Fortescue, Sayona and Dalrymple announced the departures of CEOs. Pic via Getty Images
ASX Large Caps: Shares up as Fortescue, Sayona and Darlrymple Bay announce abrupt CEO departures
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- Local shares up on Monday
- Fortescue, Sayona and Dalrymple announced the departures of CEOs
- Chinese stocks jumped after stamp duty halved
The ASX rallied by 0.6% on Monday, tracking Friday’s jump on Wall Street as investors digested Fed Chair Powell’s warning about the possibility of further rate hikes.
On the ASX today all sectors with the exception of Info Tech were up, with Health Care and Utilities leading the gainers.
Leading the charge for large caps was contract labour firm Mader Group (ASX:MAD), while Sayona Mining (ASX:SYA) was the worst performer, down 28%, after announcing the departure of CEO Brett Lynch.
Other high profile CEO departures today were Fortescue’s Fiona Hick and Dalrymple Bay’s Anthony Timbrell – see more details below.
To economics, Australian retail sales bounced 0.5% in July, beating forecasts of a 0.3% gain. The rise in July follows a 0.8% fall in June.
Elsewhere, Chinese stocks jumped in Hong Kong and Shanghai after China’s finance ministry announced the halving of stamp duty on stock trades to boost its struggling stock market.
In a statement on Sunday, the Ministry said it was reducing the 0.1% stamp duty to 0.05% on stock trades “in order to invigorate the capital market and boost investor confidence”.
BIG CAP WINNERS
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| MAD | Mader Group Limited | 7.88 | 5.07 | 282,838 | $1,500,000,000 |
| GMD | Genesis Minerals | 1.53 | 4.08 | 2,845,229 | $1,522,933,151 |
| TAH | TABCORP Holdings | 1.05 | 3.96 | 6,595,380 | $2,304,390,827 |
| BOE | Boss Energy Ltd | 3.45 | 3.92 | 603,505 | $1,171,583,402 |
| VNT | Ventiaservicesgroup | 2.75 | 3.38 | 4,217,366 | $2,275,588,624 |
| VEA | Viva Energy Group | 3.17 | 3.09 | 1,609,054 | $4,740,590,378 |
| LIC | Lifestyle Communit. | 16.75 | 2.98 | 66,564 | $1,699,903,830 |
| MAQ | Macquarie Technology | 66.04 | 2.91 | 18,747 | $1,562,171,678 |
| MFG | Magellan Fin Grp Ltd | 9.39 | 2.91 | 1,276,033 | $1,654,658,919 |
| ALD | Ampol Limited | 34.68 | 2.88 | 558,469 | $8,033,163,757 |
| HLI | Helia Group Limited | 3.85 | 2.67 | 305,245 | $1,184,818,823 |
| KAR | Karoon Energy Ltd | 2.32 | 2.65 | 1,381,262 | $1,278,693,403 |
| EVT | EVT Limited | 12.34 | 2.58 | 107,587 | $1,940,772,339 |
| APM | APM Human Services | 1.81 | 2.56 | 466,707 | $1,614,240,225 |
| APA | APA Group | 8.93 | 2.53 | 2,350,905 | $10,276,875,416 |
| NST | Northern Star | 11.45 | 2.46 | 3,802,269 | $12,864,541,097 |
| RHC | Ramsay Health Care | 49.59 | 2.42 | 461,229 | $11,096,500,735 |
| REH | Reece Limited | 20.06 | 2.40 | 148,838 | $12,654,830,106 |
Hospitality giant EVT Ltd (ASX:EVT) announced full year record results for its Hotels and Thredbo segments, strong recovery trends for Entertainment, and an increase in the value of its property portfolio to $2.3 billion.
EVT’s normalised revenue was $1.2 billion, up 25.4%, whilst normalised profit after tax was $62.5 million, up 35.4%. The company declared a fully franked final dividend of 20¢ a share.
Terminal infrastructure and services company Dalrymple Bay (ASX:DBI) announced TY-23/24 Terminal Infrastructure charge (TIC) of $3.44 per tonne, an 8.4% increase on TY22/23. DBI also reported statutory net profit after tax of $34m.
DBI also said CEO Anthony Timbrell will leave the company following an orderly transition, with the Board now commencing an external search process for his successor.
BIG CAP LOSERS
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| SYA | Sayona Mining Ltd | 0.09 | -28.80 | 292,288,590 | $1,286,662,002 |
| CDA | Codan Limited | 7.00 | -10.37 | 750,492 | $1,414,922,814 |
| SIQ | Smartgrp Corporation | 8.06 | -6.06 | 1,006,044 | $1,146,896,331 |
| IRE | IRESS Limited | 6.41 | -5.46 | 717,116 | $1,266,432,634 |
| JDO | Judo Cap Holdings | 0.88 | -4.86 | 5,281,304 | $1,022,605,882 |
| PLS | Pilbara Min Ltd | 4.48 | -4.68 | 46,352,555 | $14,116,724,137 |
| LOV | Lovisa Holdings Ltd | 21.52 | -4.61 | 468,106 | $2,432,686,829 |
| FMG | Fortescue Metals Grp | 19.99 | -4.49 | 9,473,990 | $64,442,735,734 |
| HGH | Heartland Group | 1.54 | -3.59 | 1,191 | $1,135,453,120 |
| GNE | Genesis Energy Ltd | 2.19 | -3.52 | 60,986 | $2,418,167,356 |
| AWC | Alumina Limited | 1.09 | -3.13 | 8,759,577 | $3,249,883,187 |
| LFG | Liberty Fin Group | 3.82 | -3.05 | 6,197 | $1,196,987,260 |
Fortescue Metals (ASX:FMG) delivered US$10 billion in full year underlying EBITDA (6% down on FY22), the third highest result in its history. Underlying NPAT was US$5.5b (11% down on FY22), and free cash flow was US$4.3b in FY23 on record iron ore sales of 192Mt. Its final payout comes in at $1 per share, with total FY23 dividends slipping 15% to $1.75 or $5.4b.
FMG also revealed the shock departure of CEO Fiona Hick after just six months in the role. Now read: Ground Breakers: Fortescue’s revolving door spins out CEO Fiona Hick.
Another miner that has lost its CEO today was Sayona Mining (ASX:SYA), which fell 27%. Brett Lynch resigned as CEO for personal reasons and will depart the company with immediate effect. James Brown, currently a Non-Executive Director, has been appointed interim CEO.
Data centre stock NextDC (ASX:NXT) fell despite the company’s revenue beating guidance, up 25% to $362.4 million. Underlying EBITDA was up $24.6 million, up 15% on pcp. Looking ahead to FY24, NXT says total revenue in the range of $400 million to $415 million (versus FY23 of $362.4 million) is expected.
Share registry company Link Administration (ASX:LNK) reported a statutory NPAT loss of $417.7m, from the $67.6m loss on the pcp. The Link Group Board however still declared a FY23 final dividend of 4.0 cents, 60% franked.
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