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