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ASX Large Caps: War worries send gold, oil stocks soaring
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Local shares moved higher today. Investors took to safety, betting on gold producers on concerns that Russia may invade Ukraine this week.
Aussie gold stocks buoyed the ASX 200, which closed 0.28% higher, defying Wall Street as well as other major Asian markets today.
The US S&P 500 fell sharply by 2% on Friday, as major Asian indexes like Nikkei and HangSeng also dropped around 2% today.
Gold producers like Regis Resources (ASX:RRL), Evolution Mining (ASX:EVN) and Northern Resources (ASX:NST) rose by more than 8% as gold price broke the US$1850 level to trade at US$1853 an ounce.
Amongst the sectors, Energy was the best performer after rising more than 3%. The possibility of war has recently pushed crude oil prices toward the US$100 level, with Brent now trading at US$95.60.
The Aussie dollar is holding firm to the US$0.71 handle, trading US$0.712 at the time of writing.
Meanwhile, the US Fed has called to convene an “expedited” meeting later today (US time).
The unscheduled meeting is expected to discuss interest rates, and some commentators have described it as an “emergency meeting” while others say this type of a meeting is a fairly “regular occurrence.”
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| BPT | Beach Energy Limited | 1.61 | 8.4% | 29,250,182 | $3,387,780,479 |
| RMS | Ramelius Resources | 1.495 | 8.3% | 5,251,278 | $1,196,991,450 |
| EVN | Evolution Mining Ltd | 3.95 | 7.6% | 10,051,315 | $6,727,138,197 |
| FCL | Fineos Corp Hold PLC | 3.99 | 7.5% | 55,324 | $1,183,240,547 |
| RRL | Regis Resources | 1.975 | 7.3% | 6,994,327 | $1,388,788,388 |
| SLR | Silver Lake Resource | 1.66 | 7.1% | 6,176,898 | $1,414,387,357 |
| WHC | Whitehaven Coal | 3.15 | 6.4% | 15,420,430 | $3,056,626,927 |
| NST | Northern Star | 9.02 | 6.1% | 8,863,719 | $9,899,195,192 |
| DEG | De Grey Mining | 1.19 | 5.8% | 9,234,106 | $1,582,226,466 |
| CMM | Capricorn Metals | 3.65 | 5.5% | 2,217,981 | $1,285,668,298 |
| JBH | JB Hi-Fi Limited | 51.71 | 5.4% | 824,100 | $5,635,029,397 |
| WBC | Westpac Banking Corp | 23.94 | 5.1% | 37,484,768 | $83,570,521,386 |
| ILU | Iluka Resources | 11.74 | 4.9% | 2,410,267 | $4,735,634,207 |
| GOR | Gold Road Res Ltd | 1.425 | 4.8% | 2,938,878 | $1,199,408,366 |
| PRU | Perseus Mining Ltd | 1.54 | 4.8% | 7,841,510 | $1,812,575,518 |
| YAL | Yancoal Aust Ltd | 3.33 | 4.7% | 244,445 | $4,198,997,410 |
| KAR | Karoon Energy Ltd | 1.985 | 4.5% | 3,176,302 | $1,057,100,891 |
| NHC | New Hope Corporation | 2.6 | 4.4% | 2,539,719 | $2,072,569,134 |
| NCM | Newcrest Mining | 23.69 | 4.3% | 3,216,476 | $18,584,009,645 |
| AGL | AGL Energy Limited. | 7.13 | 4.2% | 5,107,019 | $4,503,313,413 |
| BEN | Bendigo and Adelaide | 9.65 | 4.2% | 5,874,327 | $5,193,182,847 |
Beach Energy (ASX:BPT) jumped 8% and hit a 10-month high after its net profit climbed 66% to $212.9m, mainly on the back of strong gas and oil prices.
Crown Resorts (ASX:CWN)’s board has approved Blackstone’s $8.9 billion takeover bid. The acquisition however is still subject to approval from the Australian Foreign Investment Review Board, and other gaming regulators.
Westpac (ASX:WBC) was up almost 5% today after it purchased back its own shares in the open market, completing the $3.5b buyback announced previously.
Gold producers Regis Resources, Evolution Mining, and oil stocks like Santos Energy, Woodside (ASX:WPL) are some of the companies that rose on war concerns.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| NVX | Novonix Limited | 5.81 | -11% | 7,205,053 | $3,162,756,789 |
| INR | Ioneer Ltd | 0.57 | -9% | 12,694,855 | $1,281,592,749 |
| BRN | Brainchip Ltd | 1.485 | -8% | 20,853,143 | $2,777,266,673 |
| IMU | Imugene Limited | 0.29 | -8% | 23,783,056 | $1,836,520,535 |
| LTR | Liontown Resources | 1.405 | -8% | 10,398,989 | $3,332,182,301 |
| CXO | Core Lithium | 0.8 | -8% | 25,174,457 | $1,465,594,800 |
| LKE | Lake Resources | 0.845 | -7% | 8,964,847 | $1,106,181,601 |
| ASM | Ausstratmaterials | 8.31 | -6% | 362,155 | $1,236,023,213 |
| CTT | Cettire | 2.49 | -6% | 289,912 | $1,010,281,283 |
| VUL | Vulcan Energy | 8.91 | -6% | 746,733 | $1,246,679,002 |
| AVZ | AVZ Minerals Ltd | 0.815 | -6% | 31,811,646 | $2,986,034,564 |
| NWL | Netwealth Group | 14.51 | -6% | 556,508 | $3,754,717,135 |
| PLS | Pilbara Min Ltd | 3.035 | -6% | 21,730,552 | $9,585,284,785 |
| Z1P | Zip Co Ltd. | 2.69 | -6% | 7,206,340 | $1,678,179,419 |
| PBH | Pointsbet Holdings | 4.6 | -6% | 1,647,166 | $1,283,727,763 |
Novonix (ASX:NVX) and Brainchip (ASX:BRN) fell by 10% and 8% respectively on the broader risk-off sentiment against tech stocks, after the Nasdaq tumbled more than 3% on Friday.
