ASX Large Caps: Shares lose ground as Miners, Energy retreat; Transurban CEO ends up at Sydney Airport

• ASX lost ground, dragged down by mining and energy shares
• Transurban CEO moved to become Sydney Airport CEO
• China’s central bank leaves rates unchanged

Local shares retreated on Wednesday in line with losses on Wall Street overnight. At the close, the benchmark ASX200 index was down -0.6%.

Energy and Mining sectors were the worst performers, down by more than 1% each, while Consumer Staples and Discretionary gained modestly.

Lithium stocks IGO (ASX:IGO) and Pilbara Minerals (ASX:PLS) led the selloff.

Energy stocks like Contact Energy (ASX:CEN) and Paladin (ASX:PDN) also lost ground.

Sentiment on equities has taken a battering lately ahead of the US Fed interest rates decision, which will be announced later tonight.

The US five- and 10-year yields have hit their highest levels since 2007 as traders expect the Fed to remain hawkish this year before cutting in 2024.

“The market appears to be confident in the Fed’s ability to orchestrate a “soft landing” that would allow the Fed to cut interest rates throughout next year,” said a note from the Franklin Templeton Fixed Income team.

Meanwhile, the Westpac Leading Index released today still shows a negative growth rate s at -0.5%, which has persisted since August 2022. This suggests that the Australian economy continues to move through an extended period of weakness.

In China, the People’s Bank of China (PBOC) has left its benchmark loan prime rates unchanged at 3.45% today, as expected. In August,the PBOC cut the one-year benchmark lending rate by 10 bp.

BIG CAP WINNERS

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Scrap metal company Sims (ASX:SIM) confirmed that it will sell its 50% shareholding of international bioenergy and methane abatement company, LMS Energy, to Pacific 2023 Holdco A, an entity owned by Pacific Equity Partners (PEP), for a$272.1 million. The sale is in line with the Sim’s disclosure on March 6.

Cleanaway Waste Management (ASX:CWY) rose after releasing its 2023 Sustainability report.

BIG CAP LOSERS

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Transurban (ASX:TCL) fell after announcing that Michelle Jablko will commence in the role as CEO upon the conclusion of the 2023 Annual General Meeting (AGM) on October 19.

Transurban also announced that outgoing CEO, Scott Charlton, will leave the company on November 30. Charlton is expected to take the role of CEO at unlisted Sydney Airport.

Endeavour Group (ASX:EDV) announced that Non-Executive Director, Colin Storrie, will not seek re-election at this year’s AGM, after more than six years at EDV. Storrie has decided to focus on other business interests, and will retire from the Endeavour Board on December 31.