ASX Large Caps: Shares higher as lithium stocks rebound, Judo Cap up 17pc after solid H1

ASX rose after Wall Street set new records overnight
Lithium stocks rebounded, along with Tech stocks
Judo Capital surged over 17pc after reporting a strong first half

Aussie shares extended gains on Tuesday, up by 0.50% following a further rally in US stocks overnight.

Records tumbled on Wall Street as the S&P 500 and Dow Jones indexes gained momentum and hit new highs.

“Though we may not be shooting straight to the moon, the current environment is encouraging and a good reminder for investors that cash isn’t always king,” Mark Hackett at Nationwide told Bloomberg.

On the ASX, the biggest gainers today were Healthcare and Tech sectors, while the Discretionary sector lagged after the release of NAB’s business survey earlier this morning.

The survey revealed that Aussie business confidence edged higher around Christmas, but remains well below average as economic growth remains subdued.

Elsewhere, Judo Cap (ASX:JDO) was the best performing large cap, up by almost 18% today (see more below).

Lithium stocks rebounded on dip buying, but the focus now is on Thursday’s meeting of mining industry participants with the Australian and WA government ministers amid rapidly falling mineral and metal prices.

Across the region, Asian stock markets were mostly higher after China announced on news of a market rescue package.

According to reports by Bloomberg, Chinese authorities are seeking to mobilise about 2 trillion yuan (US$278 billion), mainly from the offshore accounts of Chinese state-owned enterprises, to buy shares onshore.

Across the sea, the Bank of Japan has kept its rates unchanged at near zero at today’s meeting.

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap JDO Judo Cap Holdings 1.10 17.11 5,143,252 $1,037,196,279 CTT Cettire 3.01 7.12 1,289,354 $1,071,279,398 PNV Polynovo Limited 1.85 6.32 3,649,240 $1,201,004,987 LTM Arcadium Lithium PLC 7.90 5.33 1,867,018 $4,069,591,680 CRN Coronado Global Res 1.69 3.83 3,433,800 $2,732,619,580 S32 South32 Limited 3.27 3.65 12,559,674 $14,267,164,489 ILU Iluka Resources 6.73 3.62 4,960,486 $2,764,949,640 MP1 Megaport Limited 9.74 3.62 473,949 $1,495,773,214 WTC Wisetech Global Ltd 76.74 3.15 231,834 $24,803,980,747 MIN Mineral Resources. 54.20 3.14 996,054 $10,257,046,791 VUK Virgin Money Uk PLC 2.96 3.14 935,949 $1,880,764,787 DDR Dicker Data Limited 12.02 3.09 76,219 $2,102,175,360 AUB AUB Group Ltd 30.62 3.06 208,231 $3,220,730,970 GQG GQG Partners 1.76 2.77 471,957 $5,065,045,764 IFL Insignia Financial 2.23 2.77 1,095,938 $1,446,580,054 IGO IGO Limited 7.21 2.71 5,123,487 $5,316,020,047 PNI Pinnacle Investment 10.36 2.68 409,964 $2,047,550,028 PXA Pexagroup 11.16 2.67 206,112 $1,928,321,325 HMC HMC Capital Limited 5.86 2.45 277,462 $1,993,824,427 BFL Bsp Financial Group 5.89 2.43 2,513 $2,686,514,879 AWC Alumina Limited 1.07 2.40 4,391,402 $3,017,748,674 SVW Seven Group Holdings 35.68 2.37 431,199 $12,670,957,707

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Judo Capital (ASX:JDO) surged 17% after providing an unaudited update to the market ahead of its results for H1 FY24.

Judo says its profit before tax (PBT) is expected to be $67m, up 24% on the pcp. This is on the back of around $800m in net lending for the half, representing approximately 3 times system business credit growth.

Net interest margins (NIM) is expected to be 3.02%. The company expects H2 FY24 PBT of $40m – $45m, resulting in full year FY24 PBT of $107m – $112m.

Boss Energy (ASX:BOE) gave an update on drilling activities at the Jason’s deposit, which has highlighted the scope to increase exposure to the strong uranium market for the Honeymoon Uranium Project in South Australia.

The latest drilling program at Jason has returned strong assays including: 3.00m @ 3,221ppm pU3O8, and 6.00m @ 1,278ppm pU3O8.

Coronado Global Resources (ASX:CRN) rose 4% after reporting its quarterly production.

Group ROM coal production for the December quarter was 6.1 Mt, up 3.3% on pcp. Group Saleable production for the December quarter was 3.9 Mt, up 6.4% on pcp.

Higher production rates were realised at Curragh due to greater coal availability in accordance with the mine plan.

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap ERA Energy Resources 0.06 -12.70 2,481,150 $1,395,342,849 SMR Stanmore Resources 3.82 -6.14 2,344,015 $3,668,663,950 IEL Idp Education Ltd 20.80 -5.73 2,411,893 $6,140,096,815 GMD Genesis Minerals 1.53 -4.67 1,433,218 $1,765,279,412 BGL Bellevue Gold Ltd 1.39 -4.30 2,379,873 $1,674,600,361 LTR Liontown Resources 0.90 -3.99 32,611,153 $2,276,665,670 KAR Karoon Energy Ltd 1.79 -3.90 11,064,443 $1,490,295,381 STX Strike Energy Ltd 0.44 -3.80 13,418,713 $1,316,623,896 MPL Medibank Private Ltd 3.69 -3.66 6,705,984 $10,547,832,409 MCY Mercury NZ Limited 6.00 -3.23 2,317 $8,625,608,882 MND Monadelphous Group 13.85 -2.67 279,424 $1,384,021,454 EVN Evolution Mining Ltd 3.05 -2.56 5,642,868 $6,183,335,439 SLR Silver Lake Resource 1.15 -2.55 708,077 $1,098,324,591 NIC Nickel Industries 0.56 -2.19 7,928,407 $2,442,911,632 FRW Freightways Group Lt 7.64 -2.18 1,334 $1,395,747,116

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Energy Resources of Australia (ASX:ERA) was down -12pc today on no specific reason.

Karoon Energy (ASX:KAR) said it expects: Brazil production to be in the range of 7.2 to 9.0 million barrels (MMbbl) compared to the previous range of 8.0 to 10.0 MMbbl, due to various issues.

CY24 total production, including the Who Dat assets, to be in a range of 11.2 to 13.5 million barrels of MMboe, compared to the previous range of 12 to 14.5 MMboe.

Unit production costs for the 12 months to be in the range of US$10.5 to US$15.0 per boe, compared to the previous range of US$9.0 to US$14.0 per boe.

Viva Energy (ASX:VEA) released its Q4 FY23 trading update and unaudited FY23 financial result.

Group fuel sales volumes increased by 8.3% in Q4 compared to the pcp, led by particularly strong growth from Commercial & Industrial (C&I). For the year, fuel sales totalled 15,521 million litres, more than 5% above pre-pandemic levels.

Unaudited Group EBITDA is expected to be approximately $710 million in FY23.

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