ASX Large Caps: Shares slump further by 1.5pc; Regis Resources surges on record gold production

The ASX slumped by more than 1.5pc on Friday, 2pc for the week. Picture Getty

The ASX slumped more than 1.5% on Friday, 2% for the week
Bond yields jumped as rate-sensitive stocks like Tech and Real Estate sold off
US auditors begin to inspect NY-listed Chinese companies again

Local shares dropped by -1.5% on Friday, and around -2% for the week.

All 11 sectors were down and rate-sensitive sectors like Tech, Real Estate and Discretionary led the selloff.

Overnight, Wall Street sank as strong jobs data stoked more rate hikes fears from the Fed. The US ADP labour report showed that the private sector added 497,000 jobs in June, far exceeding economists’ estimates for 228,000 jobs.

“The data-dependent Fed will look at the labor market and that should support the case for much more tightening,” said Oanda analyst, Edward Moya.

The stronger than expected jobs data pushed Aussie bond yields higher today, with 1-year Govie yield jumping by 9bp and 10yr by 10bp.

The local bond futures market is also pricing in more tightening from the RBA.

On the ASX, worst performing large cap today was fashion retailer Cettire (ASX:CTT), which fell more than 6% and Block Inc (ASX:SQ2), which also fell 6%.

Most fund managers, which have exposures to underlying stocks, also fell broad brushed.

Elsewhere, US auditors are reportedly starting fresh round of inspections of New York-listed Chinese companies.

About a dozen Chinese companies are on the crosshairs, including Tencent and Didi, according to people familiar with the matter.

Looking ahead to tonight’s Wall Street session, we’ll see the release of the all crucial non-farm pay roll report in the US, which will could well decide whether the Fed will lift its rates once more, or twice.

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
HGH	Heartland Group	1.63	7.24	1,173	$1,078,680,464
JDO	Judo Cap Holdings	1.30	2.37	993,243	$1,398,482,638
WBT	Weebit Nano Ltd	5.49	2.04	1,406,832	$1,008,537,162
AIZ	Air New Zealand	0.73	1.39	1,070,859	$2,425,294,307
SYA	Sayona Mining Ltd	0.18	1.39	4,948,256	$1,807,044,844
CDA	Codan Limited	7.66	1.06	152,956	$1,373,254,153
SKC	Skycity Ent Grp Ltd	2.14	0.94	145,479	$1,611,635,043
AMC	Amcor PLC	14.80	0.92	1,853,153	$9,459,988,886
PSI	Psc Insurance Ltd	4.85	0.83	24,911	$1,710,839,660
NWH	NRW Holdings Limited	2.51	0.80	514,753	$1,118,491,890
EBO	Ebos Group Ltd	34.75	0.70	24,580	$6,612,249,864
RRL	Regis Resources	1.93	0.52	2,434,173	$1,445,985,592
CRN	Coronado Global Res	1.51	0.50	1,040,249	$2,514,680,595
RDX	Redox Limited	2.37	0.42	198,923	$1,239,192,170

Regis Resources (ASX:RRL) rose after reporting record annual gold production in FY23. FY23 annual gold production was 458,354oz, comprising 327.3koz gold for Duketon, and 131.1koz for Tropicana.

Total gold production is within original FY23 production guidance of 450koz-500koz.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
CTT	Cettire	3.31	-6.50	1,288,899	$1,349,583,299
PNI	Pinnacle Investment	9.21	-5.54	252,499	$1,961,388,887
SQ2	Block	96.32	-5.48	110,678	$3,124,431,102
INA	Ingenia Group	3.65	-5.19	337,440	$1,569,195,566
BOE	Boss Energy Ltd	2.92	-5.19	1,399,971	$1,085,942,895
CMM	Capricorn Metals	4.05	-4.60	724,018	$1,594,062,662
MAD	Mader Group Limited	5.45	-4.22	41,946	$1,138,000,000
MFG	Magellan Fin Grp Ltd	8.55	-4.15	1,042,354	$1,618,372,539
PRU	Perseus Mining Ltd	1.63	-4.12	1,922,722	$2,325,577,645
GMG	Goodman Group	19.58	-4.02	1,435,700	$38,429,925,613
RMS	Ramelius Resources	1.23	-3.91	1,920,765	$1,268,861,668
NST	Northern Star	12.22	-3.86	1,986,813	$14,619,101,279
JHX	James Hardie Indust	38.57	-3.59	776,251	$17,604,889,960
EMR	Emerald Res NL	2.15	-3.59	350,301	$1,327,880,189
MIN	Mineral Resources.	67.58	-3.46	775,823	$13,613,645,080
CNI	Centuria Capital	1.59	-3.34	464,391	$1,315,665,726
HUB	HUB24 Ltd	23.95	-3.29	105,667	$2,017,997,889