• 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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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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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.

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