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Here are the top ASX large cap movers for Wednesday
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The ASX 200 has recouped some of its lunch time losses and closed the day lower by just 1.08%, after falling by 1.7% at the half way mark of the session..
The local bourse followed moves in US and European equities overnight, as a broad-based selloff (led by tech) gripped markets.
Elsewhere in Asia stock markets are also falling, as concerns about inflation led to US treasury yields rising the most since June.
Tech was by the worst performing sector on the ASX, down by 2.36%.
Buy-now-pay-later (BNPL) stocks were hit in the tech rout, with Afterpay (ASX:APT) dropping 4.75% and Zip Co (ASX:Z1P) by 2.4%.
All other sectors were also down, apart from defensive Consumer Staples and Utilities, which gained negligibly.
The ASX200's best and worst performers so far today. Resources stocks declined as commodity prices retreated on the back of the firmer greenback and China’s power crunch situation. @ChaliceMining backtracked 5.7%, Gold miners were among the few bright spots in the market.#ASX pic.twitter.com/p9G34c3plV
— Bell Potter (@Bell_Potter) September 29, 2021
BIG CAP WINNERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| SIQ | SmartGroup | 9.28 | 18.1% | 3,128,880 | $1,049,639,955 |
| RRL | Regis Resources | 2.02 | 6.3% | 9,593,786 | $1,433,961,200 |
| SLR | Silver Lake Resources | 1.34 | 5.5% | 7,174,150 | $1,124,363,396 |
| EVN | Evolution Mining Ltd | 3.48 | 4.2% | 9,343,187 | $6,122,017,075 |
| INR | Ioneer Ltd | 0.655 | 3.1% | 14,484,304 | $1,209,165,032 |
| AGL | AGL Energy | 5.85 | 3.0% | 5,372,756 | $3,538,831,933 |
| ORI | Orica Limited | 12.035 | 3.0% | 1,868,510 | $4,763,828,127 |
| NST | Northern Star | 8.5 | 2.9% | 10,370,339 | $9,616,722,346 |
| NVX | Novonix Limited | 6.93 | 2.8% | 4,153,181 | $2,727,013,328 |
| PRU | Perseus Mining Ltd | 1.385 | 2.6% | 4,981,080 | $1,656,408,920 |
Merger and acquisition news headlined corporate announcements today, with TPG Capital and Potentia Capital making an acquisition play for ASX-listed SmartGroup Corp (ASX:SIQ).
The non-binding offer values SmartGroup at $1.32 billion in cash at $10.35 a share, with SIQ rising by 18% to $9.28 on the news.
In other M&A news, APA Group (ASX:APA) has kept its $2.60 a share offer for Ausnet (ASX:AST) on the table, pending an approval from the Takeover Panel.
Regis Resources (ASX:RRL) and Evolution Mining (ASX:EVN) rose 6% and 4% respectively as gold stocks over-performed mineral miners.
BIG CAP LOSERS
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| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| PNI | Pinnacle Investment | 16.29 | -9.0% | 1,034,038 | $3,455,210,901 |
| CHN | Chalice Mining Ltd | 6.3 | -6.0% | 2,645,688 | $2,364,685,806 |
| TYR | Tyro Payments | 3.875 | -5.9% | 3,566,993 | $2,115,714,130 |
| ZIM | Zimplats Holding Ltd | 20.59 | -5.9% | 2,549 | $2,356,188,137 |
| MIN | Mineral Resources. | 43.2 | -5.9% | 1,276,040 | $8,668,224,685 |
| ARF | Arena REIT. | 4.13 | -5.5% | 974,655 | $1,507,770,306 |
| PPK | PPK Group Limited | 16.74 | -5.4% | 410,556 | $1,580,420,486 |
| ERA | Energy Resources | 0.355 | -5.3% | 155,575 | $1,384,268,699 |
| LYC | Lynas Rare Earths | 6.66 | -5.1% | 5,967,311 | $6,334,929,109 |
| PEB | Pacific Edge | 1.425 | -5.0% | 43,466 | $1,093,814,978 |
| CDA | Codan Limited | 11.98 | -4.9% | 1,254,060 | $2,279,137,581 |
| HUB | HUB24 Ltd | 28.46 | -4.9% | 355,594 | $2,050,735,360 |
| APT | Afterpay Limited | 121.23 | -4.7% | 1,063,499 | $36,907,761,885 |
| ILU | Iluka Resources | 8.7 | -4.4% | 1,616,853 | $3,847,944,901 |
| CQE | Charter Hall Soc In | 3.53 | -4.3% | 1,773,404 | $1,342,097,693 |
| MEZ | Meridian Energy | 4.78 | -4.2% | 108,188 | $6,260,093,642 |
| RBL | Redbubble Limited | 4.36 | -4.2% | 1,473,969 | $1,244,972,015 |
The Fortescue Metals (ASX:FMG) share price is down again by 0.5% to $14.79, and nears its 12-month low of $14.15 as spot iron ore dipped further by 5% overnight.
Artificial intelligence company Appen (ASX:APX) dropped 2.85% and also touched its 12-month low today of $8.70, before recovering to $8.86.
Crown Resorts (ASX:CWN) slipped 1% despite announcing the appointment of a former Redbubble (ASX:RBL) chairman, Anne Ward, to the Board.
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