• The ASX 200 falls 1.8% on Thursday
  • Corelogic data shows Aussie home values fell again in August
  • Suez Canal blocked again by tanker

 

It was one of the worst starts to the month for local shares as the ASX 200 tumbled by 1.8% on Thursday.

All sectors except for Consumer Staples fell, with Mining stocks leading the rout.

Sector leaders BHP and Fortescue shed 6% and 2.5% respectively, although BHP’s fall was due to ex-dividend date which falls today.

A lot of other stocks are also trading ex-dividend on this first day of September.

Meanwhile, news that an oil tanker, Affinity V, has run aground in Egypt’s Suez Canal briefly blocking the waterway, gave the market a scare.

The blockage comes more than a year after another tanker, the Ever Given, became stuck in the crowded global shipping lane in March, 2021.

CoreLogic’s home value index slumped 1.6% in August, the biggest national monthly decline in 40 years.

The data today showed that Australia’s housing market decline has spread across all capital cities, and to most regional areas.

Sydney continued to the lead the downswing, with values falling -2.3% over the month, however weaker conditions in Brisbane accelerated sharply through August, with values falling -1.8%.

CoreLogic’s research director, Tim Lawless, said: “It’s hard to see housing prices stabilising until interest rates find a ceiling and consumer sentiment starts to improve.”

“From current levels, interest rates are likely to increase by at least another 75 basis points and there is a good chance advertised stock levels will accumulate through the spring selling season, providing more choice for buyers and adding further downwards pressure on housing values.”

Looking ahead tonight, economics data to be released include:

  • US Purchasing managers’ index for August
  • US construction spending in July
  • US Challenger job cuts in August
  • US Unit labour costs for the June quarter

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
YAL Yancoal Aust Ltd 6.17 5% 3,691,388 $7,764,183,890
TLC The Lottery Corp 4.54 3% 5,213,058 $9,837,910,927
NHC New Hope Corporation 5.03 3% 2,152,835 $4,078,549,702
EDV Endeavour 7.45 2% 7,000,497 $13,020,424,724
A2M The A2 Milk Company 5.685 2% 5,208,413 $4,127,293,730
GNE Genesis Energy Ltd 2.68 2% 2,809 $2,771,885,392
LFS Latitude Group 1.38 1% 72,912 $1,412,307,692
FPH Fisher & Paykel H. 17.755 1% 358,134 $10,111,934,964
KLS Kelsian Group Ltd 5.525 1% 346,909 $1,190,274,812
ELD Elders Limited 11.725 1% 393,748 $1,811,998,727
COL Coles Group 17.775 1% 3,403,409 $23,465,216,507
MTS Metcash Limited 4.16 1% 2,108,078 $3,978,031,400
ANN Ansell Limited 26.8 1% 303,975 $3,388,668,661
TWE Treasury Wine Estate 13.29 1% 1,061,901 $9,521,177,441
MGF Magellan Global Fund 1.355 1% 2,255,511 $2,019,765,210
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Coal miners Yancoal (ASX:YAN) and Whitehaven Coal (ASX:WHC) and New Hope (ASX:NHC) were the best large performers today, up 3%-5% on rising prices.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
SFR Sandfire Resources 4.105 -11% 4,006,633 $1,894,116,346
EVN Evolution Mining Ltd 2.19 -8% 12,528,653 $4,384,140,416
PRU Perseus Mining Ltd 1.4475 -8% 11,884,756 $2,150,174,568
SLR Silver Lake Resource 1.23 -8% 4,640,718 $1,244,693,367
WAF West African Res Ltd 1.1725 -7% 3,034,088 $1,291,602,625
BHP BHP Group Limited 37.77 -7% 13,172,513 $205,672,314,574
DEG De Grey Mining 0.915 -7% 4,071,747 $1,382,454,450
NVX Novonix Limited 2.26 -7% 3,180,774 $1,177,765,368
SYA Sayona Mining Ltd 0.2775 -6% 48,384,247 $2,448,141,042
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Pointsbet (ASX:PBH) was the worst performing large cap, down 10% on no news.

Perseus Mining (ASX:PRU) was down 8% as it goes ex-dividend.

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