ASX Large Caps: ASX dips as RBA hands down 25bp hike; Origin shareholders advised to accept offer

ASX ultimately ended in the red beyond today’s RBA decision, down -0.2pc
The RBA handed down a 25bp rise at today’s board meeting
Origin Energy shareholders urged to back takeover by proxy voting firm

The ASX fell -0.2% on Tuesday as cautious sentiment prevailed across major European and US equities markets overnight.

This afternoon, the Reserve Bank expectedly resumed its tightening cycle and lifted the cash rate to 4.35% after holding rates steady for four consecutive months. It was the 13th rate hike since May last year, taking the cash rate to its highest level in more than a decade.

“In order to keep inflation expectations anchored and maintain confidence in returning inflation to the target range within a reasonable timeframe, the Reserve Bank lifted interest rates again today,” said Eleanor Creagh, PropTrack’s Senior Economist.

Looking ahead, however, Creagh believes interest rates are either at, or close to, their peak.

“The outlook for the economy is weaker, however, population growth is set to continue rebounding strongly,” she said.

On the ASX, Healthcare, Tech, and Utility sectors led, while Financials and Real Estate lagged. All the major banks recorded losses, led by Westpac (ASX:WBC), which fell by almost -3%.

The Aussie dollar was unmoved at US64.66c after the RBA release, while bond yields were also muted.

Across the region, Asian shares declined ahead of China’s key trade data release that will provide clues on how its economy is doing.

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap APM APM Human Services 2.23 4.69 795,782 $1,953,597,545 HLS Healius 1.94 4.59 1,353,268 $1,054,350,087 SDR Siteminder 4.50 3.45 435,847 $1,196,537,561 WOR Worley Limited 17.09 3.26 550,853 $8,717,734,958 SGM Sims Limited 13.07 3.04 260,323 $2,449,552,769 PME Pro Medicus Limited 84.09 3.03 85,954 $8,525,639,872 CIA Champion Iron Ltd 7.83 2.62 1,497,982 $3,946,966,458 NAN Nanosonics Limited 4.14 2.61 153,722 $1,219,508,692 WTC Wisetech Global Ltd 62.06 2.38 182,557 $20,205,572,880 HSN Hansen Technologies 5.21 2.36 30,070 $1,034,305,245 SIQ Smartgrp Corporation 8.99 2.28 271,994 $1,167,634,321 RED Red 5 Limited 0.34 2.27 6,127,540 $1,142,522,453 APE Eagers Automotive 13.60 2.26 135,334 $3,416,775,453 IEL Idp Education Ltd 23.69 2.24 262,737 $6,449,050,009 HGH Heartland Group 1.51 2.03 196 $1,058,592,600 SKC Skycity Ent Grp Ltd 1.80 1.99 78,406 $1,337,961,168 TPG TPG Telecom Limited 5.45 1.97 421,146 $9,928,884,512

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Origin Energy (ASX:ORG) rallied after proxy voting firm Institutional Shareholder Services (ISS) said shareholders should back the US$12.6 billion takeover offer for Origin by the Brookfield-led consortium.

Origin’s biggest shareholder, AustralianSuper, had earlier deemed the offer “substantially below our estimate of Origin’s long-term value”, and has increased its stake in the Origin to 15.03%, from 13.7% last week.

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap AKE Allkem Limited 9.30 -3.63 1,775,323 $6,169,450,477 LTR Liontown Resources 1.59 -3.34 5,904,762 $3,958,542,492 CSR CSR Limited 5.65 -2.67 845,321 $2,768,824,805 PLS Pilbara Min Ltd 3.70 -2.63 7,558,228 $11,435,958,108 LFG Liberty Fin Group 3.80 -2.56 10,199 $1,184,835,105 GQG GQG Partners 1.34 -2.55 824,115 $4,060,107,472 AIZ Air New Zealand 0.61 -2.40 239,965 $2,105,290,197 CTT Cettire 2.89 -2.36 427,391 $1,128,465,131 ABC Adbri Limited 1.97 -2.35 166,579 $1,319,725,677 WBC Westpac Banking Corp 21.41 -2.33 9,512,270 $76,918,966,963 MCY Mercury NZ Limited 5.63 -2.26 11,181 $8,013,468,897 DEG De Grey Mining 1.20 -2.24 1,299,792 $2,212,887,309 WHC Whitehaven Coal 6.86 -2.21 4,761,759 $5,864,571,496 SUN Suncorp Group Ltd 13.36 -2.16 1,340,860 $17,339,086,046 SGR The Star Ent Grp 0.57 -2.16 6,461,688 $1,663,834,909

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GQG Partners (ASX:GQG) lost 2% after reporting a drop in funds under management (FUM) from $105.8bn in September, to $103.9bn in October.

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