ASX Large Caps: ASX extends losses after China data; gold stock EVN crashes 16pc on production miss

ASX extends on weak China GDP data
Gold, iron ore miners and real estate stocks led losses
Evolution Mining cratered by -16pc after production report

After falling by 1% yesterday, the ASX dropped another -0.4% on Wednesday with Energy, Mining and Real Estate sectors dragging the bourse lower.

The local market tracked the weakness on Wall Street overnight where traders recalibrated their expectations for an interest rates cut this year following comments from Fed Reserve Governor, Christopher Waller.

Waller dismissed the idea of an imminent rate cut, saying that the Fed will bide its time and wait until inflation can be sustained before cutting.

“When the time is right to begin lowering rates, I believe it can and should be lowered methodically and carefully,” he said.

His comments pushed bond yields much higher, with the benchmark 10-year treasury jumping by more than 10 basis points.

The surge in yields caused the US dollar to stage its biggest rally since March. The Aussie dollar slumped 1% versus the greenback to US65.59c at the time of writing.

On the ASX today, gold miners fell off the cliff, including a -17% drop for Evolution Mining (ASX:EVN) – see more below.

It was the worst day for ASX gold stocks since September 2022. Oil stocks also fell on the back of the higher USD.

Meanwhile, iron ore stocks also tumbled today after China’s Q4 GDP grew less than estimate – 5.2% versus 5.3% estimate – dashing hopes of a quick recovery.

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap A2M The A2 Milk Company 4.20 5.53 3,523,908 $2,877,280,536 TUA Tuas Limited 3.03 4.84 330,034 $1,347,834,648 DTL Data#3 Limited 8.75 4.04 733,377 $1,301,061,178 MCY Mercury NZ Limited 6.07 3.76 6,329 $8,138,679,348 DYL Deep Yellow Limited 1.57 3.64 7,593,943 $1,153,987,699 BGA Bega Cheese Ltd 3.52 2.92 549,107 $1,041,450,791 DRR Deterra 4.99 2.89 907,686 $2,563,950,206 TLX Telix Pharmaceutical 11.11 2.87 440,814 $3,496,248,176 LFS Latitude Group 1.17 2.64 11,194 $1,180,032,990 NWL Netwealth Group 16.52 2.42 154,975 $3,936,145,155 CKF Collins Foods Ltd 12.39 2.23 181,843 $1,425,079,114 LNW Light & Wonder Inc. 121.89 2.00 23,931 $1,824,518,830 IRE IRESS Limited 8.02 1.97 397,465 $1,468,165,266 ARB ARB Corporation. 32.77 1.90 57,830 $2,644,209,383 CRN Coronado Global Res 1.70 1.80 1,171,014 $2,799,677,729 ABB Aussie Broadband 3.78 1.61 370,986 $1,036,585,150 BLD Boral Limited 5.31 1.53 709,262 $5,769,152,431

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The Lottery Corporation (ASX:TLC) rose 1% after announcing that Steven Gregg has been appointed as a director and Chairman-elect of Westpac (ASX:WBC), and to manage his workload, Gregg has retired from his role as Chairman and director of TLC.

The Board also announce that it has elected current Non-executive Director, Dr. Doug McTaggart, as Gregg’s successor as Chairman. Dr McTaggart will commence in the role of Chairman on 1 March.

Meridian Energy (ASX:MEZ) was flat after reporting its activities for Q2.

Meridian’s Q2 total inflows were 83% of historical average, 5% lower than Q2 last year.

Compared to Q2 last year, Meridian’s generation was -5.7% lower at a +235.2% higher average price.

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap EVN Evolution Mining Ltd 3.16 -15.73 41,801,844 $7,408,149,488 BAP Bapcor Limited 5.26 -6.16 3,245,936 $1,900,710,000 NEM Newmont Corporation 53.44 -4.95 1,443,706 $9,850,958,240 S32 South32 Limited 3.27 -4.25 16,834,147 $15,444,771,717 NST Northern Star 12.34 -4.12 4,470,426 $14,790,475,763 SVW Seven Group Holdings 34.01 -4.01 610,928 $12,881,837,347 AWC Alumina Limited 1.01 -3.83 2,362,862 $3,032,257,081 NEU Neuren Pharmaceut. 22.89 -3.52 351,419 $3,018,741,835 PRU Perseus Mining Ltd 1.70 -3.41 4,757,642 $2,417,472,563 BGL Bellevue Gold Ltd 1.44 -3.36 2,009,696 $1,714,882,844 IFL Insignia Financial 2.17 -3.35 1,322,403 $1,493,243,927 PLS Pilbara Min Ltd 3.48 -3.33 13,623,052 $10,834,084,602 NCK Nick Scali Limited 12.46 -2.96 167,045 $1,040,040,000 DHG Domain Holdings Aus 3.23 -2.86 848,103 $2,097,101,748 NIC Nickel Industries 0.61 -2.80 7,371,142 $2,678,631,175 GOR Gold Road Res Ltd 1.66 -2.79 2,529,932 $1,843,448,114

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Gold miner Evolution Mining (ASX:EVN) crashed after the company reported quarterly gold production that fell short of expectations.

Evolution produced 161,073/oz at all in sustaining costs of $1618/oz in the December quarter.

But despite producing just 319,377oz of gold and 27,635t of copper in the first half at AISC of $1615/oz, Australia’s third biggest listed gold stock still thinks it will hit full year guidance of 789,000oz gold and 62,500t copper at AISC of $1340/oz, give or take 5%.

Bapcor (ASX:BAP) fell -6% after announcing the resignation of its CFO, Stefan Camphausen, to take on the CFO role at another ASX listed company based in Sydney.

The company has commenced a process for the appointment of Bapcor’s successor CFO.

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