{"id":3388,"date":"2023-12-18T05:10:13","date_gmt":"2023-12-18T05:10:13","guid":{"rendered":"https:\/\/economicherald.net\/?p=3388"},"modified":"2023-12-18T05:10:13","modified_gmt":"2023-12-18T05:10:13","slug":"asx-large-caps-neuren-jumps-30pc-tabcorp-and-adbri-up-20pc-each-despite-slump-in-sentiment","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=3388","title":{"rendered":"ASX Large Caps: Neuren jumps 30pc, Tabcorp and Adbri up 20pc each despite slump in sentiment"},"content":{"rendered":"

The ASX fell -0.3% on Monday, driven in part by comments from Fed Reserve president John Williams, who told CNBC on Friday that talk of a March rate cut was premature.<\/p>\n

\u201cWe aren\u2019t really talking about rate cuts,\u201d Williams said.<\/p>\n

Interest rates-sensitive sectors on the ASX were the worst performers today, led by the Real Estate<\/strong> sector, which fell by 1.3%. Healthcare<\/strong> was the only sector in the green, up by 0.5%.<\/p>\n

Treasury Wine Estates (ASX:TWE)<\/a><\/strong> was down half a percent despite Australia\u2019s trade minister\u00a0Don Farrell\u00a0saying on Sunday that China\u2019s crippling tariffs<\/strong> on Australian wines could end by early next year.<\/p>\n

\u201cI would be very confident that early in the new year we will get a favourable result from the Chinese authorities to lift the ban on Australian wine,\u201d the minister said, as quoted by Bloomberg<\/em>.<\/p>\n

Winners today include lithium stocks like Allkem (ASX:AKE)<\/a><\/strong> and Mineral Resources (ASX:MIN)<\/a><\/strong>, which rallied by around 2%.<\/p>\n

Across the region, Asian stocks<\/strong> were mainly down as traders trimmed bets on Fed interest rate cuts in 2024.<\/p>\n

Attention will soon shift to Japan as the BoJ<\/strong> convened for a two-day policy meeting starting today.<\/p>\n

According to a Bloomberg<\/em> survey, around 15% of economists are expecting BoJ governor Kazuo Ueda to pull the plug on the country\u2019s negative rates in January.<\/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 ABC Adbri Limited 2.99 31.72 4,428,675 $1,483,058,063 NEU Neuren Pharmaceut. 22.10 28.94 2,151,989 $2,169,335,687 TAH TABCORP Holdings Ltd 0.90 22.45 48,459,909 $1,677,572,077 BGA Bega Cheese Ltd 3.46 4.38 668,006 $1,007,953,835 IRE IRESS Limited 8.15 3.69 678,851 $1,468,165,266 LOV Lovisa Holdings Ltd 23.80 3.50 308,011 $2,521,833,771 APM APM Human Services 1.15 3.36 5,280,983 $1,022,657,870 BOE Boss Energy Ltd 4.16 3.36 1,733,511 $1,627,425,842 PNV Polynovo Limited 1.62 3.35 986,169 $1,080,214,255 EBO Ebos Group Ltd 33.40 2.93 42,002 $6,224,456,101 ILU Iluka Resources 6.76 2.82 5,283,617 $2,799,032,224 FBU Fletcher Building 4.45 2.77 490,092 $3,390,578,771 MCY Mercury NZ Limited 6.04 2.72 10,749 $8,180,416,165 TUA Tuas Limited 3.03 2.54 481,634 $1,371,631,767 AKE Allkem Limited 10.72 2.39 2,999,814 $6,693,693,938 AWC Alumina Limited 0.91 2.25 5,029,037 $2,582,496,461 <\/div>\n

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

\u00a0<\/p>\n

Neuren Pharma (ASX:NEU)<\/a> <\/strong>rallied 30% after announcing positive results of its Phase 2 results of NNZ-2591 in children with Phelan-McDermid syndrome (PMS).<\/p>\n

