{"id":1195,"date":"2023-11-09T05:15:35","date_gmt":"2023-11-09T05:15:35","guid":{"rendered":"https:\/\/economicherald.net\/?p=1195"},"modified":"2023-11-09T05:15:35","modified_gmt":"2023-11-09T05:15:35","slug":"asx-large-caps-xero-slumps-13pc-nab-issues-a-warning-while-china-is-back-to-deflation","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=1195","title":{"rendered":"ASX Large Caps: Xero slumps 13pc, NAB issues a warning, while China is back to deflation"},"content":{"rendered":"

ASX closed modestly higher as stocks were up across the board
\nXero slumped 13pc, despite delivering strong half-year results
\nOptus CEO can\u2019t explain in layman terms the root cause of yesterday\u2019s outage<\/p>\n

\u00a0<\/p>\n

The ASX rose by 0.2% on Thursday, as stocks rose across the board.<\/p>\n

Traders assessed overnight\u2019s remarks by Fed Chair Jerome Powell<\/strong>, who offered few clues on monetary policy despite his colleagues saying that sticky inflation will see the Fed keep rates higher for longer.<\/p>\n

A couple of releases by the ABS today also boosted market confidence.<\/p>\n

First, the number of Aussie payroll jobs in mid-October was up slightly by 0.2% over the month, versus +0.1% the month before.<\/p>\n

Separately, the ABS also said 10 of the 13 selected industries reported rises in business turnover in September. Sales turnover for the Information Media and Telecommunications industry was the highest, while Mining recorded the second largest rise.<\/p>\n

On the ASX, the Tech sector suffered a 3% slump after a 13% drop for sector leader Xero (ASX:XRO) <\/a><\/strong>\u00a0(more details below).<\/p>\n

Lithium miners like Pilbara Minerals (ASX:PLS)<\/a><\/strong> and Lynas (ASX:LYC)<\/a><\/strong> advanced, along with market darling Neuren Pharma (ASX:NEU)<\/a><\/strong>, which rose 3%.<\/p>\n

Meanwhile, Optus CEO Kelly Bayer Rosmarin<\/strong>\u00a0faces growing pressure to explain the root cause of the outage yesterday. Rosmarin said it was difficult to explain in layman terms what the cause was, as it was of such complexity that \u201cthere\u2019s no soundbite that\u2019s going to do it justice\u201d.<\/p>\n

Regionally, Asian shares mainly gained, but Chinese equities fluctuated following data showing the country could be sliding back into deflation.<\/p>\n

China\u2019s CPI<\/strong> dipped 0.2% in October compared with a year earlier, according to an official report released today.<\/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 NWH NRW Holdings Limited 0.03 3.43 807,073 $1,120,324,316 SQ2 Block 0.81 2.75 123,782 $2,664,379,794 S32 South32 Limited 0.03 2.73 10,194,185 $14,085,994,146 ORI Orica Limited 0.15 2.46 1,610,170 $6,859,702,863 VEA Viva Energy Group 0.03 2.42 4,538,766 $4,462,640,454 AUB AUB Group Ltd 0.28 2.41 147,067 $2,967,061,819 GNC GrainCorp Limited 0.07 2.35 335,310 $1,624,199,858 ORG Origin Energy 0.09 2.29 30,031,793 $15,056,814,645 GNE Genesis Energy Ltd 0.02 2.28 32,604 $2,353,462,215 VUK Virgin Money Uk PLC 0.03 2.27 885,565 $2,077,597,115 CSL CSL Limited 2.53 2.23 502,085 $119,727,619,850 ORA Orora Limited 0.03 2.22 2,381,375 $3,331,879,849 CQR Charter Hall Retail 0.03 2.19 592,557 $1,854,122,453 FBU Fletcher Building 0.04 2.17 236,824 $3,249,630,923 NHF NIB Holdings Limited 0.07 2.04 482,897 $3,448,050,496 NEU Neuren Pharmaceut. 0.13 1.98 725,857 $1,633,962,877 <\/div>\n

