Whitehaven wins bid and will pay $5bn for BHP's Qld coal mines. Picture Getty
ASX Large Caps: Whitehaven up 14pc after winning BHP’s coal assets; Credit Corp plunges 30pc on impairment
News
share
- Local shares fluctuate, but end higher, +0.2pc
- Whitehaven wins bid and will pay $5bn for BHP’s Qld coal mines
- Credit Corp falls 30% after reporting a $45m impairment loss
The ASX 200 extended its Monday gains, ending the Wednesday session modestly higher by +0.2%.
Stocks immediately rallied after the release of Q3 GDP data from China, which shows that the economy expanded by 4.9% YoY, versus estimates of 4.4%.
The Aussie dollar also jumped higher after the data, with the currency now trading at US63.72c from about US63.5c.
But it was the Energy sector that led from the front today, up well over 2% after heavyweight Whitehaven Coal (ASX:WHC) jumped by as much as 14%.
Whitehaven came out of its self-imposed trading halt with a bang after announcing that it won the bid to buy two Queensland mines Daunia and Blackwater. Whitehaven will pay BHP (ASX:BHP) and Mitsubishi a total of $5 billion, in a deal that has furthered BHP’s exit from coal operations in Queensland.
Also read: Ground Breakers: BHP outs Whitehaven as its preferred bidder in escalation of coal war
Meanwhile, RBA governor Michelle Bullock said she was worried that continuing geopolitical tensions could keep inflation and interest rates higher for longer.
“The problem is that we’ve just got shock, after shock, after shock,” she told the Australian Financial Security Authority’s (AFSA) inaugural annual summit in Sydney.
Elsewhere in the region, Asian stocks seesawed as traders weighed positive GDP from China against the escalating war in the Middle East.
BIG CAP WINNERS
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| WHC | Whitehaven Coal | 7.65 | 12.67 | 15,499,905 | $5,680,519,323 |
| GMD | Genesis Minerals | 1.52 | 5.94 | 5,034,378 | $1,484,090,462 |
| CMM | Capricorn Metals | 4.75 | 5.92 | 2,143,825 | $1,684,292,624 |
| STX | Strike Energy Ltd | 0.42 | 5.63 | 2,090,292 | $1,015,718,954 |
| EMR | Emerald Res NL | 2.71 | 4.63 | 1,639,988 | $1,609,519,395 |
| ZIM | Zimplats Holding Ltd | 21.97 | 4.52 | 11,757 | $2,262,543,382 |
| BOE | Boss Energy Ltd | 4.36 | 4.44 | 1,243,556 | $1,471,732,962 |
| DEG | De Grey Mining | 1.28 | 3.85 | 2,673,707 | $2,221,882,786 |
| NEU | Neuren Pharmaceut. | 11.40 | 3.73 | 1,143,333 | $1,390,956,779 |
| SMR | Stanmore Resources | 3.79 | 3.27 | 1,657,715 | $3,308,107,297 |
| TWE | Treasury Wine Estate | 12.01 | 3.05 | 1,883,464 | $8,409,531,250 |
| BGL | Bellevue Gold Ltd | 1.47 | 2.81 | 1,295,824 | $1,631,121,908 |
| PDN | Paladin Energy Ltd | 0.95 | 2.70 | 8,425,163 | $2,757,544,276 |
| NST | Northern Star | 11.58 | 2.66 | 3,066,185 | $12,963,214,188 |
| CRN | Coronado Global Res | 1.75 | 2.49 | 4,099,198 | $2,866,735,878 |
| MMS | McMillan Shakespeare | 15.68 | 2.48 | 120,377 | $1,065,538,267 |
| CNI | Centuria Capital | 1.35 | 2.47 | 869,293 | $1,058,670,639 |
BHP (ASX:BHP) rose +0.6% after the $5bn bid from Whitehaven for its two coal mines, Daunia and Blackwater, in Queensland
Woodside Energy (ASX:WDS) rose +1.5% after reporting Q3 production of 47.8 MMboe (520 Mboe/day), up 8% from the previous quarter. Full-year production guidance however has been narrowed to 183 – 188 MMboe.
BIG CAP LOSERS
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| CCP | Credit Corp Group | 12.02 | -30.24 | 3,290,628 | $1,172,791,929 |
| BAP | Bapcor Limited | 5.51 | -6.77 | 1,937,774 | $2,005,927,875 |
| HUB | HUB24 Ltd | 31.39 | -6.55 | 456,473 | $2,737,663,533 |
| MCY | Mercury NZ Limited | 5.56 | -4.47 | 16,802 | $8,096,942,531 |
| PWH | Pwr Holdings Limited | 10.42 | -3.96 | 34,749 | $1,089,126,689 |
| CMW | Cromwell Prop | 0.38 | -3.80 | 3,091,141 | $1,034,452,346 |
| OCL | Objective Corp | 10.80 | -3.57 | 11,243 | $1,067,066,034 |
| CTT | Cettire | 2.54 | -3.42 | 2,198,921 | $1,002,656,519 |
| HVN | Harvey Norman | 3.56 | -3.40 | 2,794,396 | $4,585,304,487 |
| JHX | James Hardie Indust | 40.52 | -3.22 | 572,595 | $18,329,548,727 |
| MEZ | Meridian Energy | 4.65 | -2.92 | 59,763 | $6,065,934,186 |
| CQE | Charter Hall Soc In | 2.65 | -2.57 | 317,308 | $1,005,094,775 |
| XRO | Xero Ltd | 113.26 | -2.57 | 212,368 | $17,608,161,859 |
| PSI | Psc Insurance Ltd | 4.63 | -2.53 | 2,710 | $1,707,062,040 |
| EVT | EVT Limited | 10.55 | -2.41 | 45,821 | $1,747,844,394 |
| AZS | Azure Minerals | 2.46 | -2.38 | 1,698,845 | $1,123,326,245 |
| CEN | Contact Energy Ltd | 7.55 | -2.33 | 1,820 | $1,966,908,039 |
| RDX | Redox Limited | 2.34 | -2.30 | 167,555 | $1,254,944,613 |
| APE | Eagers Automotive | 13.99 | -2.24 | 143,328 | $3,676,244,867 |
Credit Corp (ASX:CCP) was the worst large cap today, down 30% after revealing an anticipated 14% impairment of the carrying value of its US Purchased Debt Ledge assets.
The impairment is estimated to produce a one-off reduction in CCP’s NPAT of $45 million. Credit Corp said the impairment has arisen from a sustained deterioration in collection conditions.
Online luxury goods retailer Cettire (ASX:CTT) dropped -1.5% despite reporting a 90% growth in revenue for Q1 vs the pcp. The company’s Adjusted EBITDA was $8.7 million, which was achieved on a margin of greater than 20%.
Newcrest Mining (ASX:NCM) tumbled -6% as it traded ex-dividend today.
Read MoreLarge Cap
