ASX Large Caps: Shares up despite a swag of not so good data, Fed decision at 5am tomorrow

ASX closed 0.8pc higher on Wednesday
A swag of reports were released today including building approvals
Fed is in focus, with rates decision due at 5am AEDT tomorrow

The Australian stock market opened the month of November with a 0.8% rise on Wednesday. The ASX tracked major European, UK and US equities markets, which mostly closed higher overnight.

Stocks rose against a backdrop of more reports of humanitarian horror in the Israel-Hamas conflict, as well as the looming US Fed’s rates decision, which will be handed down at 5am AEDT tomorrow.

There was a swag of domestic reports released today, including September dwelling approvals, which fell 4.6% in September after rising for the first time since May in the previous month.

The ABS also released a September living costs indices report, which shows that living costs for employee households rose 2% in the September 2023 quarter, higher than the 1.5% rise in the June quarter.

In other data, Australia’s manufacturing sector further contracted at the start of Q4, according to Judo Bank PMI report.

On the ASX, the only sector in the red today was Utilities, while the best performers were Real Estate, Mining and Healthcare.

AGMs were held today for BHP, Domino’s Pizza, Megaport, Sims and Vicinity.

Elsewhere in the region, Asian stocks mainly gained.

The Japanese Yen strengthened from near its weakest level this year after its forex chief said he was ready for intervention.

Meanwhile, China’s manufacturing activity unexpectedly shrank in October, signalling a loss in the country’s economic momentum.

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap PDN Paladin Energy Ltd 1.02 7.41 21,633,890 $2,819,289,879 MAD Mader Group Limited 6.76 7.22 130,744 $1,260,000,000 BOE Boss Energy Ltd 4.53 4.86 2,017,495 $1,524,672,996 TAH TABCORP 0.81 4.52 3,724,306 $1,768,868,516 AD8 Audinate Group Ltd 13.09 4.51 77,757 $1,040,522,627 RMD ResMed Inc. 22.71 4.22 1,562,136 $11,294,327,026 NIC Nickel Industries 0.78 4.03 4,261,888 $3,192,928,361 PME Pro Medicus Limited 77.33 3.74 158,099 $7,786,096,497 AZS Azure Minerals 3.62 3.72 7,890,472 $1,555,717,697 SQ2 Block 62.93 3.66 76,585 $1,996,366,088 WPR Waypoint REIT 2.19 3.30 718,625 $1,424,251,080 CIA Champion Iron Ltd 7.35 3.23 1,069,761 $3,683,145,633 CHC Charter Hall Group 8.95 3.23 555,265 $4,100,885,715 LOV Lovisa Holdings Ltd 17.87 3.18 184,842 $1,899,876,507 ARF Arena REIT. 3.27 3.15 225,682 $1,117,589,529

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Packaging solutions company Amcor (ASX:AMC) rose 2% after delivering results in line with expectations for Q1. The company reported net sales of $3,443 million for the quarter. GAAP Net income was $152 million, while GAAP diluted earnings per share (EPS) was 10.5 cps.

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap CEN Contact Energy Ltd 7.16 -7.13 1,850 $1,962,551,464 RED Red 5 Limited 0.30 -5.47 3,316,973 $1,107,900,560 NHC New Hope Corporation 5.51 -4.51 4,036,820 $4,877,585,627 AKE Allkem Limited 9.22 -3.35 2,302,108 $6,099,125,135 BGL Bellevue Gold Ltd 1.40 -2.94 2,991,640 $1,660,313,043 GMD Genesis Minerals 1.42 -2.91 1,144,352 $1,556,610,034 DEG De Grey Mining 1.16 -2.72 1,823,487 $2,149,918,971 360 Life360 Inc. 7.55 -2.58 231,490 $1,570,679,139 NEM Newmont Corporation 59.07 -2.22 151,103 $21,304,422,695 HVN Harvey Norman 3.60 -2.04 1,574,649 $4,572,844,420 IGO IGO Limited 9.34 -1.79 1,971,837 $7,201,616,902 OCL Objective Corp 10.43 -1.70 20,544 $1,009,929,465 WHC Whitehaven Coal 7.28 -1.62 4,906,149 $6,190,845,802 AWC Alumina Limited 0.77 -1.60 5,188,527 $2,263,311,505 YAL Yancoal Aust Ltd 4.76 -1.55 2,499,116 $6,377,722,481 LTR Liontown Resources 1.59 -1.55 5,606,147 $3,872,103,716

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Janus Henderson (ASX:JHG) fell -2% ahead of its earnings report.

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