{"id":4438,"date":"2024-01-16T05:05:06","date_gmt":"2024-01-16T05:05:06","guid":{"rendered":"https:\/\/economicherald.net\/?p=4438"},"modified":"2024-01-16T05:05:06","modified_gmt":"2024-01-16T05:05:06","slug":"asx-large-caps-asx-clipped-1pc-on-broad-selloff-era-up-20pc-rio-delivers-on-iron-ore-output-guidance","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=4438","title":{"rendered":"ASX Large Caps: ASX clipped 1pc on broad selloff; ERA up 20pc; RIO delivers on iron ore output guidance"},"content":{"rendered":"

Shares down 1pc on selloff across the board
\nThe local market tracks weakness in Europe overnight
\nUranium stock ERA up 18pc, RIO down after releasing production update<\/p>\n

\u00a0<\/p>\n

The ASX dropped almost -1% on Tuesday as all 11 sectors finished in the red.<\/p>\n

The index tracked weakness in Europe overnight where a report showed that the German economy shrank by 0.3% in 2023, narrowly dodging a recession. Wall Street meanwhile was closed for Martin Luther King Day.<\/p>\n

On the ASX, Miners<\/strong> and Energy<\/strong> stocks led the selloff, with Healthcare<\/strong> and Utilities<\/strong> close on their heels.<\/p>\n

Oil prices remained steady despite continued tensions in the Red Sea.<\/p>\n

\u201cThe disruption of global trade in the Red Sea raises concerns about potential inflationary pressures,\u201d said de Vere Group\u2019s Nigel Green.<\/p>\n

\u201cDisruptions to the supply chain typically lead to increased costs for transportation, production, and distribution, which may ultimately be passed on to consumers.\u201d<\/p>\n

The Westpac and the Melbourne Institute<\/strong> published their January consumer confidence report this morning, showing a drop of -1.3% to 81 points, a level close to COVID-era lows.<\/p>\n

Read more: Aussie markets and people are depressed going into lunch on Tuesday<\/a><\/strong><\/em><\/p>\n

Across the region, Asian stock markets mainly retreated today as traders reassessed their views on interest rates.<\/p>\n

The market\u2019s focus turns now to Fed Reserve Governor Christopher Waller\u2019s speech<\/strong> later today (US time) to see whether there will be more pushback on the potential rate cut in March.<\/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 ERA Energy Resources 0.07 22.03 9,986,116 $1,306,749,652 CEN Contact Energy Ltd 7.62 4.38 8,619 $1,858,360,146 IPH IPH Limited 6.63 2.31 403,194 $1,593,973,359 CHC Charter Hall Group 11.86 2.24 1,177,306 $5,486,767,508 ABB Aussie Broadband 3.71 2.20 348,348 $1,011,506,477 SGR The Star Ent Grp 0.51 2.00 14,133,723 $1,434,340,439 ORA Orora Limited 2.68 1.71 1,508,693 $3,533,404,840 SKC Skycity Ent Grp Ltd 1.69 1.50 91,852 $1,265,741,673 PLS Pilbara Min Ltd 3.61 1.40 13,891,741 $10,713,705,884 LFG Liberty Fin Group 4.52 1.12 6,696 $1,358,003,312 MGH Maas Group Holdings 3.79 1.07 104,378 $1,229,716,129 <\/div>\n

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

Uranium miner Energy Resources of Australia (ASX:ERA)<\/a><\/strong>\u00a0was the best performing large cap today, up 22% on no specific news.<\/p>\n

So why the two straight days of gains? Maybe because minority shareholders are holding out hope that Traditional Owners change their tune and let ERA develop Jabiluka, an orebody RIO (its biggest shareholder) has promised will never be touched.<\/p>\n

Read more here: Resources Top 4: This uranium stock is a money pit with zero upside. Why is it up 60pc in a week?<\/a><\/strong><\/em><\/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 LOV Lovisa Holdings Ltd 22.59 -5.78 395,698 $2,629,332,557 SLX Silex Systems 5.07 -4.70 694,999 $1,255,233,119 ANN Ansell Limited 23.52 -4.39 213,384 $3,084,599,387 S32 South32 Limited 3.41 -4.21 16,112,963 $16,124,160,502 SVW Seven Group Holdings 35.33 -4.15 483,164 $13,401,764,737 CIA Champion Iron Ltd 8.03 -4.12 1,092,881 $4,337,787,964 RDX Redox Limited 2.25 -3.43 40,253 $1,223,439,727 EVN Evolution Mining Ltd 3.75 -3.35 3,106,598 $7,664,965,336 ELD Elders Limited 8.08 -3.23 901,667 $1,314,039,734 RWC Reliance Worldwide 4.25 -3.19 865,447 $3,468,516,018 SUL Super Ret Rep Ltd 16.19 -3.14 1,114,503 $3,773,560,815 BPT Beach Energy Limited 1.56 -3.12 3,187,548 $3,661,540,518 LFS Latitude Group 1.14 -2.99 89,832 $1,216,421,672 BLD Boral Limited 5.26 -2.87 2,664,847 $5,967,708,347 DMP Domino Pizza Enterpr 56.93 -2.85 82,395 $5,263,096,064 <\/div>\n

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

Rio Tinto (ASX:RIO)<\/a><\/strong> fell -1.5% after reporting its latest quarterly production update.<\/p>\n

Rio said it shipped 331.8Mt of WA Pilbara iron ore during 2023, up 3% on 2022 as it delivered on guidance.<\/p>\n

Its iron ore pellets and concentrate fell by 6% to 9.7Mt. Bauxite output remained flat at 54.6Mt. Aluminium production rose by 9% to 3.272Mt, while mined copper increased by 2% to 620,000t.<\/p>\n

Rio also said its 2024 production guidance remains unchanged from that announced last month, and the company is set to lodge its full year results on February 21.<\/p>\n

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

The post ASX Large Caps: ASX clipped 1pc on broad selloff; ERA up 20pc; RIO delivers on iron ore output guidance<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Shares down 1pc on selloff across the board The local market tracks weakness in Europe overnight Uranium stock ERA up 18pc, RIO down after releasing [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":4439,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nASX Large Caps: ASX clipped 1pc on broad selloff; ERA up 20pc; RIO delivers on iron ore output guidance - 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=4438\" \/>\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 clipped 1pc on broad selloff; 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