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

Origin Energy (ASX:ORG)<\/a><\/strong> rose 1.5% after the influential proxy voting firm, CGI Glass Lewis, said it backed \u00a0the near-$20 billion takeover proposal of Origin by a Brookfield-led consortium (as reported by the AFR<\/em>).<\/p>\n

Earlier, Origin\u2019s largest shareholder, AustralianSuper, had knocked back the consortium\u2019s best offer of $9.53 a share.<\/p>\n

Investment management firm Challenger (ASX:CGF)<\/a><\/strong>\u00a0was up 2% after announcing that it has expanded its strategic relationship with Apollo Global Management (NYSE:APO) to support its growth strategy.<\/p>\n

Under the expanded relationship, Challenger and Apollo have formed an origination partnership and a representative from Apollo, Lisa Gray, will be appointed to the Challenger Board. Gray brings over 30 years\u2019 experience across private and public sector businesses.<\/p>\n

Commercial blasting systems company Orica (ASX:ORI)<\/a><\/strong> rose after declaring statutory NPAT for the full year FY23 of $295.7 million, versus pcp of $60.1m. This includes $73.3 million of significant items expenses after tax.<\/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 XRO Xero Ltd 98.94 -13.76 1,153,487 $17,376,415,728 HLS Healius 1.84 -6.94 1,578,222 $1,128,439,553 NEM Newmont Corporation 53.51 -4.29 1,319,383 $19,109,624,881 CEN Contact Energy Ltd 7.11 -4.05 606 $1,886,187,594 BOE Boss Energy Ltd 4.15 -3.94 2,002,623 $1,524,672,996 EMR Emerald Res NL 2.60 -3.89 1,298,290 $1,678,552,362 DHG Domain Holdings Aus 3.48 -3.74 661,614 $2,280,282,322 RED Red 5 Limited 0.32 -3.73 8,348,943 $1,159,833,399 RMD ResMed Inc. 23.03 -3.38 4,536,235 $13,494,745,509 JDO Judo Cap Holdings 0.90 -3.23 380,623 $1,031,649,775 STX Strike Energy Ltd 0.38 -3.16 2,035,581 $1,003,022,467 CRN Coronado Global Res 1.61 -3.01 1,605,104 $2,782,913,192 ZIM Zimplats Holding Ltd 20.40 -2.86 3,943 $2,260,390,629 CTT Cettire 2.84 -2.74 467,361 $1,113,215,602 <\/div>\n

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

Xero (ASX:XRO)<\/a><\/strong> was the worst performing large cap today, down 13% despite delivering strong operating results for the half year.<\/p>\n

Xero\u2019s operating revenue was up 21% on pcp to $799.5 million, which supported a 90% increase in EBITDA to $206.1 million. Free cash flow increased to $106.7 million, representing a free cash flow margin of 13.3% compared to 2.4% in the pcp.<\/p>\n

Xero\u2019s net profit meanwhile increased to $54.1 million compared to a net loss of $16.1 million in H1 FY23.<\/p>\n

National Australia Bank (ASX:NAB)<\/a><\/strong> fell -0.7% after it reported a $7.7bn increase (or +8.8%) in full-year cash earnings despite warning a more \u201cchallenging environment\u201d is to come.<\/p>\n

\u201cOur message to people struggling with the increase in cost of living is: We\u2019re here to help \u2013 please call us early,\u201d said NAB\u2019s CEO, Ross McEwan.<\/p>\n

<\/span><\/p>\n

The post ASX Large Caps: Xero slumps 13pc, NAB issues a warning, while China is back to deflation<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

ASX closed modestly higher as stocks were up across the board Xero slumped 13pc, despite delivering strong half-year results Optus CEO can\u2019t explain in layman [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":1196,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nASX Large Caps: Xero slumps 13pc, NAB issues a warning, while China is back to deflation - 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=1195\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASX Large Caps: Xero slumps 13pc, NAB issues a warning, while China is back to deflation - 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