ASX Large Caps: Santos and Woodside ditch merger, and Cettire rockets 30pc after massive H1

Estimated read time 4 min read

ASX gained as miners and real estate stocks rally
Cettire surged by almost 30pc on H1 results
Chinese stocks on watch as President meets with regulators to discuss markets

 

The ASX gained +0.5% on Wednesday, boosted by rallies in iron ore and gold miners, as well as real estate and utility stocks.

This follows news overnight where traders parsed through comments from Fed Reserve members who basically cautioned against lowering rates too soon.

ASX lithium producers gained today, with Pilbara Minerals (ASX:PLS), Lynas (ASX:LYC) and IGO (ASX:IGO) all up by around 4% each following a commodity rally overnight.

Real estate stocks also rose today after a string of of half-year reports from listed REITs (see below).

But the main focus today was on Chinese stocks, where traders increased their bets on expectations that officials would provide more announcements to shore up the market.

Chinese stocks have been rebounding since Bloomberg reported that the nation’s regulators were planning to brief President Xi Jinping on the market.

“It gives me the impression that they are doing everything they can, apart from calling out to the market – now is the time to buy,” said Li Weiqing, fund manager at JH Investment Management Co.

Looking ahead to tonight, US-listed stocks scheduled to report earnings include: Alibaba, Arm Holdings, News Corp, PayPal, Uber and Walt Disney.

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap CTT Cettire 4.09 28.86 10,995,668 $1,208,525,157 GQG GQG Partners 2.10 6.87 3,674,515 $5,803,390,627 NCK Nick Scali Limited 14.94 6.71 991,967 $1,134,000,000 TPW Temple & Webster Ltd 9.74 6.16 369,584 $1,127,448,767 SLX Silex Systems 5.56 5.90 1,333,741 $1,238,716,894 LTR Liontown Resources 0.95 5.83 15,001,895 $2,180,885,375 ILU Iluka Resources 7.28 5.81 1,250,654 $2,931,102,238 AWC Alumina Limited 1.11 5.45 7,762,633 $3,061,273,895 CIA Champion Iron Ltd 8.17 5.28 751,751 $4,021,652,879 VUK Virgin Money Uk PLC 3.10 4.92 1,819,618 $1,930,348,336 PLS Pilbara Min Ltd 3.55 4.88 19,151,905 $10,172,001,654 LYC Lynas Rare Earths 6.09 4.28 3,203,657 $5,458,614,922 BWP BWP Trust 3.49 4.18 1,448,029 $2,151,985,740

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Global online fashion retalier, Cettire Ltd (ASX:CTT), surged 23% after gross revenue for H1 of FY24 rose by 90% to $460.5 million.

Active customers during the period increased massively by +83% to ~576,000.

the company announced bottom line statutory EBITDA of $22.4 million; and statutory NPAT of $12.8 million.

Packaging giant Amcor (ASX:AMC) rose despite announcing interim Q2 net profit of US$286m, down from $691m in pcp.

This was on the back of US$6.694b in net sales, down -9% on pcp. Amcor also declared US12.5c December quarter dividend, and an 18.98c unfranked ASX dividend.

Centuria Industrial REIT (ASX:CIP) rose after upgrading its FY24 Funds From Operations (FFO) guidance to 17.2 cents per unit (cpu), and reaffirming its FY24 distribution guidance of 16.0 cpu.

CIP says it has a strong balance sheet, with 33.7% gearing, no debt expiry until FY25, and 88% hedged debt as at 31 December 2023.

The REIt continues to have strong portfolio, with 88 assets worth $3.8bn.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap SNZ Summerset Grp Hldgs 10.33 -7.77 782 $2,623,951,478 STO Santos Ltd 7.46 -5.21 18,638,676 $25,559,973,203 CSR CSR Limited 6.53 -4.53 1,990,296 $3,265,303,735 DMP Domino Pizza Enterpr 39.81 -3.54 743,652 $3,706,620,726 PSI Psc Insurance Ltd 4.65 -3.13 205,064 $1,750,193,429 APE Eagers Automotive 14.08 -2.93 308,667 $3,725,055,945 BOE Boss Energy Ltd 5.88 -2.81 3,006,747 $2,472,346,675 GUD G.U.D. Holdings 12.02 -2.51 291,800 $1,737,231,602 AX1 Accent Group Ltd 2.10 -2.10 1,192,616 $1,204,933,839 JHX James Hardie Indust 58.42 -1.98 457,644 $25,966,871,356 CTD Corp Travel Limited 20.17 -1.90 262,512 $3,008,457,338 TUA Tuas Limited 3.11 -1.89 44,132 $1,478,420,704 CNU Chorus Limited 7.44 -1.59 298,723 $3,280,187,943 WES Wesfarmers Limited 57.19 -1.52 877,062 $65,861,674,417 BKW Brickworks Limited 28.31 -1.39 93,083 $4,376,267,166 EVT EVT Limited 12.28 -1.37 117,750 $2,020,328,195 SDR Siteminder 5.27 -1.31 436,645 $1,479,533,006 AD8 Audinate Group Ltd 15.05 -1.25 189,316 $1,266,578,661

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National Australia Bank (ASX:NAB) fell slightly after announcing Andrew Irvine as its new Group Chief Executive Officer and Managing Director.

Irvine has been NAB’s Group Executive Business and Private Banking head since 2020, and will succeed Ross McEwan on 2 April. McEwan will retire from executive roles after a distinguished career.

Prior to joining NAB, Irvine was Head of Canadian Business Banking at the Bank of Montreal (BMO). He held a range of roles at BMO over more than 12 years and previously worked for McKinsey & Company, Lycos Europe and Credit Agricole.

Santos (ASX:STO) dipped and Woodside Energy (ASX:WDS) gained 1% after confirming that discussions between Santos and Woodside regarding a potential merger have ceased.

Santos said that following an initial exchange of information, sufficient combination benefits were not identified to support a merger that would be in the best interests of Santos shareholders.

Fletcher Building (ASX:FBU) fell after releasing this statement to the ASX:

“Fletcher Building Limited is aware of a news media report stating that it is weighing up an equity raise. This is inaccurate and Fletcher Building is seeking to have the story removed.”

The post ASX Large Caps: Santos and Woodside ditch merger, and Cettire rockets 30pc after massive H1 appeared first on Stockhead.

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