{"id":3077,"date":"2023-12-12T05:26:21","date_gmt":"2023-12-12T05:26:21","guid":{"rendered":"https:\/\/economicherald.net\/?p=3077"},"modified":"2023-12-12T05:26:21","modified_gmt":"2023-12-12T05:26:21","slug":"asx-large-caps-tech-stocks-power-asx-higher-ahead-of-tonights-cpi-but-aussie-business-confidence-slumps","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=3077","title":{"rendered":"ASX Large Caps: Tech stocks power ASX higher ahead of tonight\u2019s CPI, but Aussie business confidence slumps"},"content":{"rendered":"

ASX200 up today boosted by tech stocks
\nAussie consumer sentiment improved, while business confidence slumped
\nIncitec Pivot announced a new CEO<\/p>\n

\u00a0<\/p>\n

A rally in Tech stocks led the ASX to close 0.5% higher on Tuesday, with the index hitting a three-month high.<\/p>\n

Consumer Staple stocks also traded higher, while Energy stocks underperformed.<\/p>\n

Overnight, Wall Street rose modestly as the market turned cautious ahead of two big events \u2013 the US CPI<\/strong> release later tonight, and the Fed\u2019s last scheduled rates decision<\/strong> of 2023 on Wednesday.<\/p>\n

RBA\u2019s governor Michele Bullock<\/strong> was speaking at the Australian Payments Network<\/em> today, where she said the collapse in the use of physical cash is putting strains across the entire payment system.<\/p>\n

She also said that an intervention on the BNPL (buy now pay later)<\/strong> is looming, which will ensure BNPL providers allow merchants to add surcharges to the services.<\/p>\n

\u201cThe right to surcharge for payment methods provides an important incentive for payment schemes to keep their fees low. Formal regulation may be required to allow this,\u201d Bullock said.<\/p>\n

Elsewhere, the Westpac consumer sentiment index<\/strong> released today shows that it has improved slightly in December.<\/p>\n

The NAB business confidence survey<\/strong> meanwhile suggests that Australian business confidence has fallen to its lowest since the pandemic in November, as sales and profits softened.<\/p>\n

On the ASX, major gainers today include Cochlear (ASX:COH)<\/a><\/strong> and Xero (ASX:XRO)<\/a><\/strong>. Top losers include Genesis Minerals (ASX:GMD)<\/a><\/strong>.<\/p>\n

Across the region, Asian shares mostly rose, with benchmarks in Japan, South Korea and Hong Kong trading higher.<\/p>\n

Local traders will now turn their focus to a key meeting of Chinese economic policymakers that will set the future economic agenda for China in 2024 and beyond.<\/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 XRO Xero Ltd 108.47 3.93 329,299 $15,814,162,961 TPW Temple & Webster Ltd 8.72 3.87 572,665 $1,031,548,000 TLX Telix Pharmaceutical 9.89 3.45 1,963,423 $3,091,917,609 DXS Dexus 7.58 3.13 2,886,559 $7,905,404,558 CGC Costa Group Holdings 3.05 3.04 4,027,950 $1,375,540,987 TUA Tuas Limited 2.77 2.97 111,433 $1,250,742,187 VCX Vicinity Centres 1.98 2.73 4,934,342 $8,763,130,064 VUK Virgin Money Uk PLC 3.02 2.72 1,584,560 $1,953,805,430 COH Cochlear Limited 294.64 2.66 76,860 $18,799,475,800 AD8 Audinate Group Ltd 14.77 2.64 155,580 $1,195,936,150 SGM Sims Limited 14.51 2.47 253,450 $2,735,848,885 WTC Wisetech Global Ltd 69.68 2.47 227,397 $22,665,439,720 REA REA Group 167.45 2.38 72,045 $21,607,770,840 RRL Regis Resources 1.94 2.37 4,243,710 $1,431,367,041 QUB Qube Holdings Ltd 3.14 2.28 2,046,097 $5,423,805,877 TLC The Lottery Corp 4.72 2.16 1,971,103 $10,283,065,268 ARB ARB Corporation. 33.71 2.12 44,636 $2,714,096,757 <\/div>\n

