• ASX 200 fell 1.5% and finished the week lower by 
  • The Mining Index had its largest weekly drop since August
  • Markets have been spooked after hawkish US Fed comments overnight

 

It was carnage across the board as local shares took a direct hit from the hawkish US Fed comments overnight.

Mining and Tech were the worst performing sectors today, as the ASX 200 index plunged 1.57%. For the week however, the index closed flat.

The Mining sector was down 3% today, and ended the week 4% lower, its biggest weekly loss since August. Iron ore miners have particularly struggled this week as China’s snap lockdowns continued.

Overnight, US stocks got hammered following hawkish comments by Fed Governor Jerome Powell that suggested he would like to see a 50bp rate increase in May, and faster ‘front-loading” hikes after that.

The US 10 year yield surged to its highest level on the news to 2.91%.

Meanwhile, a note out of Westpac says that it expects a 40bp hike by the RBA in its June meeting.

“We anticipate that market and media expectations will shift towards a 40 basis point move over the next six weeks and the anticipated shock to confidence will be contained,” said Bill Evans, chief economist at Westpac.

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
LTR Liontown Resources 1.03 -7.40 11800466 $2,701,874,659
FBU Fletcher Building 3.70 -6.09 658295 $3,085,191,768
CSL CSL Limited 289.51 -5.08 709946 $147,343,443,385
IGO IGO Limited 6.90 -3.57 2157437 $5,414,464,863
NIC Nickel Industries 0.63 -3.46 3691387 $2,785,776,422
IFL Insignia Financial 2.23 -3.26 848886 $1,533,241,532
SGR The Star Ent Grp 0.53 -3.18 10386275 $1,577,774,482
SKC Skycity Ent Grp Ltd 1.91 -3.05 236734 $1,497,604,262
SQ2 Block 102.27 -2.78 57993 $3,731,605,362
HLS Healius 1.42 -2.75 987752 $1,056,427,548
DYL Deep Yellow Limited 1.47 -2.65 3239154 $1,154,715,624
FPH Fisher & Paykel H. 22.43 -2.61 150839 $13,448,683,596
LFG Liberty Fin Group 4.20 -2.55 30236 $1,309,394,693
CMW Cromwell Prop 0.41 -2.41 639801 $1,086,829,680
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Bellevue Gold (ASX:BGL) rose 2% after releasing its reserve update to investors.  New results, which came from Deacon North, included:  2.1m @ 42.8g/t gold from 411.6m, including 0.6m @ 142.0 g/t gold.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
CEN Contact Energy Ltd 7.18 -10.25 18,057 $2,036,369,872
CTT Cettire 3.07 -8.51 2,376,132 $1,277,148,037
LTR Liontown Resources 1.25 -8.09 18,722,621 $3,285,526,258
CMM Capricorn Metals 4.47 -8.02 2,609,627 $1,827,156,731
PLS Pilbara Min Ltd 3.28 -7.08 49,752,832 $10,623,403,190
MMS McMillan Shakespeare 16.89 -6.74 181,568 $1,261,235,165
EMR Emerald Res NL 2.70 -6.25 1,551,126 $1,794,427,857
LFG Liberty Fin Group 3.85 -6.10 6,307 $1,245,595,879
IGO IGO Limited 7.56 -5.85 4,481,363 $6,080,860,538
RMS Ramelius Resources 1.66 -5.43 3,687,423 $1,989,363,213
MCY Mercury NZ Limited 5.70 -5.00 6,443 $8,347,363,434
SLR Silver Lake Resource 1.09 -5.00 3,980,280 $1,074,955,983
PRU Perseus Mining Ltd 1.94 -4.68 5,359,813 $2,788,334,831
IFL Insignia Financial 2.07 -4.61 2,380,436 $1,446,580,054
RED Red 5 Limited 0.36 -4.61 12,116,319 $1,315,631,915
MIN Mineral Resources. 57.35 -4.29 908,699 $11,695,570,766
NST Northern Star 12.36 -4.19 2,418,019 $14,824,952,396
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Megaport (ASX:MP1) lost another 10% today, bringing its loss for the week to 25%. The data centre specialist has been struggling after reporting a disappointing Q3 where revenue growth only increased by 5% to $28m.

Westpac (ASX:WBC) lost over 1% today after the Fed Court fined the bank $113m for a series of breaches and failures across multiple businesses. This includes a penalty of $40 million for charging fees to over 11,800 deceased customers.

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