{"id":1399,"date":"2023-11-14T05:15:26","date_gmt":"2023-11-14T05:15:26","guid":{"rendered":"https:\/\/economicherald.net\/?p=1399"},"modified":"2023-11-14T05:15:26","modified_gmt":"2023-11-14T05:15:26","slug":"asx-large-caps-commodity-stocks-push-asx-higher-telstra-down-2pc-on-expansion-plan","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=1399","title":{"rendered":"ASX Large Caps: Commodity stocks push ASX higher, Telstra down 2pc on expansion plan"},"content":{"rendered":"

ASX lifted on the back of commodities rally overnight
\nMost energy and mining stocks rose
\nTelstra down after update, mining services stock ALQ was best performer<\/p>\n

\u00a0<\/p>\n

The ASX climbed +0.9% on Tuesday on the back of a rebound in commodity prices<\/strong> overnight.<\/p>\n

Stocks tied to commodities mainly rose today, with Energy up over 2% and Mining by +1%. Utilities sector was the worst performer, down by more than 1%.<\/p>\n

Overnight, commodity prices from crude, gold, to iron prices lifted with Goldman Sachs predicting returns of 21% on commodity prices for the next 12 months, led by energy and industrial metals.<\/p>\n

Goldman believes commodities will rise as monetary policy eases, and traders buying commodities to hedge against geopolitical supply risks.<\/p>\n

\u201cOPEC meanwhile slightly raised its 2023 forecast for growth in global oil demandm and stuck to its relatively high 2024 prediction,\u201d Daniel Hynes, senior commodity analyst at ANZ told the AFR.<\/p>\n

Best large cap today was mining services stock ALS (ASX:ALQ),<\/a><\/strong> which rose 7% after a strong H1 update (see more details below).<\/p>\n

Worst performer was utilities stock Origin Energy (ASX:ORG)<\/a><\/strong>, which fell 3% on no specific news.<\/p>\n

Investors shrugged off the Westpac-Melbourne Institute consumer sentiment index<\/strong>, which has worsened by 2.6% to 79.9 in November, remaining close to its worst levels since the Covid-19 pandemic.<\/p>\n

Westpac said that 73% of the surveyed consumers see mortgage rates increasing further in the next 12 months.<\/p>\n

Elsewhere in the region, Asian stocks mostly advanced ahead of the US inflation report due later today (US time). Economists have forecast a continued overall decline in inflation, led largely by easing energy prices.<\/p>\n

\u201cPositioning is very light. An upside surprise on the core inflation could trigger more hawkish rhetoric from the Fed,\u201d Eugenia Victorino of Skandinaviska Enskilda Banken told Bloomberg.<\/em><\/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 ALQ ALS Ltd 11.53 7.96 1,218,150 $5,170,910,865 360 Life360 Inc. 8.41 6.32 570,155 $1,603,106,063 CTT Cettire 2.92 5.80 1,031,257 $1,052,217,487 BPT Beach Energy Limited 1.59 5.67 4,680,223 $3,422,000,484 PDN Paladin Energy Ltd 0.98 5.41 10,175,361 $2,759,622,368 BOE Boss Energy Ltd 4.41 4.75 2,458,639 $1,485,850,304 HLS Healius 1.84 4.39 596,800 $1,005,906,975 DEG De Grey Mining 1.19 4.39 2,301,187 $2,050,968,725 MIN Mineral Resources. 60.35 4.02 412,430 $11,324,716,553 LFG Liberty Fin Group 3.77 3.86 6,596 $1,102,808,059 S32 South32 Limited 3.18 3.76 9,173,851 $13,859,531,218 WOR Worley Limited 17.51 3.73 740,778 $8,891,562,906 KAR Karoon Energy Ltd 2.39 3.70 1,128,359 $1,302,996,021 CRN Coronado Global Res 1.56 3.65 1,537,021 $2,523,062,864 CTD Corp Travel Limited 17.92 3.64 216,279 $2,529,972,148 NIC Nickel Industries 0.80 3.57 1,400,754 $3,300,073,608 SUN Suncorp Group Ltd 13.68 3.44 1,568,303 $16,792,873,079 <\/div>\n