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

\u00a0<\/p>\n

Incitec Pivot\u00a0(ASX:IPL)<\/a><\/strong> edged 0.3% higher after the company named a new CEO, Mauro Neves de Moraes<\/strong>, effective January 2024.<\/p>\n

IPL Chairman Greg Robinson said, \u201cMauro has executive leadership experience in the mining and logistics sectors across multiple geographies.<\/p>\n

\u201cHe has held leadership positions including as Asset President for BHP Mitsubishi Alliance (BMA) in Queensland, Australia and Asset President at BHP\u2019s Escondida operations in Chile, the world\u2019s largest copper mine.\u201d<\/p>\n

Incitec \u00a0is a manufacturer of industrial explosives, industrial chemicals and fertilisers to the agriculture and mining industries.<\/p>\n

Agribusiness stock Elders (ASX:ELD)<\/a><\/strong> said it has agreed in-principle with Bendigo and Adelaide Bank Limited (ASX: BEN)<\/a><\/strong> to cease the agreement between its subsidiary Elders Rural Services<\/em> and Rural Bank<\/em> (a division of Bendigo and Adelaide Bank).<\/p>\n

In FY23, the relationship with Rural Bank contributed approximately $11.3 million gross margin to Elders\u2019 Financial Services business. Under the in-principle agreement, Rural Bank will pay Elders $17m and both parties will be released from their obligations.<\/p>\n

Charter Hall Retail REIT (ASX:CQR)<\/a><\/strong> announced the sale of Southgate Square, South Australia<\/em> for $91 million, and the sale of Rosebud Plaza, Victoria<\/em> for $134.5 million.<\/p>\n

Both sales follow unsolicited off-market offers and both sales are in-line with the June 2023 book valuations. Southgate is expected to settle in February 2024, and Rosebud in June 2024.<\/p>\n

Charter\u2019s pro-forma balance sheet gearing is expected to reduce from 29% to approximately 25% post settlement.<\/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 CTT Cettire 2.71 -5.75 3,623,301 $1,094,153,691 GMD Genesis Minerals 1.68 -5.63 5,599,810 $1,943,014,641 EBO Ebos Group Ltd 33.35 -4.17 50,591 $6,675,065,291 LTR Liontown Resources 1.28 -4.12 6,856,861 $3,233,349,648 IGO IGO Limited 7.71 -3.87 3,462,191 $6,073,287,860 LYC Lynas Rare Earths 6.09 -3.72 4,307,132 $5,907,268,204 ASK Abacus Storage King 1.15 -3.56 759,947 $1,570,353,040 IEL Idp Education Ltd 21.94 -3.39 888,996 $6,321,015,352 SNZ Summerset Grp Hldgs 8.70 -3.33 2,173 $2,108,532,438 BPT Beach Energy Limited 1.50 -3.24 4,178,534 $3,524,660,499 BOE Boss Energy Ltd 3.81 -2.93 2,335,330 $1,383,499,571 AMP AMP Limited 0.93 -2.63 11,069,617 $2,613,245,589 CGF Challenger Limited 5.89 -2.40 586,602 $4,165,945,949 DEG De Grey Mining 1.24 -2.37 3,510,883 $2,341,783,323 <\/div>\n

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

The post ASX Large Caps: Tech stocks power ASX higher ahead of tonight\u2019s CPI, but Aussie business confidence slumps<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

ASX200 up today boosted by tech stocks Aussie consumer sentiment improved, while business confidence slumped Incitec Pivot announced a new CEO \u00a0 A rally in [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":3078,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nASX Large Caps: Tech stocks power ASX higher ahead of tonight\u2019s CPI, but Aussie business confidence slumps - 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=3077\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASX Large Caps: Tech stocks power ASX higher ahead of tonight\u2019s CPI, but Aussie business confidence slumps - 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