ASX Large Caps: ASX200 touches record high; Megaport, Nickel Industries skyrocket after updates

ASX 200 briefly touches all time highs
Tech stocks led the rally, with Megaport up 30pc
Nickel Industries also up over 20pc on record production

 

The ASX200 advanced again on Tuesday, up by +0.25% as it briefly touched an all time high before pulling back slightly.

Tech stocks led the rally, tracking a similar rally on the Nasdaq overnight ahead of key quarterly updates from five of the “Magnificent Seven” tech stocks this week.

Energy stocks were mainly lower today after crude prices slumped by over -1% overnight. The next focus here will be on what President Joe Biden will do in response to the deadly attack on US forces in Jordan yesterday.

Traders will also be keeping one eye on the Fed interest rates decision on Thursday AEDT, but the overwhelming consensus here is that rates will be held steady this time around.

Another thing that kept the market bullish today was BlackRock issuing an ‘overweight’ rating on US stocks from the previous ‘neutral’ rating.

Meanwhile, Australian December’s retail sales fell 2.7% from November, a much higher drop than the -1.9% consensus forecast as consumers cut back on spending before Christmas.

“The large fall in retail turnover in December was caused by a fall in discretionary spending,” said ABS head of retail statistics, Ben Dorber.

Across the region, Asian stock markets were predominantly in the red today, weighed by the liquidation of Chinese property giant, Evergrande.

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap MP1 Megaport Limited 12.47 27.51 3,224,365 $1,556,240,642 NIC Nickel Industries 0.73 21.25 27,019,680 $2,571,485,928 GOR Gold Road Res Ltd 1.53 9.86 13,640,970 $1,508,275,730 SQ2 Block 104.25 6.42 110,070 $3,424,808,752 LTR Liontown Resources 1.02 6.28 14,985,912 $2,312,995,441 DYL Deep Yellow Limited 1.42 5.60 3,969,406 $1,024,629,614 LTM Arcadium Lithium PLC 8.08 5.35 1,611,323 $4,161,835,758 PNV Polynovo Limited 1.90 3.83 1,582,621 $1,263,125,934 CHC Charter Hall Group 12.03 3.80 1,218,280 $5,482,037,536 CMW Cromwell Prop 0.42 3.75 1,569,749 $1,047,546,680 JDO Judo Cap Holdings 1.17 3.54 1,249,088 $1,253,509,941 SFR Sandfire Resources 7.10 3.50 1,245,810 $3,134,967,891 ASK Abacus Storage King 1.10 3.29 674,355 $1,399,519,655 NEU Neuren Pharmaceut. 23.91 3.24 370,942 $2,947,473,056

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Megaport (ASX:MP1) skyrocketed 30% today after a solid December update.

The data centre and network services company reported total revenue for the Q2 of $48.6m, which was 5% higher compared to Q1.

Q2 Annual Recurring Revenue was $191.7m in December 2023, up 1% QoQ, which was negatively impacted by currency headwinds. The strong turnaround in profitability saw Megaport deliver positive EBITDA of $15.1m for Q2, flat QoQ.

Indonesian nickel producer, Nickel Industries (ASX:NIC), soared 22% higher as the miner and processor of nickel pig iron, matte and mixed hydroxide product reported record rotary kiln electric furnace production of 34,450t in the September quarter, generating record EBITDA of US$135.4m.

That will see it lift its final dividend by 25% to 2.5c a share ($107.25m), with an on market share buyback to deliver up to a further US$100m ($151.2m Australian) into the pockets of shareholders.

Read more: While nickel miners are asking for tax breaks, this one’s upping its payouts

Ramelius Resources (ASX:RMS) reported quarterly gold production of 68,524 ounces at an AISC of $1,837/oz, which is at the upper end of guidance (60,000 – 70,000 ounces).

Full year FY24 guidance has been increased to 265,000 – 280,000 ounces (previous Guidance was 250,000 – 275,000 ounces).

Sandfire Resources (ASX:SFR) generated unaudited, preliminary group sales revenue of ~$217m and underlying Group EBITDA of ~$134m in H1 FY24.

The company says it remains on track to increase Group copper equivalent (CuEq) production by more than 50% over the two years to the end of FY25, while Group cost and capital expenditure guidance for FY24 was retained.

Silver Lake Resources (ASX:SLR) reported quarterly production of 56,629 ounces gold and 236 tonnes copper (57,507 ounces gold equivalent ) with sales of 57,360 ounces gold and 239 tonnes copper at an average sales price of $3,025/oz and AISC of $1,868/oz.

The company has maintained its FY24 group sales guidance of 210,000 to 230,000 ounces at an AISC of $1,850 to $2,050 per ounce.

Toll road operator, Atlas Arteria (ASX:ALX), said for the 12 months ending 31 December, weighted average traffic was 3.3% higher than 2022, and weighted average toll revenue was 6.9% higher.

This reflects strong traffic performance in France and toll increases implemented across the APRR, AREA, ADELAC, Warnow Tunnel and Chicago Skyway businesses.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap NWL Netwealth Group 16.49 -4.90 499,579 $4,231,417,048 MAD Mader Group Limited 6.33 -4.81 707,340 $1,330,000,000 AWC Alumina Limited 1.13 -3.00 8,561,408 $3,380,458,851 PPT Perpetual Limited 25.04 -2.44 462,873 $2,910,730,450 QBE QBE Insurance Group 15.39 -2.41 2,083,286 $23,559,044,439 SUN Suncorp Group Ltd 13.87 -2.39 2,271,198 $18,050,433,166 AMP AMP Limited 0.94 -2.34 8,497,501 $2,631,437,668 STX Strike Energy Ltd 0.43 -2.27 6,488,543 $1,259,379,378 LYC Lynas Rare Earths 5.83 -2.27 1,937,412 $5,570,778,243 IPH IPH Limited 6.78 -2.16 303,302 $1,704,665,953 HUB HUB24 Ltd 37.07 -2.11 135,161 $3,075,744,178 CRN Coronado Global Res 1.63 -2.11 2,204,595 $2,782,913,192 EMR Emerald Res NL 3.34 -2.05 2,200,114 $2,132,245,645 CPU Computershare Ltd 25.16 -2.01 501,268 $15,354,214,705 NCK Nick Scali Limited 12.43 -1.97 195,143 $1,027,080,000 ALQ ALS Ltd 12.43 -1.89 661,915 $6,134,404,556 MEZ Meridian Energy 5.21 -1.88 10,727 $6,722,855,961 EVT EVT Limited 12.51 -1.88 80,464 $2,069,010,802

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Labour services company, Mader Group (ASX:MAD), dropped -4% despite delivering another record quarterly revenue for the Group, closing Q2 with revenue of $189.3m, an increase of 31% vs the pcp.

The company says given macro-economic conditions and demand for services in multiple industries globally, Mader reaffirms its confidence in delivering FY24 revenue of at least $770m and NPAT of at least $50m.

Hotels software company, Siteminder (ASX:SDR), fell after releasing a H1 trading update.

Revenue increased 27.9% y/y to $91.7m for H1, while annualised recurring revenue (ARR) increased 27.2% y/y to $182.5m.

The company says its growth guidance is unchanged, as it continues to target organic revenue growth of 30% in the medium term.

Siteminder also expects to be underlying EBITDA profitable and underlying FCF positive for H2FY24.

 

The post ASX Large Caps: ASX200 touches record high; Megaport, Nickel Industries skyrocket after updates appeared first on Stockhead.

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