ASX Large Caps: Shares higher again as Megaport surges 13pc; mining and energy stocks retreat

ASX 200 climbed to a 100-day high
Energy and Mining retreated after a flurry of earnings reports
Fortescue Metals fell despite delivering at the top end of guidance

Local shares jumped by another 0.75% on Wednesday, touching a 100-day high, as traders brushed aside concerns the US Fed Reserve may not be done with hiking rates.

Overnight, Wall Street was mixed after the Fed lifted rates by 25bp to 5.25% -5.50%, the highest level in 22 years.

While the market had fully anticipated the decision, Chair Powell gave nothing away regarding future decisions, raising doubt over whether a pause is imminent.

All ASX sectors climbed today except for Energy and Mining which struggled following quarterly updates from the likes of Fortescue (ASX:FMG) and Regis Resources (ASX:RRL) (see below).

Elsewhere, Hong Kong’s Hang Seng Tech Index, which is a gauge of China tech shares traded in Hong Kong, jumped over 3% today.

The rally was led by EV maker Xpeng after Volkswagen announced that it wanted a larger stake in the company.

The Chinese tech rally comes as Goldman Sachs said its hedge fund clients had bought Chinese stocks at the fastest pace in nine months.

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
MP1	Megaport Limited	10.55	13.69	3,248,818	$1,472,573,971.2
SFR	Sandfire Resources	6.56	9.25	2,479,669	$2,741,351,568.0
IFL	Insignia Financial	2.95	7.48	3,366,553	$1,815,519,183.1
INA	Ingenia Group	4.19	6.22	554,161	$1,605,878,060.2
CTD	Corp Travel Limited	20.96	5.20	504,761	$2,914,808,860.3
WBT	Weebit Nano Ltd	6.03	5.05	598,478	$1,076,022,919.9
CHC	Charter Hall Group	11.51	4.73	3,035,919	$5,198,239,217.0
CNI	Centuria Capital	1.76	4.61	976,707	$1,343,658,613.9
PXA	Pexagroup	13.20	4.60	536,545	$2,237,851,444.6
PMV	Premier Investments	22.10	4.54	385,420	$3,366,008,868.5
BRG	Breville Group Ltd	22.46	4.54	182,142	$3,066,943,720.2
WEB	Webjet Limited	7.89	4.44	1,782,469	$2,893,523,562.7
RWC	Reliance Worldwide	4.15	4.41	1,215,795	$3,136,676,217.1
NEC	Nine Entertainment	2.15	4.37	2,973,685	$3,513,110,101.2
MAD	Mader Group Limited	6.53	4.31	113,543	$1,252,000,000.0
GUD	G.U.D. Holdings	10.22	4.23	349,829	$1,380,768,020.8

Megaport (ASX:MP1) was the best performing large cap today, up 13% after reporting that its annual recurring revenue as at 30 June was $178.6m, which was a 39% growth year on year, and 6% quarter on quarter.

Revenue in Q4 was $44.3m, up 16% from the previous quarter. For FY24, Megaport says its Normalised EBITDA is expected to be above previous guidance of $41-46m.

Sandfire Resources (ASX:SFR) announced CuEq production of 132,000t across FY23. At Motheo, SFR reported its first copper concentrate production in May with the introduction of ore to the SAG mill.

Insignia Financial (ASX:IFL) surged as Funds Under Management and Administration (FUMA) increased by $3.7 billion (+1.3%) to $295 billion as at 30 June. The company said it has achieved its positive net inflows target for FY23.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
RRL	Regis Resources	1.87	-10.77	16,564,931	$1,578,125,267
WHC	Whitehaven Coal	7.08	-5.85	9,178,886	$6,291,237,896
NHC	New Hope Corporation	5.34	-5.74	4,762,986	$4,994,351,766
ILU	Iluka Resources	10.49	-4.60	2,372,564	$4,681,880,738
MQG	Macquarie Group Ltd	174.76	-4.51	1,792,732	$70,732,975,517
CIA	Champion Iron Ltd	6.00	-4.00	663,233	$3,232,457,038
CXO	Core Lithium	0.68	-3.57	15,796,222	$1,300,961,756
TAH	TABCORP Holdings Ltd	1.08	-3.14	5,795,799	$2,543,956,210
AKE	Allkem Limited	15.32	-3.01	1,863,373	$10,068,621,178
SMR	Stanmore Resources	2.80	-2.95	1,146,096	$2,596,007,906
FMG	Fortescue Metals Grp	23.06	-2.82	4,628,963	$73,063,837,504
CTT	Cettire	3.10	-2.82	877,438	$1,216,149,922
BOE	Boss Energy Ltd	2.91	-2.68	937,344	$1,055,130,835
RIO	Rio Tinto Limited	117.64	-2.62	1,041,775	$44,846,630,813
CRN	Coronado Global Res	1.69	-2.60	2,001,490	$2,900,264,953
YAL	Yancoal Aust Ltd	5.09	-2.12	1,383,302	$6,866,285,072
NEU	Neuren Pharmaceut.	13.45	-1.82	318,500	$1,733,949,761
LYC	Lynas Rare Earths	6.59	-1.79	2,312,255	$6,265,901,851
SGM	Sims Limited	15.17	-1.75	489,304	$2,982,722,669
SYA	Sayona Mining Ltd	0.15	-1.61	27,762,046	$1,584,078,958

Fortescue Metals (ASX:FMG) fell despite delivering the top end of its FY23 guidance and establishing a new shipping record in its Pilbara iron ore business of 192Mt, a 2% lift on FY22.

Guidance for FY24 is for total shipments in the range of 192-197 million tonnes.

NOW READ: FMG Results: New record in sight for Fortescue as Iron Bridge, Gabon ramp up

Macquarie Group (ASX:MQG) cited weaker trading conditions as Q1 profits substantially fell vs the prior corresponding period. In its outlook guidance, management said that it will continue to maintain a “cautious stance”.

Neuren Pharma (ASX:NEU) reported that it has received the upfront payment of US$100 million that was earned following the recent expansion of its partnership with Acadia Pharmaceuticals (NASDAQ: ACAD) for trofinetide (marketed in the US as DAYBUE) to a worldwide exclusive licence. DAYBUE is the first approved treatment for Rett syndrome and was launched in the US by Acadia in April.

Regis Resources (ASX:RRL) plunged today after reporting June quarter gold production of 122.5koz at an AISC (all-in sustaining cost) of $1,851/oz. For FY24, Regis forecasts gold production of 415koz-455koz at an AISC of $1,995/oz-$2,315/oz.

Allkem’s (ASX:AKE) revenue from lithium sales for the quarter was ~US$334 million and group gross operating cash margin was ~US$274 million (82%).

The stock — which is merging with fellow producer Livent — added US$70.5 million to its cash pile, which is now nearing ~US$650m.