{"id":3531,"date":"2023-12-20T05:12:18","date_gmt":"2023-12-20T05:12:18","guid":{"rendered":"https:\/\/economicherald.net\/?p=3531"},"modified":"2023-12-20T05:12:18","modified_gmt":"2023-12-20T05:12:18","slug":"asx-large-caps-asx200-eclipses-februarys-high-as-lithium-stocks-extend-recent-gains","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=3531","title":{"rendered":"ASX Large Caps: ASX200 eclipses February\u2019s high as lithium stocks extend recent gains"},"content":{"rendered":"

The ASX200 extended its gains on Wednesday, up 0.8% as the benchmark index climbed to 10-month highs.<\/p>\n

Local traders tracked the rally on Wall Street overnight, where market sentiment has switched back to a bullish rate cut scenario.<\/p>\n

It came as Richmond Fed president Thomas Barkin<\/strong> said the Fed would cut rates if inflation continues to decline, but only if there was evidence it was moving toward the Fed\u2019s 2 per cent target.<\/p>\n

The US dollar fell on his comments against major currencies including the Aussie dollar, which has now climbed to US67.58c.<\/p>\n

Traders also digested the final November CPI reading for the Euro zone<\/strong>, which showed a -0.6% deflation for the month, bigger than the -0.5% deflation estimated.<\/p>\n

On the ASX, all 11 sectors rallied today, led by interest rates-sensitive Consumer Discretionary. <\/strong>Mining<\/strong>, Financial<\/strong> and Energy<\/strong> sectors also lifted.<\/p>\n

Most lithium stocks rose, as small-capped First Lithium (ASX:FL1)<\/a><\/strong> jumped 50% on the back of a big find at Tier 1 priority target Blakala, part of the Gouna project, including \u2013 in the first three holes \u2013 a 111m intersection at 1.57% Li2O.<\/p>\n

Read more here: Thick, shallow AND high grade \u2013 First Lithium strikes in Mali<\/a><\/strong><\/em><\/p>\n

Across the region, Asian markets also advanced today.<\/p>\n

The Nikkei 225 climbed almost 2% despite data showing Japan\u2019s exports falling -0.2% from a year earlier.<\/p>\n

Chinese banks meanwhile \u00a0held their benchmark lending rates today, a move that could further depress the country\u2019s ailing property sector.<\/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 GNE Genesis Energy Ltd 2.35 6.82 80,722 $2,364,208,618 EMR Emerald Res NL 3.09 6.55 1,620,291 $1,808,520,927 RED Red 5 Limited 0.33 4.84 10,504,871 $1,073,278,668 LTR Liontown Resources 1.69 3.53 14,958,406 $3,947,835,151 SQ2 Block 114.63 3.21 116,886 $3,899,028,270 EVN Evolution Mining Ltd 3.92 3.16 5,300,460 $7,506,924,814 MGR Mirvac Group 2.15 3.13 9,180,050 $8,207,389,251 CGF Challenger Limited 6.43 3.04 1,028,922 $4,311,028,644 JHX James Hardie Indust 54.33 3.03 950,112 $23,096,571,130 JDO Judo Cap Holdings 0.96 2.96 1,403,604 $1,031,649,775 <\/div>\n

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\u00a0<\/p>\n

Engineering company Monadelphous Group (ASX:MND)<\/a><\/strong> was up 1% after securing an extension to the company\u2019s long-term maintenance and shutdown services agreement with Woodside Energy (ASX:WDS)<\/a>.<\/p>\n

The company\u2019s existing agreement with Woodside has been extended for a further three-year period, with with the additional option for the agreement to be extended for a further two years thereafter. The value of the extension is estimated at approximately $180 million per annum.<\/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 PXA Pexagroup 10.95 -11.55 2,315,524 $2,195,825,732 NEU Neuren Pharmaceut. 22.85 -4.63 796,154 $3,032,513,597 CEN Contact Energy Ltd 7.28 -4.08 4,619 $1,932,185,412 MAF MA Financial Group 5.61 -3.69 176,635 $1,037,891,140 TPW Temple & Webster Ltd 8.68 -3.61 409,142 $1,106,547,318 ORI Orica Limited 16.20 -2.59 693,056 $7,595,748,093 MCY Mercury NZ Limited 5.95 -2.46 2,022 $8,486,486,158 CTT Cettire 2.82 -2.08 1,185,389 $1,097,966,074 ARB ARB Corporation. 35.62 -1.87 109,341 $2,984,602,008 BGA Bega Cheese Ltd 3.45 -1.71 395,469 $1,068,857,390 PNV Polynovo Limited 1.62 -1.67 877,952 $1,138,884,039 NAN Nanosonics Limited 4.48 -1.65 321,462 $1,377,873,620 WTC Wisetech Global Ltd 73.24 -1.55 375,304 $24,795,324,423 ALU Altium Limited 46.72 -1.50 689,893 $6,257,289,926 SKC Skycity Ent Grp Ltd 1.67 -1.04 284,535 $1,284,746,803 PDN Paladin Energy Ltd 0.99 -1.01 18,236,891 $2,968,458,655 <\/div>\n

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Mortgage administrator PEXA Group (ASX:PXA)<\/a><\/strong> plunged 11% after reaffirming its earlier guidance forecast for FY24. The company expects group operating EBITDA margin of 35% or better for FY24, and break-even in operating EBITDA for its Digital Growth business by June 2024.<\/p>\n

The company also announced the completion of its acquisition of Smoove, a UK software company focused on the housing market.<\/p>\n

Neuren Pharma (ASX:NEU)<\/a><\/strong> was down -3% despite announcing that the last subject to be screened this week will complete the enrolment of subjects into its Phase 2 clinical trial of NNZ-2591 in Angelman syndrome (AS).<\/p>\n

Top-line results from the trial are expected to be available in Q3 2024.<\/p>\n

NNZ-2591 is a synthetic drug which is under development for the treatment of Rett syndrome, fragile X syndrome, Phelan-McDermid syndrome, Pitt Hopkins syndrome (genetic disorders), Prader-Willi syndrome, as well as Angelman Syndrome.<\/p>\n

Commercial building products company Orica (ASX:ORI)<\/a><\/strong> dropped after announcing that it will acquire 100% of Terra Insights, a leading sensors, software and data delivery technology platform for the mining industry, for an enterprise value of CAD$505m.<\/p>\n

Allkem (ASX:AKE)<\/a><\/strong> will now be renamed Arcadium Lithium CDIs (ASX: LTM)<\/strong><\/span> this Friday, after shareholders of both Allkem and Livent approved the merger between itself and Livent.<\/p>\n

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

The post ASX Large Caps: ASX200 eclipses February\u2019s high as lithium stocks extend recent gains<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The ASX200 extended its gains on Wednesday, up 0.8% as the benchmark index climbed to 10-month highs. 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