The ASX 200 was up 0.44% today, as US inflation hit its fastest pace since 1982.

If you were thinking ‘that’s ok it was 20 years ago’ um no was actually 40 years ago…oof.

Anyway, Luca Paolini, chief strategist at Pictet Asset Management reckons inflation will reach a peak this quarter, but he’s waiting to see if higher inflation weighs on profits in the coming earnings season.

Usually, when inflation accelerates and policy makers raise rates, the value of companies’ future earnings drops and investors have more alternatives for places to make money – which is normally a bit of a blow for tech stocks who promise expanding future profits.

By sector, ASX 200 materials stocks were ahead of the pack, with the sector up 2.62% and the big miners BHP (ASX:BHP) up 3.95%, Rio Tinto (ASX:RIO) up 4.17% and Fortescue (ASX:FMG) up 2.69%.

The utilities and energy sector were also up 1.84% and 1.34% respectively.

 

BIG CAP WINNERS 

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Among the large caps leaders was Crown Resorts (ASX:CWN), after receiving a revised non-binding proposal from a company on behalf of funds managed and advised by Blackstone Inc. to acquire Crown by way of a scheme of arrangement at a price of A$13.10 cash per share.

It’s an increase of $0.60 cash per share compared to the previous offer price of $12.50 cash per share in November, and the company says its decided to provide Blackstone with the opportunity to finalise its due diligence inquiries and negotiate the terms of an Implementation Agreement so that Blackstone can put forward a binding offer.

Also among the leaders was software player Objective Corporation (ASX:OCL) who’s trading update for 1H FY22 flagged an expected revenue increase to $52.7m (1HY2021: $46.5m) with an EBITDA increase to $15.1m (1HY2021: $11.8m).

“During 1HY2022, we again increased our substantial investment in innovation across our product portfolio with numerous important products to be released in 2HY2022 including Objective Build, Objective Nexus and Objective Regworks IQ,” CEO Tony Walls said.

“Our products remain central to supporting our customer’s digital transformation journey and, in many cases, we are only in the early stages of seeing the positive impact on customers and our resulting revenue.”

 

BIG CAP LOSERS 

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Falling flat today was Energy Resources (ASX:ERA) who ceased operations at its Ranger mine, with no uranium oxide produced during the December quarter.

The company said the balance of inventories will likely be sold into the spot market in 2022.