The ASX 200 tracked sideways for the second straight day on Thursday, eking out an 0.11% gain after yesterday’s 0.15% fall.
While the washout was more or less even, the main movers were basically a reverse of yesterday’s price action.
Large cap tech stocks bounced back as the ASX 200 IT index rose by 2.4%, while energy stocks gave back some ground.
Australia’s big banks fell for the second straight day, while the mining majors all posted steady gains as iron ore prices climbed back above US$100/t.
Looking ahead, there are unlikely to be any catalysts on global markets overnight with the S&P500 closed for Thanksgiving.
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| EML | EML Payments Ltd | 3.61 | 31.3% | 19,701,927 | $1,026,924,866 |
| NVX | Novonix Limited | 10.73 | 11.9% | 6,394,776 | $4,627,788,396 |
| NIC | Nickel Mines Limited | 1.41 | 7.2% | 15,747,921 | $3,307,263,202 |
| YAL | Yancoal Aust Ltd | 2.85 | 6.7% | 242,917 | $3,525,573,297 |
| FPH | Fisher & Paykel H. | 32.3 | 4.6% | 1,688,225 | $17,823,566,922 |
| OML | Ooh!Media Limited | 1.76 | 4.5% | 2,913,248 | $1,008,718,296 |
| MIN | Mineral Resources. | 45.75 | 4.4% | 1,487,041 | $8,273,527,744 |
| TNE | Technology One | 11.96 | 4.3% | 1,898,971 | $3,689,713,702 |
| APT | Afterpay Limited | 111.74 | 4.2% | 651,347 | $31,131,259,409 |
| LTR | Liontown Resources | 1.875 | 3.9% | 7,732,890 | $3,450,579,480 |
| OCL | Objective Corp | 20.27 | 3.4% | 28,189 | $1,852,019,798 |
| DMP | Domino Pizza Enterpr | 125.78 | 3.3% | 182,414 | $10,543,132,264 |
| MP1 | Megaport Limited | 21.51 | 3.2% | 427,219 | $3,286,213,398 |
Among stocks with a market cap of $1bn+, the big winner was EML Payments (ASX:EML) which provided an update on the regulatory issues surrounding its subsidiary, PFS Card Services (Ireland) Limited (PCSIL).
Shares in EML sold off sharply back in May after Ireland’s Central Bank (CBI) raised concerns in relation to PCSIL’s Anti-Money Laundering/Counter Terrorism Financing (AML/CTF) risk and control frameworks and governance.
This morning, investors approved of an update when EML said the CBI had agreed to allow PCSIL to continue to sign new customers and add programs, while also maintaining engagement regarding “appropriate limits” for PCSIL’s operations under its Risk Management and Controls Framework.
Another large cap winner was the ~$17bn home appliances company Fisher & Paykel (ASX:FPH), which rose by almost 5% after investors responded positively to its half-year report.
Elsewhere, BNPL leader Afterpay (ASX:APT) also bounced back after a selloff earlier in the week. With provisional approval for the Square Inc takeover, APT are increasingly moving in step with the direction of its pending parent company on the Nasdaq. Shares in Square Inc rose by 2.45% overnight to US$215.
Also among the large cap leaders was zero-carbon lithium market darling Vulcan Energy (ASX:VUL), which rose 3.59% to $10.69.
While VUL shares have stabilised above $10, the stock still hasn’t bounced back to the $15 range it was trading at before J Capital’s short report last month.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| MEZ | Meridian Energy | 4.37 | -3.7% | 90,047 | $5,725,355,201 |
| BEN | Bendigo and Adelaide | 8.61 | -3.4% | 3,546,369 | $4,996,840,613 |
| AMP | AMP Limited | 1.045 | -5.0% | 19,556,871 | $3,592,716,438 |
| SNZ | Summerset Grp Hldgs | 12.55 | -4.0% | 640 | $3,008,914,834 |
| 360 | Life360 Inc. | 12.3 | -8.3% | 2,683,503 | $2,108,047,657 |
| KLS | Kelsian Group Ltd | 6.83 | -3.3% | 357,079 | $1,541,897,279 |
| HTA | Hutchison | 0.105 | -4.5% | 301,932 | $1,492,975,943 |
| WAF | West African Res Ltd | 1.3 | -3.7% | 3,791,060 | $1,330,630,353 |
| HSN | Hansen Technologies | 5.7 | -4.5% | 300,935 | $1,197,097,278 |
| CXL | Calix Limited | 7.03 | -3.4% | 172,186 | $1,172,314,001 |
| PEB | Pacific Edge | 1.27 | -3.8% | 6,867 | $1,068,422,314 |
| SYA | Sayona Mining Ltd | 0.14 | -6.7% | 62,106,163 | $1,056,750,070 |
| KMD | Kathmandu Hold Ltd | 1.435 | -3.0% | 678,200 | $1,049,322,048 |
| SIQ | Smartgrp Corporation | 7.57 | -3.3% | 395,318 | $1,045,633,696 |
| KGN | Kogan.Com Ltd | 8.49 | -4.3% | 1,848,834 | $948,098,414 |
Among stocks with news, ~$2bn location-sharing app Life360 (ASX:360) dipped after announcing a $280m capital raising with institutional investors to fund the acquisition of US consumer electronics company Tile Inc, which makes tracking devices that users attach to their belongings such as backpacks and computers.
Elsewhere, online retailer Kogan.com (ASX:KGN) also lost ground following the release of its AGM presentation. Shares in KGN have now fallen by more than 60% from their post-COVID highs of almost $22 in January.