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

Mining services stock ALS (ASX:ALQ)<\/a><\/strong> rose after reporting a 7.4% top line increase in revenue vs pcp for H1. Bottom line statutory NPAT was $134 million, a decrease of 9.4%, impacted by the underperformance of its Nuvisan business, increased one-off items, and disposal of the Asset Care business.<\/p>\n

De Grey Mining (ASX:DEG)<\/a><\/strong> rose after announcing major extensions to its Diucon-Eagle. At Eagle, best higher grade interval includes: 38.8m @ 3.6g\/t Au in HEDD196. At Diucon Thrust, best results include: 8m @ 1.8g\/t Au.<\/p>\n

Telix Pharma (ASX:TLX)<\/a> <\/strong>was up over 1% after announcing the acquisition of QSAM Biosciences<\/strong> and its lead asset, CycloSam (Samarium-153-DOTMP)<\/strong>.<\/p>\n

QSAM is a US-based based clinical stage company developing therapeutic radiopharmaceuticals for primary and metastatic bone cancer.<\/p>\n

If the acquisition proceeds, Telix will pay a total purchase price of US$33.1 million in equity through the issue of Telix shares. Telix will also pay up to US$90 million in contingent clinical and commercial milestone payments in cash or equity (at Telix\u2019s election).<\/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 APM APM Human Services 1.41 -8.60 4,893,710 $1,412,460,197 MCY Mercury NZ Limited 5.43 -4.23 10,582 $7,888,258,445 MEZ Meridian Energy 4.58 -3.17 45,226 $5,989,951,711 NAB National Aust. Bank 27.99 -3.17 4,645,725 $90,426,623,990 ORG Origin Energy 8.53 -2.85 25,068,963 $15,125,724,551 SIQ Smartgrp Corporation 8.55 -2.62 249,780 $1,166,305,954 TUA Tuas Limited 2.24 -2.61 205,685 $1,069,407,818 LOV Lovisa Holdings Ltd 19.03 -2.31 443,845 $2,136,812,608 SKC Skycity Ent Grp Ltd 1.67 -2.20 456,508 $1,296,149,881 ELD Elders Limited 7.16 -2.05 1,000,384 $1,143,843,756 IFT Infratil Limited 9.52 -1.96 26,285 $8,077,651,774 TLS Telstra Group 3.89 -1.65 16,346,993 $45,639,988,044 TAH TABCORP Holdings Ltd 0.78 -1.58 2,215,000 $1,803,104,681 <\/div>\n

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

Telstra (ASX:TLS)<\/a><\/strong> was down almost 2% after the telco said that five new major routes will be built as part of its Intercity Fibre project<\/strong>, as well as an expansion of fibre connections across WA\u2019s Pilbara region. Detailed planning has commenced, including connecting into Darwin from Adelaide, which will begin construction in 2025.<\/p>\n

Telstra forecast that funding for the project would come at the top end of the previously announced guidance of between $1.4 to $1.6 billion.<\/p>\n

\u201cConnectivity will continue to play a key role in our economy and there is enormous potential for digital technologies to rewrite Australia\u2019s growth equation,\u201d said Telstra CEO, Vicki Brady.<\/p>\n

Meridian Energy (ASX:MEZ)<\/a><\/strong> fell after providing its monthly operations report. Highlights include: national hydro storage decreased from 116% to 100% of historical average. South Island storage decreased to 99% of average, and North Island storage increased to 106% of average by 10 November.<\/p>\n

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

The post ASX Large Caps: Commodity stocks push ASX higher, Telstra down 2pc on expansion plan<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

ASX lifted on the back of commodities rally overnight Most energy and mining stocks rose Telstra down after update, mining services stock ALQ was best [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":1400,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nASX Large Caps: Commodity stocks push ASX higher, Telstra down 2pc on expansion plan - 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=1399\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASX Large Caps: Commodity stocks push ASX higher, Telstra down 2pc on expansion plan - 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