ASX Large Caps: Tech, ecommerce stocks get belted while iron ore majors hold the fort
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The ASX 200 got off a slow start but held its ground throughout Thursday trade, to finish 0.14% lower at the close.
Large cap miners held the fort, offsetting another brutal session for tech stocks which are increasingly subject to volatile swings.
The ASX 200 Information Technology index stacked it with a +5% fall, while banking stocks traded flat and few other sectors stood out.
Helping to arrest a sharper fall for the broader index were the iron ore majors, as Rio, BHP and Fortescue all jumped by around 3%.
Only global markets, things are looking shaky again.
Nasdaq futures are pointing ~2% after Meta (NSDQ:$FB) slumped in after-hours trade following an earnings miss, while S&P500 futures are trading around 1% lower.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| NUF | Nufarm Limited | 5.58 | 20% | 7,382,477 | $1,766,802,445 |
| MCY | Mercury NZ Limited | 5.54 | 8% | 88,838 | $7,015,849,805 |
| GNE | Genesis Energy Ltd | 2.71 | 5% | 31,273 | $2,702,842,806 |
| IFL | Insignia Financial | 3.81 | 4% | 3,660,738 | $2,383,020,387 |
| AMC | Amcor PLC | 16.88 | 3% | 4,163,148 | $13,246,460,719 |
| FMG | Fortescue Metals Grp | 21.11 | 3% | 6,837,258 | $62,995,622,222 |
| BHP | BHP Group Limited | 46.92 | 3% | 14,422,628 | $231,044,430,392 |
| GOR | Gold Road Res Ltd | 1.365 | 3% | 2,688,258 | $1,172,950,828 |
| RIO | Rio Tinto Limited | 114.36 | 3% | 1,363,300 | $41,364,622,726 |
| QBE | QBE Insurance Group | 12.03 | 3% | 4,263,303 | $17,319,494,745 |
| APM | APM Human Services | 2.81 | 3% | 511,128 | $2,513,078,532 |
| GQG | GQG Partners | 1.61 | 3% | 4,535,240 | $4,635,904,531 |
| AIZ | Air New Zealand | 1.455 | 2% | 985,949 | $1,594,438,802 |
| ORG | Origin Energy | 5.83 | 2% | 5,115,898 | $10,021,290,994 |
| APA | APA Group | 10.17 | 2% | 1,550,750 | $11,716,345,911 |
| SKC | Skycity Ent Grp Ltd | 2.7 | 2% | 523,005 | $2,006,941,752 |
| WBC | Westpac Banking Corp | 21.04 | 2% | 11,496,661 | $75,572,991,245 |
| DEG | De Grey Mining | 1.225 | 2% | 5,791,926 | $1,687,708,230 |
Among large caps, ~$1.8bn agricultural chemicals company Nufarm (ASX:NUF) led the pack following a trading update where it flagged a lift in quarterly revenues and said the “outlook for soft commodity prices remains positive, driving increased plantings”.
And as February reporting season kicks off, Westpac (ASX:WBC) had a solid session as investors responded positively to its December quarter trading update.
The banking major reported a statutory net profit of $1.82bn for the quarter, “up 80% on the quarterly average for 2H21”.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| CTT | Cettire | 2.38 | -21.2% | 7,056,601 | $1,151,339,424 |
| NVX | Novonix Limited | 6.57 | -14.7% | 7,050,629 | $3,740,895,127 |
| AEF | Australian Ethical | 8.6 | -13.4% | 550,417 | $1,116,004,280 |
| SQ2 | Block | 145.8 | -9.7% | 1,772,684 | $15,408,308,469 |
| BRN | Brainchip Ltd | 1.59 | -9.7% | 28,457,927 | $3,017,277,373 |
| Z1P | Zip Co Ltd. | 2.91 | -9.6% | 7,480,731 | $1,896,048,326 |
| INR | Ioneer Ltd | 0.64 | -9.2% | 9,457,345 | $1,445,636,621 |
| IMU | Imugene Limited | 0.305 | -9.0% | 28,358,272 | $1,944,911,454 |
| TPW | Temple & Webster Ltd | 8.17 | -8.8% | 639,656 | $1,079,258,235 |
| WTC | Wisetech Global Ltd | 42.59 | -8.0% | 955,135 | $15,102,433,831 |
| HUB | HUB24 Ltd | 25.53 | -7.8% | 385,678 | $1,899,529,454 |
| ERA | Energy Resources | 0.3 | -7.7% | 664,350 | $1,199,699,539 |
| MFG | Magellan Fin Grp Ltd | 18.46 | -7.5% | 2,020,922 | $3,704,974,430 |
| PDN | Paladin Energy Ltd | 0.69 | -7.4% | 21,198,023 | $1,995,811,035 |
| 360 | Life360 Inc. | 8.02 | -7.3% | 577,045 | $1,583,652,207 |
| ALU | Altium Limited | 34.45 | -6.9% | 588,156 | $4,866,985,045 |
| LTR | Liontown Resources | 1.375 | -6.8% | 11,348,588 | $3,221,998,341 |
| APX | Appen Limited | 9.4 | -6.7% | 1,387,222 | $1,240,595,153 |
| VUL | Vulcan Energy | 8.99 | -6.7% | 680,876 | $1,268,697,245 |
Ecommerce stocks are under pressure to maintain their torrid post-COVID growth rates, and luxury goods retailer Cettire (ASX:CTT) slumped by more than 20% following its half-year trading update.
CTT said gross revenues rose to $154.1 million, up from $71.8m for the six months ended June 30, but shares in the company have now fallen by more than 40% from their November highs.
Ethical investment fund Australian Ethical (ASX:AEF) has also come off its highs, and fell by 13.4% today on now news.
Shares in the company have now dipped below $9 after hitting all-time highs above $14 in October.
A number of other market darlings came under pressure today, including Zip Co (ASX:Z1P) and Brainchip (ASX:BRN) which both fell more than 9%.
Geo-thermal lithium company Vulcan Energy (ASX:VUL) also lagged with a fall of 6.7%.
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