ASX Large Caps: Gold stocks up while Energy stocks crumble, shoes retailer Accent down 9pc

ASX closed flattish on Friday, but was up 1pc for the week
Energy stocks crumbled after crude prices dropped 5pc overnight
Cathie Wood’s views on AI stocks at the Sohn conference

The ASX reversed early losses to close flattish on Friday. For the week, the benchmark ASX200 index was up 1%.

In New York last night, stocks were mixed as the focus turned to the oil market where crude prices suffered further losses of 5%.

Energy stocks were expectedly the worst performers today, with the sector down 1.5%. Mining and Industrials stocks meanwhile led the winners.

Gold miners like Northern Star (ASX:NST) and Evolution Mining (ASX:EVN) rose around 4%. Carsales (ASX:CAR) was one of the worst large caps, down over 3%.

There were no major economic data releases today, but reports are anticipated later tonight from the APEC summit in San Francisco where PM Albanese is one of the attendees.

Meanwhile, Australia’s leading investor conference, Sohn Hearts & Minds, got under way today at the Drama Theatre, Sydney Opera House.

Ark’s Cathie Wood was one of the big names who attended. Amongst the various topics she touched on, Wood said she was bearish on Google and Nvidia, but was instead favourable on companies that already have real AI expertise.

Woods also said she was still enthusiastic about Tesla, while bullish on Bitcoin.

Elsewhere in the region, Asian stock markets were mostly down today.

Alibaba shares in Hong Kong shaved 10% after the company said it was shelving plans to spin off its clouds business.

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap GQG GQG Partners 1.47 6.16 3,696,546 $4,074,871,499 A2M The A2 Milk Company 4.00 4.58 4,570,361 $2,761,610,967 EVN Evolution Mining Ltd 3.76 4.31 4,728,411 $6,613,861,925 TLX Telix Pharmaceutical 9.39 4.22 588,169 $2,913,810,069 GNC GrainCorp Limited 7.85 3.91 1,729,383 $1,693,744,327 CNI Centuria Capital 1.42 3.66 613,569 $1,098,924,275 SVW Seven Group Holdings 31.37 3.41 1,000,645 $11,027,550,854 CMM Capricorn Metals 4.58 3.39 477,730 $1,665,494,715 DEG De Grey Mining 1.23 3.38 1,764,215 $2,193,686,354 GMD Genesis Minerals 1.55 3.34 2,860,153 $1,609,543,176 PRU Perseus Mining Ltd 1.79 3.32 5,903,905 $2,376,265,644 RMS Ramelius Resources 1.59 3.26 2,708,732 $1,743,988,132 GOR Gold Road Res Ltd 1.85 3.21 1,954,907 $1,932,524,665 BGL Bellevue Gold Ltd 1.45 3.20 4,306,759 $1,614,352,820 PDN Paladin Energy Ltd 0.97 3.19 9,890,471 $2,804,373,001 NST Northern Star 11.68 3.18 5,865,241 $13,009,183,033 DTL Data#3 Limited 7.55 2.86 173,988 $1,135,527,830 ALX Atlas Arteria 6.01 2.74 649,200 $8,487,377,186

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Centuria Capital (ASX:CNI) rose after announcing some board changes.

The company confirmed the retirement of Independent Non-Executive Director, Peter Done, from the CNI board’s Audit, Risk & Compliance Committee (ARCC) effective today. Kristie Brown will step in in the interim while a search for Done’s replacement is being concluded.

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap AX1 Accent Group Ltd 1.93 -8.77 3,199,100 $1,188,042,244 MCY Mercury NZ Limited 5.50 -4.84 6,976 $8,041,293,441 CTT Cettire 2.98 -4.18 783,881 $1,185,650,864 AKE Allkem Limited 8.70 -3.87 2,390,646 $5,785,857,702 MEZ Meridian Energy 4.60 -3.77 12,113 $6,052,395,700 CAR CAR Group Limited 28.34 -3.49 1,487,598 $11,069,229,690 TUA Tuas Limited 2.22 -3.48 134,088 $1,069,407,818 SDF Steadfast Group Ltd 5.23 -3.42 5,790,686 $5,618,619,852 CEN Contact Energy Ltd 7.10 -3.27 23,465 $1,868,369,358 KAR Karoon Energy Ltd 2.06 -3.24 15,158,387 $1,206,081,443 HLS Healius 1.85 -2.89 575,684 $1,082,846,035 CHC Charter Hall Group 10.71 -2.86 896,122 $5,212,429,133 IFT Infratil Limited 9.27 -2.83 22,739 $7,936,230,476 AWC Alumina Limited 0.71 -2.76 12,551,009 $2,103,719,027 LYC Lynas Rare Earths 6.71 -2.75 3,429,676 $6,449,390,918 LOV Lovisa Holdings Ltd 18.59 -2.57 179,021 $2,092,935,552

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Footwear retailer Accent Group (ASX:AX1) tumbled 9% after providing an update on trade for the first 19 weeks of FY24. Total Group owned sales (including wholesale sales) were flat compared to last year. Total owned retail sales are up 2.1%. Like for Like sales were down 2.0%. FY24 gross margin % is broadly in line with the comparable period last year.

Steadfast Group (ASX:SDF) and Karoon Energy (ASX:KAR) both fell after announcing the completion of cap raises.

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