{"id":2792,"date":"2023-12-06T05:01:26","date_gmt":"2023-12-06T05:01:26","guid":{"rendered":"https:\/\/economicherald.net\/?p=2792"},"modified":"2023-12-06T05:01:26","modified_gmt":"2023-12-06T05:01:26","slug":"asx-large-caps-asx-up-almost-2pc-as-iron-ore-lithium-miners-jump-evolution-mining-down-14pc","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=2792","title":{"rendered":"ASX Large Caps: ASX up almost 2pc as iron ore, lithium miners jump; Evolution Mining down 14pc"},"content":{"rendered":"

ASX rebounded on Wednesday on conviction rates will not rise any higher
\nIron ore, lithium stocks rise
\nEndeavour Group, HCM Capital and Magellan were best performers<\/p>\n

\u00a0<\/p>\n

The ASX 200 bounced back hard from yesterday\u2019s losses as it closed Wednesday 1.7% higher.<\/p>\n

All 11 sectors rose, led by Real Estate<\/strong> and Staples<\/strong> with Info Tech<\/strong> not far behind.<\/p>\n

Local traders are parsing through RBA governor\u2019s rather bullish tone as she spoke to a high-powered gathering of central bankers in Hong Kong. Bullock said Australian companies are resilient in the face of challenging macro backdrop.<\/p>\n

\u201cDespite that noise, households and businesses in Australia are actually in a pretty good position, \u201c she said following the RBA\u2019s decision to pause rate hikes yesterday. \u201cTheir balance sheets are pretty good.\u201d<\/p>\n

Equities have also been supported by lower bond yields. Overnight, the benchmark US 10-year yield plunged by 10bp (bond prices rise), while Aussie yields remained flattish today.<\/p>\n

\u201c[Aussie] 10-year\u00a0yields\u00a0are likely to muddle around the current cash\u00a0rate\u00a0for some time,\u201d said Andrew Canobi, Director Franklin Templeton Australia Fixed Income.<\/p>\n

Iron ore miners BHP (ASX:BHP)<\/a><\/strong> and Rio Tinto (ASX:RIO)<\/a><\/strong> rose today, tracking higher iron ore prices in Singapore.<\/p>\n

Lithium stocks like Pilbara Minerals (ASX:PLS)<\/a><\/strong> and IGO (ASX:IGO)<\/a><\/strong> also jumped 5-6%, also tracking higher lithium prices.<\/p>\n

Across the region, Asian shares mainly advanced.<\/p>\n

According to Bloomberg, India\u2019s stock market value has reached more the US$4 trillion mark, after adding US$1 trillion in market cap in less than three years. This is a key milestone for the world\u2019s fifth-biggest equity market, as it rapidly narrows the gap with the slumping Hong Kong market.<\/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 HMC HMC Capital 5.56 12.10 885,981 $1,728,910,692 AWC Alumina 0.78 6.85 6,185,714 $2,118,227,434 EVT EVT 11.05 6.76 56,872 $1,679,549,945 LTR Liontown Resources 1.31 6.28 12,641,894 $2,983,547,742 IRE IRESS 8.19 5.81 593,649 $1,445,750,529 LIC Lifestyle Communit. 17.02 5.78 135,559 $1,682,131,158 PPT Perpetual 23.62 5.64 637,860 $2,534,160,449 PLS Pilbara Min Ltd 3.40 5.26 46,246,868 $9,720,564,392 LOV Lovisa Holdings Ltd 20.75 5.22 245,774 $2,163,138,841 CGF Challenger 6.14 4.96 576,848 $4,041,589,354 NHF NIB Holdings 8.00 4.78 840,381 $3,695,031,641 SGR The Star Ent Grp 0.56 4.72 22,535,800 $1,520,400,865 APE Eagers Automotive 13.84 4.49 210,840 $3,401,361,428 LLC Lendlease Group 6.89 4.48 1,532,974 $4,544,676,508 IGO IGO 7.83 4.47 4,731,667 $5,671,935,919 MGR Mirvac Group 2.10 4.23 6,649,246 $7,931,179,036 ZIM Zimplats Holding Ltd 22.40 4.21 9,647 $2,313,671,265 GOZ Growthpoint Property 2.42 4.09 599,317 $1,748,936,208 <\/div>\n

