ASX Large Caps: Fortescue touches all time high as market turns to crucial US inflation data tonight

Shares gave up early gains and finished the week almost 1pc higher
Lithium miners up
Fortescue touched record high, Rio testing all time high again

The ASX gave up early gains and closed disappointingly flattish on Friday. For the week, the benchmark ASX 200 index was up around 1%.

In New York overnight, stocks rallied across the board as traders digested the weaker than expected Q3 US GDP data, which printed at 4.9% vs estimate of 5.2%.

The case for Fed rate cuts has grown stronger now after the release, which also sparked US bond yields to retreat and the US dollar to sell off against major currencies.

On the ASX today, Energy and Real Estate sectors led, offset by losses in the Industrials and Utilities sectors.

Large capped lithium miners were top of winners list, despite a 22% plunge in mid-tier lithium stock Core Lithium (ASX:CXO) as the company announced a business strategy review amid tumbling lithium prices.

Fortescue (ASX:FMG) broke its all time record today as it traded intraday at $28.40. Rio Tinto (ASX:RIO) was also edging higher to its record peak, trading now at $134.42.

Across the region, Asian stocks mainly rose ahead of the key inflation report later today (US time).

“Focus today is on core PCE tonight and one should be mindful of the razor-thin liquidity heading into the festive season as data surprise may exacerbate price movement,” Christopher Wong, FX strategist at OCBC, told Bloomberg.

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap BOE Boss Energy Ltd 4.36 6.86 2,538,882 $1,651,715,780 NEU Neuren Pharmaceut. 23.94 6.07 376,833 $2,872,386,307 TUA Tuas Limited 3.13 5.39 425,458 $1,380,930,965 EMR Emerald Res NL 3.07 4.25 711,302 $1,833,466,044 LYC Lynas Rare Earths 7.08 4.04 4,221,445 $6,355,921,485 CEN Contact Energy Ltd 7.50 3.02 231 $1,853,268,748 PDN Paladin Energy Ltd 1.00 2.56 12,299,154 $2,908,791,145 WHC Whitehaven Coal 7.48 2.54 3,774,123 $6,098,819,715 MEZ Meridian Energy 5.02 2.45 13,282 $6,203,765,388 LIC Lifestyle Communit. 18.03 2.44 53,854 $1,839,994,306 PLS Pilbara Min Ltd 3.81 2.42 18,291,859 $11,195,220,755 APE Eagers Automotive 14.35 2.35 240,211 $3,601,743,748

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Azure Minerals (ASX:AZS) announced continued drilling success at Target Area 1, with the intersection of numerous exceptionally thick, lithium-rich and spodumene-bearing pegmatite intervals within AP011.

Highlights include: 165.2m @ 1.33% Li2O in ANDD0295, and 135.2m @ 1.12% Li2O in ANDD0276.

Azure says these assay results further confirm that the Andover Project (Azure 60% / Creasy Group 40%) has the potential to become a lithium project of global significance.

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap TLX Telix Pharmaceutical 9.46 -3.32 439,418 $3,163,070,524 MCY Mercury NZ Limited 5.93 -2.47 5,542 $8,458,661,613 EBO Ebos Group Ltd 32.66 -2.30 33,826 $6,412,436,593 OCL Objective Corp 12.58 -2.25 23,406 $1,225,292,417 ALU Altium Limited 46.04 -2.02 418,464 $6,199,242,118 ABG Abacus Group 1.18 -1.87 512,510 $1,076,857,448 MAF MA Financial Group 5.59 -1.58 65,011 $1,012,924,686

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Waypoint REIT (ASX:WPR) has undertaken its year-end investment portfolio valuation process, with independent valuations carried out on 85 properties and directors’ valuations on 317 properties.

The valuation process has resulted in an expansion in the weighted average capitalisation rate (WACR) on WPR’s portfolio of approximately 28 basis points from 5.40% to 5.68%, and a net reduction in portfolio value of $151 million (or approximately 5%) for the 6 months to 31 December.

The WACR increase was 26 basis points on independent valuations, and 28 basis points on directors’ valuations.

WPR’s portfolio as at 31 December comprises 402 properties with a combined valuation of $2.769 billion.

WPR also noted that only 25 properties were subject to rent reviews that were reflected in the December 2023 valuations, with the majority of WPR’s portfolio having rent reviews that will be reflected in June 2024 valuations.

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