ASX closed higher after rallies in Harvey Norman, Star Casino stocks
Bitcoin jumped to US$62k
US inflation data due later tonight, will signal if bull market is over
The ASX 200 swung to a higher close on Thursday, up +0.5%, after opening the session in the red.
Consumer Discretionary and Staples led other sectors after earnings reports from Harvey Norman and Star Casino – see details below.
Energy related stocks also climbed despite crude prices slipping by half a percent overnight.
Bitcoin meanwhile is edging closer to its all-time high of around US$69k after it jumped to US$62k, at the time of writing. Earlier, it moved above US$63k on some crypto exchanges.
“If the current momentum continues, we expect that Bitcoin could beat the previous all-time high in a matter of weeks,” says Nigel Green of de Vere Group.
Across the region, Asian stock markets were mixed ahead of the all-crucial CPI data later today (Friday AM AEDT).
The market is bracing for the possibility of a higher than expected PCE (Personal Consumption Expenditures) Index, the Fed Reserve’s preferred inflation gauge. Some analysts say a bad reading would signal an end to the bull market we’ve had since the start of the year.
Treasury yields have declined in the past few days, signally that the market is betting on a soft reading.
“The recent data is ‘noise’ and should be ignored outside of its impact for very short-term market movements,” Chris Zaccarelli of Independent Advisor Alliance told Bloomberg.
“We are more interested in the PCE data.”
BIG CAP WINNERS
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Code Name Price % Change Volume Market Cap MAQ Macquarie Technology 78.170 9.789 57,460 $1,733,311,882 SGR The Star Ent Grp 0.518 7.813 25,805,344 $1,376,966,821 RHC Ramsay Health Care 54.900 7.248 1,240,510 $11,744,761,730 PNV Polynovo Limited 2.240 5.164 2,151,118 $1,470,195,760 OCL Objective Corp 13.680 4.989 34,369 $1,240,609,962 CNI Centuria Capital 1.630 4.823 770,303 $1,256,289,551 AD8 Audinate Group Ltd 22.800 4.683 173,223 $1,810,110,448 BGL Bellevue Gold Ltd 1.520 4.467 3,152,836 $1,713,032,393 SDR Siteminder 5.350 4.289 5,054,846 $1,421,349,124 S32 South32 Limited 2.940 4.255 25,801,134 $12,772,509,162 HVN Harvey Norman 4.940 4.219 7,813,109 $5,906,071,540 WOR Worley Limited 16.755 4.068 979,710 $8,480,729,788 DDR Dicker Data Limited 12.570 3.799 565,698 $2,183,305,627 SLX Silex Systems 4.950 3.774 759,756 $1,125,462,778
Harvey Norman (ASX:HVN) says H1 EBITDA declined by 31.8% to $473 million, while Profit before tax (PBT) was 29.5% lower to $303.8 million. Interim dividend per share was declared at $0.10, down 23% from the pcp.
Star Entertainment Group (ASX:SGR) says its H1 FY24 revenue and earnings are broadly consistent with commentary provided at the AGM. Normalised EBITDA was $114 million, and NPAT for the half was $9 million, up 100% from the pcp. Priorities for the rest of the year include executing against the Remediation Plan, and demonstrating to regulators that The Star is capable of returning to suitability.
Xero (ASX:XRO) has today announced its FY25-27 strategy, which includes aspirations for future growth. The company stated 4 goals for FY25-FY27: Win the 3 x 3 – core accounting, payments and payroll market, a winning go-to market playbook, focused bets to win the future, and unleash Xero to win. ““Our strategy is simple, focused, and purpose driven,” said CEO Sukhinder Singh Cassidy.
Ramsay Health Care (ASX:RHC)’s NPAT for H1 declined by 23% vs pcp to $140.4m. In terms of outlook, Ramsay continues to expect further growth in earnings. For the full year of FY24, Ramsay expecs mid single digit top line growth.
BIG CAP LOSERS
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Code Name Price % Change Volume Market Cap ZIM Zimplats Holding Ltd 16.06 -6.14 54,342 $1,841,680,174 BFL Bsp Financial Group 6.48 -5.95 13,104 $3,219,145,655 NEC Nine Entertainment 1.72 -4.44 5,149,874 $2,919,969,092 RMD ResMed Inc. 26.72 -4.33 2,758,643 $17,277,464,763 ERA Energy Resources 0.05 -4.17 1,013,312 $1,063,118,361 JLG Johns Lyng Group 6.33 -3.88 1,272,648 $1,828,409,532 GMD Genesis Minerals 1.53 -2.86 4,097,363 $1,767,045,004 LNW Light & Wonder Inc. 150.87 -2.63 111,872 $2,407,544,022 HLI Helia Group Limited 4.11 -2.38 2,219,632 $1,266,387,724 LFG Liberty Fin Group 3.91 -2.25 125,857 $1,215,215,492 MCY Mercury NZ Limited 6.28 -2.18 12,427 $8,931,678,874 PPT Perpetual Limited 23.85 -2.09 379,067 $2,763,265,541 VUK Virgin Money Uk PLC 3.04 -1.94 713,829 $2,028,501,641 MPL Medibank Private Ltd 3.59 -1.91 3,856,650 $10,079,651,858 LYC Lynas Rare Earths 5.87 -1.76 2,265,969 $5,580,125,186 FPH Fisher & Paykel H. 23.05 -1.66 184,834 $13,688,108,706
The post ASX Large Caps: Star, Harvey Norman, Bitcoin rally; but CPI tonight will decide if correction is coming appeared first on Stockhead.
