• The ASX climbed 0.3% on Friday, down -0.3% for the week
  • Aussie banks have passed on the 25bp RBA rate increase to customers
  • Aussie super funds losing money in May

 

Mining and Tech stocks pushed the ASX higher by +0.3% on Friday. For the week, the benchmark ASX 200 index was down -0.25%.

Tech stocks tracked movements on Wall Street overnight where the US S&P 500 entered into a new bull territory as investors piled back into tech stocks ahead of the Fed meeting next week.

ASX miners were also in the winners’ circle today as investors turn their focus on metals mining stocks.

Energy was the worst performer as crude prices tumbled -2% on reports the ongoing US-Iran talks on a temporary nuclear deal would allow the Islamic Republic to export more oil.

A spokesperson for the White House has called the report, which was published on the Middle East Eye, “false and misleading”, while Iran has also denied such a deal.

Back home, local banks CBA, ANZ and now Bendigo Bank said they will pass on the RBA’s June cash rate rise of 0.25% to customers.

An average Aussie borrower with a $500,000 home loan is now paying $1,134, or 49% more a month, according to the latest data. Westpac said this could get worse as the RBA is likely to hike the cash rate more by 0.25% in July.

Elsewhere, a report by SuperRatings said inflation has driven Aussie super funds to make a loss in May by a median of -0.2%.

However, from July 2022, members with $100,000 invested in the balanced option would have an estimated $107,833 in their account at the end of May 2023.

 

BIG CAP WINNERS

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Nickel Industries (ASX:NIC) jumped 13% after closing a 19.99% placement to Indonesia’s PT United Tractors at$1 .10 per share, raising proceeds of $943 million. This represents a 27.2% premium to Nickel Industries’ last traded price.

The company also said Shanghai Decent will increase the expected production of Stage 1 of the ENC project by an additional 10% from 67,000 to 72,000 metric tons of contained nickel equivalent, with no reciprocal increase to the capex guarantee, further reducing its capital intensity and enhancing the project’s economics.

Have a read of Josh Chiat’s excellent Ground Breakers today for further insights on NIC.

 

BIG CAP LOSERS

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Construction services provider Maas Group (ASX:MGH) fell -6% after providing an update on its earnings guidance for the full year. Maas said that based on the latest conditions, it has now downgraded the FY23 earnings guidance range to $150m- $165m, from the $150m- $180m announced in February.

Mercury NZ (ASX:MCY) fell -3% following a bookbuild for its offer of 5-year unsecured, unsubordinated fixed rate green bonds. Mercury says $150 million of the green bonds have now been allocated to participants involved in the bookbuild process.

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