It was all about commodities today, as the Bloomberg Commodity Spot Index recorded its biggest one-day gain in 13 years overnight.
Oil, gold, coal, all rose as Russia’s escalation of attacks in the Ukraine spelt more trouble for the supply side of the market.
The US and other major economies have announced the release of emergency oil stockpiles, but traders believe it won’t be enough.
Brent crude has now surged past US$110/barrel, as the International Energy Agency warned of a global energy security threat.
Meanwhile, after surging to over 2% in January, the benchmark US 10 year Treasury yield dropped a further 10 bp overnight to 1.72%, as traders reduced bets of a 50bp Fed hike in March.
The RBA’s meeting yesterday concluded with a decision to keep the cash rate at 0.1%, saying that the conflict in Europe is a “major new source of uncertainty” for the global economy.
On the ASX, investors today are playing to the commodities thematic, with Energy and Mining sectors climbing by 4.5% and 2.5% respectively.
The benchmark ASX 200 index climbed back from early losses to finish 0.22% higher.
BIG CAP WINNERS
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| CXO | Core Lithium | 0.945 | 14.5% | 78,097,746 | $1,397,821,630 |
| BFL | BSP Financial Group | 5.48 | 9.6% | 1,518 | $2,336,117,115 |
| CRN | Coronado Global Res | 1.85 | 8.8% | 11,143,194 | $2,849,971,341 |
| GRR | Grange Resources | 1.085 | 8.0% | 6,963,505 | $1,163,125,391 |
| ERA | Energy Resources | 0.375 | 7.1% | 493,605 | $1,291,984,119 |
| WHC | Whitehaven Coal | 3.61 | 6.8% | 17,204,430 | $3,490,337,504 |
| S32 | South32 Limited | 5.055 | 6.4% | 37,854,732 | $22,087,171,077 |
| STO | Santos Ltd | 7.72 | 6.3% | 26,517,447 | $24,589,051,070 |
| WAF | West African Res Ltd | 1.13 | 6.1% | 3,183,845 | $1,087,304,279 |
| YAL | Yancoal Aust Ltd | 4.24 | 6.0% | 641,906 | $5,281,757,748 |
| WPL | Woodside Petroleum | 30.39 | 6.0% | 7,306,175 | $27,809,040,770 |
| SFR | Sandfire Resources | 6.22 | 5.1% | 5,321,925 | $2,427,092,807 |
| HTA | Hutchison | 0.105 | 5.0% | 9,142 | $1,357,250,858 |
| NHC | New Hope Corporation | 2.8 | 4.9% | 4,225,573 | $2,222,393,409 |
| RMS | Ramelius Resources | 1.51 | 4.9% | 6,252,746 | $1,249,034,557 |
| RIO | Rio Tinto Limited | 123.1 | 4.5% | 1,456,826 | $43,736,694,333 |
| SLR | Silver Lake Resource | 1.87 | 4.5% | 7,013,022 | $1,665,002,422 |
Core Lithium (ASX:CXO) jumped 14.5% after signing a binding term sheet with Tesla for the supply of lithium spodumene concentrate from its Finniss Lithium Project.
Core will supply up to 110kt of spodumene concentrate to Tesla over 4 years, with pricing referenced to market price for spodumene concentrate.
Major oil plays like Woodside (ASX:WPL) and Santos (ASX:STO) rose by more than 5% off the back of oil prices.
BIG CAP LOSERS
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| PBH | Pointsbet Holdings | 3.68 | -11.8% | 2,613,729 | $1,102,044,089 |
| JHG | Janus Henderson | 43.34 | -7.0% | 244,557 | $1,144,361,885 |
| DDR | Dicker Data Limited | 13.75 | -6.3% | 203,965 | $2,537,243,072 |
| MFG | Magellan Fin Grp Ltd | 16.7 | -5.9% | 2,600,129 | $3,294,548,691 |
| ASM | Ausstratmaterials | 8.36 | -5.7% | 466,763 | $1,237,418,273 |
| IMU | Imugene Limited | 0.25 | -5.7% | 24,930,373 | $1,549,393,834 |
| URW | Unibailrodawestfield | 4.88 | -5.6% | 963,847 | $1,008,417,703 |
| VUK | Virgin Money Uk PLC | 3.23 | -5.6% | 6,568,449 | $2,964,087,953 |
| Z1P | Zip Co Ltd. | 1.955 | -5.6% | 12,987,935 | $1,218,888,210 |
| CGF | Challenger Limited | 6.55 | -5.5% | 2,801,879 | $4,699,692,417 |
| CUV | Clinuvel Pharmaceut. | 20.03 | -5.4% | 142,549 | $1,046,510,959 |
| 5EA | 5Eadvanced | 2.8 | -5.1% | 70,594 | $1,232,194,645 |
| PDL | Pendal Group Ltd | 4.5 | -4.5% | 1,554,911 | $1,804,634,098 |
| JDO | Judo Cap Holdings | 1.855 | -4.4% | 1,060,053 | $2,144,682,364 |
| IAG | Insurance Australia | 4.4 | -4.3% | 11,680,989 | $11,339,460,948 |
| KLS | Kelsian Group Ltd | 7.13 | -4.3% | 310,525 | $1,627,072,908 |
Pointsbet (ASX:PBH) lost another 11% today and has lost 27% in the past month after reporting a $137m EBITDA loss for the half a few days ago.