ASX Large Caps: Local shares defy Wall Street, Newmont CDIs make ASX debut as Newcrest delists

ASX bucked Wall Street to finish higher by 0.3%, but still down -1pc for the week
Newcrest has delisted, while Newmont (NEM) CDI made its ASX debut after acquisition
Stocks which reported earnings today include: HVN, SDR, CRN, and RMD

Local traders brushed off a steep drop in New York overnight as the ASX closed the day +0.3% higher. But for the week, the ASX 200 index was down -1%.

Wall Street traders dumped stocks over fears the tech rally might be over following sluggish trading updates from Big Tech in recent days.

“Whether Amazon’s earnings report and Apple’s report next week can stop the rot in the tech trade remains to be seen,” Tony Sycamore, an analyst at IG, told Bloomberg.

Also worrying traders was the US GDP, which gained a massive 4.9% for the September quarter from 2.1% in the last quarter. The blockbuster figure has fuelled higher-for-longer interest rate angst.

On the ASX, the Consumer Staples over-performed today, up by 1.5%. But its gains were offset by losses in Tech, Industrial and Discretionary sectors.

Energy stocks also fell after crude prices slumped by -2.5% overnight.

Meanwhile, Newcrest Mining (ASX:NCM) has been removed from the ASX200 today following its acquisition by NYSE-listed Newmont Corporation.

Newmont Corporation (ASX:NEM)’s CDIs (CHESS Depositary Interests) have begun trading on the ASX, while its main shares trade on the NYSE.

To economics data, the ABS released the September quarter producer prices, which showed an increase of 1.8% from the previous quarter. This index measures the cost of manufacturing before they leave the producer, and today’s jump could complicate the RBA’s rates policy path.

Elsewhere, Asian stocks in the region mainly rose, but mainland Chinese stocks fluctuated after data shows that Chinese companies’ profit are still growing, albeit at a more softer pace than in the prior period.

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap CIA Champion Iron Ltd 6.96 7.24 2,125,910 $3,357,249,320 CEN Contact Energy Ltd 7.70 7.09 8,415 $1,830,187,422 BGL Bellevue Gold Ltd 1.48 4.96 2,352,827 $1,613,952,204 AWC Alumina Limited 0.80 4.22 4,558,101 $2,234,294,691 HVN Harvey Norman 3.69 3.94 3,780,000 $4,423,323,622 CRN Coronado Global Res 1.76 3.68 2,727,657 $2,849,971,341 EDV Endeavour 5.01 3.30 3,315,090 $8,686,253,082 GOR Gold Road Res Ltd 1.90 3.27 4,490,713 $1,981,107,688 ILU Iluka Resources 7.45 3.26 1,333,443 $3,071,692,897 S32 South32 Limited 3.34 2.93 8,353,763 $14,694,627,225 APM APM Human Services 2.03 2.79 368,980 $1,806,848,434 SFR Sandfire Resources 6.11 2.69 824,744 $2,719,104,804 MMS McMillan Shakespeare 16.86 2.68 94,609 $1,143,538,454 NIC Nickel Industries 0.78 2.65 2,473,004 $3,235,786,459 CMM Capricorn Metals 4.71 2.51 449,483 $1,725,648,023 MFG Magellan Fin Grp Ltd 6.37 2.41 682,713 $1,128,506,412 COL Coles Group 15.34 2.37 1,603,621 $20,049,105,179

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Harvey Norman (ASX:HVN) was up 3% despite September quarter sales falling 9.1% year-on-year. Comparable sales declined by 10% and various currency appreciations impacted the bottom line. HVN also said it will conduct an on-market, 12-month share buy-back program.

SiteMinder (ASX:SDR) lifted 1.5% after September quarter revenue grew 30.8% year-on-year to $46.8m. SDR’s Annualised recurring revenue (ARR) rose 32% to $191.6m. The company also holds $45m in cash and equivalents.

Woolworths (ASX:WOW) climbed 1% after a vote at the AGM was recorded against adopting the company’s remuneration report. This result constituted a ‘first strike’ for WOW.

Coronado Global Resources (ASX:CRN) jumped 3% after reporting a revenue of $US718m for the September quarter, which has pushed its year-to-date revenue to US$2.2b.

Champion Iron (ASX:CIA) was up 7% after being slapped a rating upgrade by Macquarie and Goldman.

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap DYL Deep Yellow Limited 1.29 -6.34 3,556,905 $1,046,618,174 BXB Brambles Limited 13.26 -5.15 3,475,794 $19,437,623,779 HLS Healius 1.84 -4.66 2,003,003 $1,099,943,604 MCY Mercury NZ Limited 5.27 -4.18 15,268 $7,651,749,815 GNE Genesis Energy Ltd 2.13 -4.05 38,706 $2,383,780,480 RMD ResMed Inc. 21.60 -3.83 4,068,078 $11,641,605,554 HGH Heartland Group 1.45 -3.34 512 $1,069,321,579 AD8 Audinate Group Ltd 12.96 -3.18 118,453 $1,111,996,226 REA REA Group 142.86 -3.00 95,101 $19,458,223,720 CTD Corp Travel Limited 16.16 -2.88 216,449 $2,434,860,413 MGH Maas Group Holdings 3.37 -2.88 108,010 $1,143,676,679 EVT EVT Limited 10.14 -2.87 57,516 $1,694,154,727 SDF Steadfast Group Ltd 5.43 -2.86 2,556,059 $5,805,560,993 AUB AUB Group Ltd 26.72 -2.84 209,402 $2,981,154,550 PDN Paladin Energy Ltd 0.96 -2.78 13,268,670 $2,953,541,778 MPL Medibank Private Ltd 3.40 -2.72 3,209,539 $9,611,471,308 DHG Domain Holdings Aus 3.45 -2.54 330,840 $2,236,066,322 EBO Ebos Group Ltd 31.61 -2.38 17,544 $6,210,733,164

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ResMed (ASX:RMD) was -3% lower after reporting that its gross margin in Q1 contracted 250 bps to 54.4%. Revenue, however, increased by 16% to $1.1 billion, up 15% vs pcp on a constant currency basis.

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