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

\u00a0<\/p>\n

Best large cap today was diversified real estate manager HCM Capital (ASX:HMC)<\/strong><\/span>, which rose 14% on no specific news.<\/p>\n

Hotels and alcohol retailer\u00a0Endeavour Group (ASX:EDV)<\/a><\/strong> rose after saying that it expects to grow its Hotels EBIT by more than $150 million over the next five years, through operational optimisation and property investment.<\/p>\n

\u201cWe are strengthening our customer understanding and driving further innovation in our Hotels business, by progressively launching our pub+ app,\u201d said Endeavour CEO, Steve Donohue.<\/p>\n

\u201cThe pub+ app will provide customer connections that will help us to deliver a superior pub experience, with personalised offers across our network of more than 350 hotels.\u201d<\/p>\n

Finance house Perpetual (ASX:PPT)<\/a><\/strong> rose 5% after saying that since the AGM, it has further progressed the evaluation of strategic options. The company said it will separate its Corporate Trust and Wealth Management businesses, and create a more focused Asset Management business.<\/p>\n

Woodside Energy (ASX:WDS)<\/a><\/strong> was up 1% after signing a sales and purchase agreement with Mexico Pacific to purchase 1.3 million tonnes per annum (Mtpa), equivalent to approximately 18 cargoes per year, of liquefied natural gas (LNG) for 20 years.<\/p>\n

Rio Tinto (ASX:RIO)<\/a> <\/strong>edged up 1% after providing an update at its Investor Seminar today on the Simandou iron ore project in Guinea. Rio estimates that its initial share of capital expenditure to develop the Simfer mine and the codeveloped rail and port infrastructure project is approximately $6.2 billion.<\/p>\n

Magellan Financial Group\u00a0(ASX:MFG)<\/a><\/strong> rose 2.5% after reporting an almost $1 billion increase in funds under management (FUM) in November to $35.2 billion versus a month ago.<\/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 EVN Evolution Mining Ltd 3.55 -14.25 30,487,613 $7,606,623,349 360 Life360 Inc. 7.02 -7.39 1,422,796 $1,536,225,532 RMS Ramelius Resources 1.62 -2.26 2,535,512 $1,887,053,105 KAR Karoon Energy Ltd 1.95 -1.39 5,116,288 $1,491,731,850 CBAPI Cn 3M Per Q Rd T-27 101.50 -1.36 12,340 $1,697,850,000 CBAPL Cn 3M Per Q Rd T-28 100.35 -1.34 25,313 $1,807,772,181 OCL Objective Corp 11.80 -1.26 3,602 $1,137,703,526 RRL Regis Resources 1.89 -1.17 3,210,899 $1,446,473,817 MAQ Macquarie Technology 66.44 -1.13 7,822 $1,635,934,810 APM APM Human Services 1.38 -1.08 446,338 $1,274,882,905 <\/div>\n

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

\u00a0<\/p>\n

Gold miner Evolution Mining (ASX:EVN)<\/a><\/strong> was the worst performing large cap today, down almost 15% after announcing a $525 million cap raise. The company plans to issue 138.2 million new shares to institutional investors at $3.80 a share.<\/p>\n

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

The post ASX Large Caps: ASX up almost 2pc as iron ore, lithium miners jump; Evolution Mining down 14pc<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

ASX rebounded on Wednesday on conviction rates will not rise any higher Iron ore, lithium stocks rise Endeavour Group, HCM Capital and Magellan were best [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":2793,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nASX Large Caps: ASX up almost 2pc as iron ore, lithium miners jump; Evolution Mining down 14pc - 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=2792\" \/>\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 up almost 2pc as iron ore, lithium miners jump; 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