ASX was down for third consecutive day today. Picture: Getty
ASX Large Caps: Tech stocks dumped as inflation reaches 5.1pc
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- 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
Swipe or scroll to reveal the full table. Click headings to sort.
| 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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