The ASX 200 was down 1.08% today, the icing on top of what was a volatile week.

In the US, earning season has kicked off with major financial firms including BlackRock, Citigroup, JPMorgan and Wells Fargo set to report.

In Europe, semiconductor makers and automotive stocks rose after Renault said it would become electric-only by 2030 and BMW said strong electric-car demand would boost full-year sales.

“After two days of gains a more cautious tone appears to prevail across markets, in yet another sign that 2022 lacks 2021’s swashbuckling attitude to risk-taking,” IG analyst Chris Beauchamp says.

By sector, ASX 200 utilities stocks were the only ones in the green, up 0.42%, with Origin Energy (ASX:ORG) up 0.88%.

All the rest were red, with IT down the most at -3.87%, with Afterpay (ASX:APT) dropping 8.91% and Xero (ASX:XRO) down 5.16%.

 

BIG CAP WINNERS 

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Among the large caps leaders was $1b market cap plus size fashion retailer City Chic Collective (ASX:CCX) who announced unaudited sales revenue of $178.3m and growth of 49.8% for the 26 weeks to 26 December 2021.

The company said the revenue growth has been supported by its strategic investment in inventory to proactively manage the risks associated with global supply chain volatility.

Plus, unaudited underlying EBITDA was in the range of $22.5-23.5m – in line with the prior corresponding period and including a $4m EBITDA impact from store closures, acqusitions and COVID-19 related marketing and cost reduction measures taken in the prior comparable period.

Also among the leaders was red hot AI chip developer BrainChip (ASX:BRN).

The company announced a new capital call notice under its continuing agreement with LDA capital to subscribe for up to 15m shares.

“The proceeds raised from the capital call will be used to expand our go-to-market capabilities as we move the company aggressively into the commercialisation phase,” CEO Sean Hehir said.

“The company will also accelerate our continuous innovation of the ground-breaking Akida technology to ensure we remain the industry leaders in Edge AI.”

 

BIG CAP LOSERS 

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