ASX Large Caps: Tech stocks dumped as inflation reaches 5.1pc

ASX was down for third consecutive day today. Picture: Getty

ASX was down for third consecutive day
Australia CPI was higher than expected at 5.1%
Tech, consumer staples got smashed in a broad brushed selloff

ASX Tech stocks tumbled by over 2% today, as the possibility of a May rate hike gains momentum following a high CPI print of 5.1%.

The Tech sector dragged down the ASX 200 to its third consecutive day of losses, with the benchmark closing lower by 0.78%. The closing level proved to be a consolation for investors as the index was down by as much as 3% at one point during the day.

Today’s selloff wasn’t limited to Tech; traditional defensive sectors were also routed with Healthcare and Consumer Staples falling more than 1% each.

Today’s headline inflation of 5.1% was much higher than market consensus, which had predicted an increase of 4.6%. Underlying inflation, which is the RBA’s preferred measure, also surged to 3.7%, blowing past RBA’s target band of 2-3%.

It was the highest increase in the CPI recorded since the year 2000, making the case stronger for an RBA rate increase in May, as opposed to a June hike as predicted earlier.

Energy was the only glowing sector today amid a sea of red, lifting by 1%, as crude oil prices rebounded by 3% overnight.

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
SYR	Syrah Resources	1.84	11.5%	8,344,649	$1,104,067,011
WHC	Whitehaven Coal	4.64	5.5%	8,737,897	$4,469,849,459
DOW	Downer EDI Limited	5.33	4.7%	4,381,747	$3,440,758,214
OCL	Objective Corp	18.11	4.6%	13,334	$1,640,894,838
CIA	Champion Iron Ltd	7.02	3.4%	1,879,278	$3,507,794,638
CRN	Coronado Global Res	2.21	3.3%	4,053,893	$3,587,610,982
NHF	NIB Holdings Limited	6.99	3.2%	2,048,338	$3,108,139,286
S32	South32 Limited	4.6	3.1%	27,872,200	$20,716,885,331
AAC	Australian Agricult.	1.725	2.7%	143,711	$1,012,648,135
IFT	Infratil Limited	7.77	2.6%	32,780	$5,489,570,019
GRR	Grange Resources.	1.29	2.4%	4,090,225	$1,458,246,759
JRV	Jervois Global Ltd	0.86	2.4%	1,595,713	$1,276,590,807
SCP	SCA Property Group	3.12	2.3%	5,131,430	$3,404,673,093
CNI	Centuria Capital	2.76	2.2%	1,437,944	$2,140,525,224
MCR	Mincor Resources NL	2.38	2.1%	1,173,908	$1,128,529,349
SGM	Sims Limited	20.62	2.0%	772,908	$3,938,384,017
YAL	Yancoal Aust Ltd	5.05	2.0%	397,948	$6,536,175,213
DXS	Dexus	11	1.9%	3,556,511	$11,605,349,004

Graphite miner Syrah Resources (ASX:SYR) surged 11% after citing an 80% increase in global EV sales in the first quarter. The company also reported a significant order pipeline, with more than 90 kilotons of natural graphite orders due for sale in the coming quarters.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
360	Life360 Inc.	3.77	-29.4%	5,874,224	$984,512,016
CCP	Credit Corp Group	26.77	-9.5%	562,405	$2,006,478,813
JIN	Jumbo Interactive	16.9	-7.5%	263,165	$1,146,593,885
SQ2	Block	140.06	-5.9%	340,747	$6,679,648,599
NST	Northern Star	9.66	-5.4%	8,005,710	$11,895,938,727
CMM	Capricorn Metals	4.07	-4.9%	1,799,654	$1,590,364,253
AVZ	AVZ Minerals Ltd	1.01	-4.7%	41,914,046	$3,740,453,533
IMU	Imugene Limited	0.205	-4.7%	22,190,723	$1,257,333,511
29M	29Metalslimited	3	-4.5%	6,396,626	$1,511,342,888
NUF	Nufarm Limited	6.59	-4.4%	1,443,148	$2,618,331,985
FBU	Fletcher Building	5.5	-4.3%	1,182,988	$4,544,693,349
PPH	Pushpay Holdings Ltd	1.13	-4.2%	1,501,082	$1,346,025,201

Northern Star (ASX:NST) slumped 5% after it lowered its FY22 production from its Pogo gold mine. Overall, NST maintained its total production guidance from its three mines, but has downgraded the Pogo mine to 205-220 koz (from 220-250 koz).

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