ASX Large Caps: Stanmore, New Hope rally on bullish coal outlook

Mining, Energy were the two best sectors today
Tech was the worst performer following J Powell comments

Blue chip shares resumed their winning ways, posting a 1% gain today with miners and energy stocks leading the way.

The ASX 200 index is near its 2 month-high after closing at 7,351 points.

BHP (ASX:BHP), a big component of the mining sector, rose 5% and led the broader index following strong trading in a number of commodities overnight.

Oil stocks also caught a bid as Brent surged back past US$118 a barrel following news the EU bloc is contemplating an embargo on Russian oil.

More pressure has piled on the RBA to hike its rates after US Fed Chairman Jerome Powell raised the prospect of multiple ‘double-shot’ (50 basis point) rate hikes in 2022.

Powell said the first one could even come as early as May.

“If we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so,” he said overnight.

The comments prompted a spike in US treasury yields, along with a selloff in the Tech sector.

The ASX Tech index fell by almost 1.5% today, the worst performing sector on the bourse.

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
NHC	New Hope Corporation	3.17	8.2%	13,583,765	$2,438,806,250
SMR	Stanmore Resources	1.805	8.1%	3,253,009	$1,448,201,158
MCR	Mincor Resources NL	2.23	6.7%	2,384,805	$1,012,285,982
AVZ	AVZ Minerals Ltd	1.01	6.3%	51,163,639	$3,279,459,926
LTR	Liontown Resources	1.85	5.7%	15,016,768	$3,836,394,097
SYA	Sayona Mining Ltd	0.185	5.7%	45,050,182	$1,242,397,837
CMM	Capricorn Metals	3.95	5.3%	1,313,335	$1,393,426,624
HTA	Hutchison	0.08	5.3%	371,856	$1,031,510,652
BHP	BHP Group Limited	48.81	5.1%	8,552,007	$235,144,912,176
PLS	Pilbara Min Ltd	3.01	4.9%	15,310,638	$8,543,514,134
CPU	Computershare Ltd	23.92	4.9%	2,323,973	$13,771,066,154
MIN	Mineral Resources.	49.085	4.8%	1,049,358	$8,841,966,879
AKE	Allkem Limited	10.41	4.5%	2,833,619	$6,349,754,837
WHC	Whitehaven Coal	4.18	4.2%	9,959,623	$4,140,903,370
LKE	Lake Resources	1.65	4.1%	16,184,939	$2,007,363,046
ACL	Au Clinical Labs	5.24	4.0%	300,553	$1,017,243,436
SFR	Sandfire Resources	7.44	4.1%	2,643,462	$2,931,370,535

Energy plays Stanmore Resources (ASX:SMR), and New Hope (ASX:NHC) were the best performing large cap stocks today, up by 8% each on the back of the bullish outlook on coal.

Other resources stocks like Rio Tinto (ASX:RIO) and South32 (ASX:S32) also rose by 3% each.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
BFL	Bsp Financial Group	5.19	-6.8%	2,035	$2,602,434,466
ALX	Atlas Arteria	6.61	-5.2%	1,169,966	$6,684,357,035
SQ2	Block	175.22	-5.0%	435,870	$8,972,335,310
360	Life360 Inc.	5.36	-4.6%	1,315,422	$1,030,163,804
Z1P	Zip Co Ltd.	1.53	-4.1%	12,255,227	$1,064,056,437
LFG	Liberty Fin Group	4.91	-3.9%	39,420	$1,551,396,000
CXL	Calix Limited	6.96	-3.7%	438,546	$1,167,224,445
IMU	Imugene Limited	0.26	-3.7%	10,125,120	$1,578,889,513
PBH	Pointsbet Holdings	3.75	-3.6%	745,529	$1,030,092,745
MFG	Magellan Fin Grp Ltd	14.53	-3.5%	1,686,655	$2,796,837,840
BLD	Boral Limited	3.34	-3.2%	9,665,603	$3,805,655,046
PPH	Pushpay Holdings Ltd	1.07	-3.2%	645,889	$1,260,625,613
MEZ	Meridian Energy	4.7	-2.9%	42,918	$6,101,657,659
XRO	Xero Ltd	98.62	-2.8%	215,616	$15,128,733,814
JDO	Judo Cap Holdings	1.765	-2.8%	1,418,370	$2,006,494,067
GQG	GQG Partners	1.405	-2.4%	6,002,470	$4,252,039,825