{"id":2282,"date":"2023-11-27T05:12:37","date_gmt":"2023-11-27T05:12:37","guid":{"rendered":"https:\/\/economicherald.net\/?p=2282"},"modified":"2023-11-27T05:12:37","modified_gmt":"2023-11-27T05:12:37","slug":"asx-large-caps-asx-down-as-miners-slip-igo-confirms-new-ceos-start-date-after-investigation","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=2282","title":{"rendered":"ASX Large Caps: ASX down as miners slip, IGO confirms new CEO\u2019s start date after investigation"},"content":{"rendered":"

ASX closes lower despite a positive open
\nMiners drop, while QBE and NRW rose on updates
\nIGO confirmed the hiring of Ivan Vella as CEO after investigation<\/p>\n

\u00a0<\/p>\n

The ASX200 closed -0.65% lower on Monday despite opening higher at the opening bell. On Friday, Wall Street closed mixed on a shortened trading day due to the Thanksgiving holiday season.<\/p>\n

Commodity stocks led the ASX selloff today, followed closely by Utility stocks<\/strong>, while Tech shares<\/strong>\u00a0 were the best performers.<\/p>\n

Amongst losers today were heavyweights BHP (ASX:BHP)<\/a><\/strong> and Fortescue Metals (ASX:FMG)<\/a><\/strong>, which lost over 1% each as iron ore futures dipped in Singapore.<\/p>\n

Oil prices<\/strong> meanwhile steadied in Asian hours today after a 3-day drop, signalling market\u2019s belief that OPEC+ may deepen its production cuts when the cartel meets online this Thursday.<\/p>\n

Traders\u2019s eyes were also on the ongoing Black Friday<\/strong> and Cyber Monday<\/strong> for any signs of a pullback in consumer demand.<\/p>\n

On the geopolitical front, there\u2019s a growing call to extend the temporary truce between Israel and Hamas as hostages continue to get released.<\/p>\n

Across the region, Asian stocks rose slightly today after profits at China\u2019s big industrial companies<\/strong> continued to improve in October, by 2.7% from a year earlier, thanks to Beijing\u2019s efforts to stimulate domestic demand.<\/p>\n

Meanwhile, most experts believe the US dollar<\/strong> will \u201cremain heavy\u201d this week.<\/p>\n

\u201cThe backdrop of low volatility and expectations for a soft landing in the US economy supports portfolio capital flows into emerging markets,\u201d said Joseph Capurso, a Commonwealth Bank of Australia strategist.<\/p>\n

The Aussie dollar has appreciated beyond ~US65.70c and is now trading at ~US65.77c.<\/p>\n

Looking ahead to the rest of the week, Tuesday\u2019s Australian October retail sales<\/strong> and Wednesday\u2019s CPI report<\/strong> will be the focus for local investors.<\/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

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Code Name Price % Change Volume Market Cap BKL Blackmores Limited 93.77 22.11 554,308 $1,493,614,262 MCY Mercury NZ Limited 5.87 4.82 2,225 $7,766,040,128 AKE Allkem Limited 11.85 4.59 3,026,235 $7,224,666,114 KLS Kelsian Group Ltd 6.005 3.53 427,275 $1,557,857,287 RRL Regis Resources 2.195 2.57 1,959,100 $1,615,755,480 NAN Nanosonics Limited 5.64 2.36 884,854 $1,665,729,764 IFT Infratil Limited 8.72 2.35 21,860 $6,168,340,119 PNV Polynovo Limited 1.675 2.13 677,543 $1,131,981,712 WHC Whitehaven Coal 7.3 2.10 2,728,785 $6,358,152,951 IMD Imdex Limited 2.2 1.85 1,137,105 $1,091,782,025 IRE IRESS Limited 10.19 1.80 367,758 $1,869,762,635 CMM Capricorn Metals 4.59 1.77 601,822 $1,694,669,369 <\/div>\n

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

QBE Insurance (ASX:QBE)<\/a><\/strong> was up 1% after reporting its Q3 FY23 results.<\/p>\n

QBE\u2019s September quarter gross written premium (GWP) grew 7% year-on-year, while year-to-date GWP rose 11% on a constant currency basis.<\/p>\n

The insurer has retained its FY23 10% GWP growth guidance, and estimated $950m in catastrophe costs in the year to October, against $1.3 billion anticipated for FY23.<\/p>\n

On the investments side, despite weaker risk asset performance, QBE produced strong fixed income returns. Total investment FUM for Q2 meanwhile was $28.2b. During the third quarter, the net impact from asset liability management activities was broadly neutral.<\/p>\n

Diversified company, NRW Holdings (ASX:NWH)<\/a><\/strong> was up 0.5% after reporting that its subsidiary, Golding Contractors, has secured a $245m four-year extension to a south east Queensland mining contract with CS Energy subsidiary, Aberdare Collieries.<\/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

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Code Name Price % Change Volume Market Cap GMD Genesis Minerals 1.79 5.31 1,961,832 $1,830,409,870 RMS Ramelius Resources 1.58 3.77 2,112,285 $1,732,626,646 BFL Bsp Financial Group 5.45 2.83 1,060 $2,476,265,889 IRE IRESS Limited 6.03 2.73 195,334 $1,096,454,212 HGH Heartland Group 1.51 2.72 1,375 $1,051,439,947 MAQ Macquarie Technology 64.45 2.59 5,403 $1,529,306,916 TNE Technology One 15.37 2.47 507,606 $4,885,144,080 VEA Viva Energy Group 3.11 2.14 1,558,601 $4,694,265,391 WTC Wisetech Global Ltd 65.41 2.12 266,466 $21,348,844,325 OCL Objective Corp 11.21 1.91 9,691 $1,047,258,476 NWL Netwealth Group 14.48 1.86 107,826 $3,467,614,547 EMR Emerald Res NL 2.52 1.82 731,873 $1,537,639,395 ELD Elders Limited 7.39 1.79 272,437 $1,136,019,927 ZIM Zimplats Holding Ltd 20.65 1.72 1,566 $2,185,044,275 <\/div>\n

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

Lithium miner, IGO Ltd (ASX:IGO<\/a><\/strong>) fell over 2% after confirming that Ivan Vella will commence as IGO\u2019s Managing Director and CEO on 11 December.<\/p>\n

The decision came after IGO completed an investigation of the circumstances that led to the firing of Vella from Rio Tinto (ASX:RIO)<\/a> a fortnight ago.<\/p>\n

Rio had apparently fired Vella as head of its aluminium division on November 15th because of his \u201cfailure\u201d to keep confidential information secret.<\/p>\n

\u201cThrough this review, we understand that during his handover process not all appropriate procedure was followed in relation to confidential information under his control, and Ivan has accepted accountability for this policy breach,\u201d said the release from IGO.<\/p>\n

\u201cBased on what is known, no information was compromised as a result of his actions.\u201d<\/p>\n

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

The post ASX Large Caps: ASX down as miners slip, IGO confirms new CEO\u2019s start date after investigation<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

ASX closes lower despite a positive open Miners drop, while QBE and NRW rose on updates IGO confirmed the hiring of Ivan Vella as CEO [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":2283,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nASX Large Caps: ASX down as miners slip, IGO confirms new CEO\u2019s start date after investigation - 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=2282\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASX Large Caps: ASX down as miners slip, IGO confirms new CEO\u2019s start date after investigation - 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