{"id":1049,"date":"2023-11-08T05:31:11","date_gmt":"2023-11-08T05:31:11","guid":{"rendered":"https:\/\/economicherald.net\/?p=1049"},"modified":"2023-11-08T05:31:11","modified_gmt":"2023-11-08T05:31:11","slug":"asx-large-caps-telstra-tpg-jump-after-optus-debacle-james-hardie-surges-13pc-on-q2-update","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=1049","title":{"rendered":"ASX Large Caps: Telstra, TPG jump after Optus debacle; James Hardie surges 13pc on Q2 update"},"content":{"rendered":"

Telco stocks like Telstra and TPG jumped after Optus outage
\nMining, oil stocks fell as iron ore and crude prices slumped overnight
\nJames Hardie surged 13pc on Q2 update<\/p>\n

\u00a0<\/p>\n

The ASX rose by 0.2% on Wednesday, boosted by rallies in Tech<\/strong> and Comm Services<\/strong> stocks.<\/p>\n

Headline news today should have been was all about Glenn Maxwell the nationwide outage of Optus<\/strong>, which is the second biggest network in the country.<\/p>\n

While investigations are still ongoing, unlisted Optus (which is owned by Singpore\u2019s SingTel), has ruled out cyberattack as the root cause.<\/p>\n

\u201cThis is a very, very rare occurrence and when I have more information about the root cause I will be the first to let all our customers know,\u201d said Optus CEO, Kelly Bayer Rosmarin.<\/p>\n

At the time of writing, some Optus services for both fixed lines and mobile are gradually being restored.<\/p>\n

Telstra (ASX:TLS)<\/a><\/strong> rose 2%, while TPG Telecom (ASX:TPG)<\/a><\/strong> rose 1.5% after the incident.<\/p>\n

Tech stocks also rallied after Nasdaq notched its eighth straight day of gains overnight, with the Magnificent Seven<\/strong> stocks all advancing and pacing the session.<\/p>\n

Main ASX gainers here were Wisetech (ASX:WTC)<\/a><\/strong> and Altium (ASX:ALU)<\/a><\/strong>.<\/p>\n

Iron ore and oil stocks meanwhile were down after iron ore prices slumped overnight on weak Chinese data, and crude prices tumbled by over -4%.<\/p>\n

Main losers in this sector today were BHP (ASX:BHP)<\/a><\/strong>, which was down almost 3% and Fortescue (ASX:FMG)<\/a><\/strong> which slipped 2%.<\/p>\n

Elsewhere in the region, Asian stocks traded in mixed territories as analysts said oil demand outlook in China, the world\u2019s biggest importer, is waning.<\/p>\n

Looking ahead tonight, Fed Reserve Jerome Powell is scheduled to give a speech.<\/p>\n

\u00a0<\/p>\n

BIG CAP WINNERS<\/h2>\n

Swipe or scroll to reveal the full table. Click headings to sort.<\/em><\/p>\n

<\/div>\n
Code Name Price % Change Volume Market Cap JHX James Hardie Indust 46.71 13.13 1,664,338 $18,075,640,481 RHC Ramsay Health Care 53.31 4.01 482,289 $11,758,527,811 YAL Yancoal Aust Ltd 4.72 3.28 2,026,596 $6,034,408,227 CWY Cleanaway Waste Ltd 2.51 2.87 3,025,539 $5,437,380,139 SQ2 Block 79.21 3.02 122,628 $2,597,491,598 CEN Contact Energy Ltd 7.41 4.37 3,396 $1,807,278,261 MP1 Megaport Limited 10.38 2.77 294,969 $1,606,538,461 MAD Mader Group Limited 6.84 3.48 41,175 $1,322,000,000 ABC Adbri Limited 2.04 3.30 207,212 $1,287,059,200 JDO Judo Cap Holdings 0.93 2.76 105,980 $1,003,917,254 PNV Polynovo Limited 1.37 3.58 699,744 $914,558,395 <\/div>\n

WordPress Tables Plugin<\/a><\/p>\n

James Hardie (ASX:JHX)<\/a><\/strong> was the best performing large cap, up 13%, after reporting record Q2 global Adjusted EBITDA of US$285.5 million, with an EBITDA margin of 28.6%. The company also reported record first half operating cash flow of US$459.1 million, up 74% on pcp.<\/p>\n

Magellan Financial (ASX:MFG)<\/a><\/strong> was up 0.4% after hosting its AGM. A report by the AFR said proxy votes on its remuneration report showed that 58% of shareholders voted against it.<\/p>\n

\u00a0<\/p>\n

BIG CAP LOSERS<\/h2>\n

Swipe or scroll to reveal the full table. Click headings to sort.<\/em><\/p>\n

<\/div>\n
Code Name Price % Change Volume Market Cap S32 South32 Limited 3.10 -4.62 17,736,516 $14,720,090,346 NEM Newmont Corporation 56.02 -4.47 1,329,626 $20,042,718,709 CMM Capricorn Metals 4.64 -4.13 551,597 $1,819,637,567 CIA Champion Iron Ltd 7.60 -3.25 1,916,719 $4,060,771,520 AWC Alumina Limited 0.75 -3.23 10,623,918 $2,248,803,098 CRN Coronado Global Res 1.66 -3.21 3,714,888 $2,875,118,147 DEG De Grey Mining 1.18 -3.09 2,346,181 $2,185,900,878 GOR Gold Road Res Ltd 1.85 -2.89 1,847,188 $2,056,681,278 RRL Regis Resources 1.78 -2.86 2,224,511 $1,386,046,713 MCY Mercury NZ Limited 5.52 -2.82 3,258 $7,902,170,718 IGO IGO Limited 9.35 -2.50 2,563,216 $7,262,198,327 KAR Karoon Energy Ltd 2.34 -2.50 3,235,204 $1,359,648,022 BHP BHP Group Limited 44.52 -2.28 5,587,330 $230,931,784,696 HLI Helia Group Limited 3.76 -2.21 422,608 $1,180,836,833 RIO Rio Tinto Limited 119.28 -2.08 882,830 $45,217,847,027 SIQ Smartgrp Corporation 8.82 -2.00 208,938 $1,195,530,021 BGL Bellevue Gold Ltd 1.39 -1.94 4,076,522 $1,625,842,876 MEZ Meridian Energy 4.55 -1.94 28,296 $5,875,978,000 <\/div>\n

WordPress Tables Plugin<\/a>
\n<\/span><\/p>\n

The post ASX Large Caps: Telstra, TPG jump after Optus debacle; James Hardie surges 13pc on Q2 update<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Telco stocks like Telstra and TPG jumped after Optus outage Mining, oil stocks fell as iron ore and crude prices slumped overnight James Hardie surged [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":1050,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nASX Large Caps: Telstra, TPG jump after Optus debacle; James Hardie surges 13pc on Q2 update - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=1049\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASX Large Caps: Telstra, TPG jump after Optus debacle; 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