NEU says significant improvement was observed by both clinicians and caregivers from treatment, across multiple efficacy measures.<\/p>\n

NEU stated that NNZ-2591 was safe and well tolerated, with no clinically significant changes in laboratory values or other safety parameters during treatment.<\/p>\n

Read more: Neuren soars 30% in early Christmas present after Phase 2 trial success<\/a><\/strong><\/em><\/p>\n

Cement stock Adbri (ASX:ABC)<\/a> <\/strong>jumped over 30% after the company said it received a non-binding indicative proposal from CRH and the Barro Group at a price of $3.20 cash per share, a 41% premium to last close.<\/p>\n

The proposal implies a valuation of approximately $2.1 billion for Adbri, which has now entered into a process and exclusivity deed with CRH and the Barro Group in order to progress a potential transaction.<\/p>\n

Tabcorp (ASX:TAH)<\/a><\/strong> surged 23% after the company officially won sole rights to the Victorian wagering licence for the next 20 years. Tabcorp has agreed to pay the Victorian Government $600 million, and $30 million annually over 19 years, taking the total payment to $1.2 billion.<\/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 AD8 Audinate Group Ltd 15.48 -4.27 106,905 $1,343,869,878 MEZ Meridian Energy 4.81 -3.80 73,522 $6,330,372,845 PXA Pexagroup 12.20 -3.56 125,888 $2,243,715,307 NWH NRW Holdings Limited 2.90 -3.50 680,986 $1,359,144,360 SGP Stockland 4.36 -3.44 6,214,651 $10,766,144,196 ABB Aussie Broadband 3.80 -3.31 431,094 $1,095,102,053 CMW Cromwell Prop 0.41 -2.98 4,123,684 $1,099,924,014 GMD Genesis Minerals 1.74 -2.92 2,014,162 $1,964,907,764 MGR Mirvac Group 2.05 -2.62 11,339,639 $8,286,306,456 HDN Homeco Daily Needs 1.22 -2.59 2,024,845 $2,607,587,864 GNE Genesis Energy Ltd 2.29 -2.55 24,158 $2,525,404,660 INA Ingenia Group 4.18 -2.45 449,443 $1,744,456,370 NUF Nufarm Limited 5.03 -2.43 543,723 $1,966,399,868 CLW Chtr H Lwr 3.72 -2.36 1,972,133 $2,754,460,325 RMS Ramelius Resources 1.63 -2.25 2,168,033 $1,892,737,000 <\/div>\n

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

Engineering company, Monadelphous Group (ASX:MND)<\/a><\/strong>\u00a0fell -0.5% despite announcing new construction and maintenance contracts in the resources, energy and infrastructure sectors totalling approximately $215 million.<\/p>\n

Contracts include those signed with Albamarle, Chevron Australia, and BHP\u2019s Mt Arthur Coal operations in the Hunter Valley.<\/p>\n

Lendlease (ASX:LLC)<\/a><\/strong> dropped after announcing that it had entered into an agreement for the sale of 12 Australian master-planned communities projects to Stockland Corporation (ASX:SGP)<\/a> and its capital partner, Supalai Australia, for $1.3 billion.<\/p>\n

The transaction is expected to realise a ~20% premium to book value (pre-tax) and contribute $130 to $160 million to FY24 core operating profit after tax. Lendlease said the transaction represents a significant milestone for the company as it re-weights capital to investments, reduces gearing, and realises the value created in these projects.<\/p>\n

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

The post ASX Large Caps: Neuren jumps 30pc, Tabcorp and Adbri up 20pc each despite slump in sentiment<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The ASX fell -0.3% on Monday, driven in part by comments from Fed Reserve president John Williams, who told CNBC on Friday that talk of [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":3389,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nASX Large Caps: Neuren jumps 30pc, Tabcorp and Adbri up 20pc each despite slump in sentiment - 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=3388\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASX Large Caps: Neuren jumps 30pc, Tabcorp and Adbri up 20pc each despite slump in sentiment - 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