ASX large cap roundup 3 Nov. Pic Getty Image
ASX Large Caps: Shares burned by Fed comments; New Hope declares $30m buyback
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- The ASX 200 sank almost 2% on Thursday following the Fed’s 75bp hike last night
- All sectors except Comm Services were in the red
- Woolworths reported sluggish profit growth
Aussie shares sank almost 2% on Thursday as investors reacted to Fed Chair Jerome Powell’s comments overnight.
Shortly after dishing out another jumbo 75bp hike, Powell told reporters that it was “very premature” to consider pausing rate increases.
He did however say earlier that a slowdown in rate hikes could happen “as soon as the next meeting or the one after that”.
Jeff Schulze, Investment Strategist and Josh Jamner, Investment Strategy Analyst at ClearBridge Investments noted:
“While the current selloff is now 10 months old in the US, it remains much shorter than the 16-month average that post-WWII bear markets have lasted. The bottoming process is a bumpy road that typically sees both ups and downs, requiring investor patience.”
On the ASX, all 11 sectors except for Comm Services were in the red today as Energy, Consumer Discretionary, Staples, Utilities and Real Estate all fell by 2%.
Woolworths (ASX:WOW) grabbed the headline in the large cap segment as it reported a sluggish 1.8% increase in Q1 sales to $16.36 billion.
The WOW share price tanked 3% after the report.
Coal stocks bucked trends in the Energy sector after New Hope (ASX:NHC) surged 6% following a buyback announcement.
New Hope said it will undertake an on-market buy-back for up to $300 million to commence on or about 17 November, and be completed within 12 months.
Australia’s trade surplus meanwhile has hit $12.4 billion in September according to a data release by the ABS today, driven mainly gas exports. The figure beat expectations of $8.5 billion.
Imports on the other hand remained flat, lifting just 0.4%. The Aussie dollar had earlier slipped to US63.7c.
Looking ahead to tonight’s Wall St, the US will release a slew of economics data including: trade balance, labour costs and productivity, and the ISM services index.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| PPT | Perpetual Limited | 28.69 | 7% | 1,206,989 | $1,541,588,778 |
| NHC | New Hope Corporation | 6.075 | 6% | 5,295,467 | $5,034,945,692 |
| DOW | Downer EDI Limited | 4.825 | 6% | 3,518,075 | $3,071,658,600 |
| HGH | Heartland Group | 1.65 | 4% | 4,287 | $1,114,407,793 |
| A2M | The A2 Milk Company | 5.5 | 4% | 10,677,098 | $3,919,069,903 |
| GNE | Genesis Energy Ltd | 2.62 | 3% | 47,486 | $2,685,679,853 |
| AAC | Australian Agricult. | 1.81 | 3% | 234,537 | $1,060,869,475 |
| SNZ | Summerset Grp Hldgs | 9.07 | 2% | 3,496 | $2,054,234,512 |
| JDO | Judo Cap Holdings | 1.265 | 2% | 10,156,563 | $1,365,317,042 |
| APM | APM Human Services | 3.325 | 2% | 623,700 | $2,980,841,325 |
| AIZ | Air New Zealand | 0.745 | 2% | 864,134 | $2,458,978,950 |
| LFG | Liberty Fin Group | 3.49 | 2% | 17,932 | $1,038,312,000 |
| OCL | Objective Corp | 14.14 | 2% | 23,416 | $1,320,633,690 |
| TLS | Telstra Group | 3.955 | 2% | 14,667,118 | $44,946,722,403 |
| YAL | Yancoal Aust Ltd | 5.18 | 2% | 3,317,056 | $6,734,241,129 |
Perpetual (ASX:PPT) jumped almost 8% today after it rejected a $1.7bn takeover bid from Regal Partners (ASX:RPL) at $30. The PPT board said the offer undervalued the company.
a2 Milk (ASX:A2M) rose 4% after news that the US FDA has exercised its discretion to allow a2M to import infant milk formula products into the US.
Product to be supplied to the US has the same formulation as a2 Platinum but has different scoops, mixing instructions and labelling requirements to meet the FDA requirements.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| RBD | Restaurant Brands NZ | 7.08 | -19% | 10,377 | $1,090,389,491 |
| SLR | Silver Lake Resource | 1.115 | -6% | 4,576,152 | $1,097,098,313 |
| WAF | West African Res Ltd | 1.03 | -5% | 2,307,485 | $1,102,791,114 |
| ABC | Adbri Limited | 1.6375 | -5% | 2,079,723 | $1,119,256,257 |
| RRL | Regis Resources | 1.505 | -5% | 1,817,725 | $1,200,491,221 |
| IMU | Imugene Limited | 0.1925 | -6% | 17,489,785 | $1,290,364,911 |
| NVX | Novonix Limited | 2.565 | -5% | 2,865,225 | $1,309,168,942 |
| CNI | Centuria Capital | 1.6425 | -6% | 310,231 | $1,385,732,487 |
| LKE | Lake Resources | 1.0525 | -6% | 16,543,006 | $1,550,852,061 |
| DEG | De Grey Mining | 1.0575 | -6% | 1,627,768 | $1,725,691,425 |
| MFG | Magellan Fin Grp Ltd | 9.815 | -5% | 1,071,593 | $1,900,503,222 |
| PDL | Pendal Group Ltd | 4.505 | -11% | 7,765,334 | $1,938,736,419 |
| PDN | Paladin Energy Ltd | 0.825 | -5% | 9,788,611 | $2,592,052,622 |
| SQ2 | Block | 87.27 | -6% | 900,489 | $3,446,847,691 |
| DMP | Domino Pizza | 53.35 | -11% | 1,041,494 | $5,196,409,324 |
| LLC | Lendlease Group | 7.81 | -9% | 2,689,359 | $5,920,213,990 |
| BSL | BlueScope Steel Ltd | 15.92 | -5% | 1,238,795 | $7,845,821,928 |
Pendal Group (ASX:PDL) slumped 11% on no specific news.
Restaurant Brands NZ (ASZ:RBD) plunged 19% on no announcement.
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