The ASX slumped by more than 1.5pc on Friday, 2pc for the week. Picture Getty
ASX Large Caps: Shares slump further by 1.5pc; Regis Resources surges on record gold production
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- 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 |
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