FPH | Fisher & Paykel H. | 18.21 | -5% | 2,249,109 | $11,053,251,582 |
| AGL | AGL Energy Limited. | 7.845 | -4% | 7,307,394 | $5,489,617,421 |
| NIC | Nickel Industries | 1.0875 | -3% | 9,859,782 | $3,072,682,684 |
| DHG | Domain Holdings Aus | 3.735 | -4% | 1,464,005 | $2,463,462,897 |
| TLX | Telix Pharmaceutical | 6.33 | -5% | 2,101,420 | $2,074,635,341 |
| CEN | Contact Energy Ltd | 7.09 | -5% | 1,590 | $1,857,764,880 |
| LFG | Liberty Fin Group | 4.62 | -4% | 7,017 | $1,463,352,000 |
| CDA | Codan Limited | 7.7 | -3% | 1,029,169 | $1,439,836,123 |
| DEG | De Grey Mining | 0.965 | -4% | 6,072,290 | $1,410,667,806 |
| PNV | Polynovo Limited | 2 | -6% | 1,534,637 | $1,402,778,653 |
| SDR | Siteminder | 3.99 | -4% | 195,842 | $1,127,943,884 |
| ING | Inghams Group | 2.7 | -9% | 5,517,716 | $1,103,888,415 |
| 360 | Life360 Inc. | 5.58 | -3% | 739,273 | $1,071,002,561 |
| NWH | NRW Holdings Limited | 2.28 | -4% | 2,378,499 | $1,069,080,601 |
| PBH | Pointsbet Holdings | 3.13 | -7% | 2,625,581 | $1,022,291,283 |
| NEA | Nearmap Ltd | 1.96 | -3% | 3,494,349 | $1,010,110,623 |
TPG Telecom (ASX:TPG) tumbled 14% after it missed earnings estimates in the half ended June 30th.
TPG saw a 135,000 increase in mobile subscribers over the six months, however its EBITDA was down by 5.3% to $837m.
NPAT was up by 114% to $167m, and the company declared a fully franked interim dividend of 9 cents per share, up 12.5% on last year.