Investors pile back into risky assets. Picture Getty
ASX Large Caps: Shares rise 1pc as investors pile back into risky assets, Bitcoin highest in 2 weeks
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- Relief over US debt ceiling deal pushed local shares higher today
- Bitcoin jumps to highest level in more than 2 weeks
- AI wars continue as Baidu now come into the fray
Risk asset investors are coming back, pushing the ASX 200 index higher by 1% on Monday.
It comes as Biden and Mr McCarthy reached a deal “in principle” to raise the US government’s $US31.4 trillion debt ceiling, breaking the deadlock that’s been spooking the markets for weeks.
Under the deal, the debt limit increase is expected to last two years, with defence and renewable energy to get the most funding.
“The tentative agreement will take away some uncertainty for investors, and that will improve sentiment, helping to drive equities higher,” said Josh Gilbert, a market analyst at eToro.
“The market’s AI-fuelled tech rally of last week should also allow tech, the best-performing sector this year, to continue its strong performance.”
On the ASX, all sectors except for Discretionary finished higher. Banks, miners and property stocks led.
Lithium miners climbed, with Lynas (ASX:LYC) and Mineral Resources (ASX:MIN) up by around 4% each.
Bitcoin has meanwhile jumped to its highest level in more than two weeks, at just about bang on US$28,000 at the time of writing.
BTC is on a five-day winning streak, but is still way off its all-time high of around $US69,000 in November 2021.
AI war heats up
Elsewhere, Baidu shares surged 3% in Hong Kong after founder and CEO Robin Li said the company will launch its own version of ChatGPT.
“Baidu will become the first company to rework all of its products. It’s not about integrating or accessing AI. It’s about rework and restructuring,” Li said.
Red hot AI chipmaker Nvidia meanwhile has unveiled a new batch of products tied to AI, with a lineup that includes an AI supercomputer platform called DGX GH200.
“We have reached the tipping point of a new computing era,” Huang told the audience at the Computex show in Taiwan this morning.
Back home, tax accountant PWC has put nine senior partners on leave as chairman Tracey Kennair resigned.
This follows the backlash over the the tax-leaks scandal.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| LLL | Leo Lithium | 0.85 | 16.90 | 17,050,848 | $715,326,261 |
| BRN | Brainchip Ltd | 0.46 | 5.81 | 11,632,366 | $759,835,002 |
| ARU | Arafura Rare Earths | 0.38 | 4.79 | 9,749,972 | $771,378,113 |
| 360 | Life360 Inc. | 6.77 | 4.64 | 398,540 | $1,286,802,080 |
| ABC | Adbri Limited | 2.16 | 4.61 | 1,605,096 | $1,344,412,763 |
| CQE | Charter Hall Soc In | 3.01 | 4.15 | 222,440 | $1,064,641,647 |
| LYC | Lynas Rare Earths | 7.67 | 4.07 | 2,165,478 | $6,882,220,065 |
| CRN | Coronado Global Res | 1.38 | 3.77 | 1,606,510 | $2,221,301,192 |
| MGH | Maas Group | 3.42 | 3.64 | 116,872 | $1,080,509,031 |
| NIC | Nickel Industries | 0.88 | 3.55 | 4,942,469 | $2,555,497,396 |
| CMM | Capricorn Metals | 4.24 | 3.55 | 504,001 | $1,537,668,936 |
| CNI | Centuria Capital | 1.79 | 3.18 | 431,322 | $1,383,648,454 |
| CHC | Charter Hall Group | 11.60 | 3.11 | 414,563 | $5,321,218,489 |
| ARF | Arena REIT. | 3.74 | 3.03 | 269,138 | $1,273,059,422 |
| WAF | West African Res | 0.87 | 2.96 | 866,982 | $864,923,196 |
| CXO | Core Lithium | 1.05 | 2.94 | 11,245,973 | $1,895,687,130 |
Leo Lithium (ASX:LLL) executed a strategic placement with China’s largest lithium producer, Ganfeng. The placement will raise $106.1 million from the issue of 131 million new shares to Ganfeng, representing 9.9% of Leo Lithium’s total pro-forma shares on issue, at $0.81 per share. Proceeds will be used to fund the Goulamina Stage 1 development and operational ramp-up costs.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| IEL | Idp Education Ltd | 21.88 | -15.28 | 4,813,321 | $7,186,640,968 |
| TLX | Telix Pharmaceutical | 11.12 | -6.00 | 915,859 | $3,766,178,559 |
| EMR | Emerald Res NL | 1.90 | -4.29 | 406,428 | $1,175,797,197 |
| PNV | Polynovo Limited | 1.49 | -4.19 | 1,885,590 | $1,069,860,764 |
| MP1 | Megaport Limited | 6.56 | -4.09 | 2,012,840 | $1,083,617,424 |
| AX1 | Accent Group Ltd | 1.78 | -3.26 | 1,659,955 | $1,016,526,323 |
| ALQ | ALS Ltd | 11.87 | -3.22 | 1,229,943 | $5,935,895,806 |
| YAL | Yancoal Aust Ltd | 4.81 | -3.22 | 1,958,059 | $6,562,584,002 |
| WHC | Whitehaven Coal | 6.14 | -2.62 | 4,724,954 | $5,502,218,142 |
| NEU | Neuren Pharmaceut. | 13.39 | -2.01 | 204,070 | $1,728,887,134 |
| CHN | Chalice Mining Ltd | 7.00 | -1.89 | 1,318,364 | $2,752,569,904 |
| LNK | Link Admin Hldg | 1.97 | -1.87 | 986,112 | $1,031,104,837 |
| EVN | Evolution Mining Ltd | 3.41 | -1.73 | 5,392,614 | $6,367,506,627 |
| JDO | Judo Cap Holdings | 1.15 | -1.71 | 854,927 | $1,293,458,250 |
| IRE | IRESS Limited | 10.25 | -1.63 | 211,351 | $1,946,346,319 |
| NHC | New Hope Corporation | 4.88 | -1.52 | 2,784,566 | $4,367,233,911 |
| WEB | Webjet Limited | 7.49 | -1.51 | 1,196,954 | $2,908,683,278 |
IDP Education (ASX:IEL)’s fell -15% today on no specific announcement.
When queried by the ASX, IDP said it did not know why, adding that Canada’s decision to recognise additional providers for English language proficiency for its visa scheme is not expected to have a material impact on IDP’s FY23 revenue or earnings.
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