{"id":444,"date":"2023-10-26T05:13:28","date_gmt":"2023-10-26T05:13:28","guid":{"rendered":"https:\/\/economicherald.net\/?p=444"},"modified":"2023-10-26T05:13:28","modified_gmt":"2023-10-26T05:13:28","slug":"asx-large-caps-asx-tanks-1pc-on-tech-rout-megaport-crashes-20pc-azure-accepts-sqms-bid","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=444","title":{"rendered":"ASX Large Caps: ASX tanks 1pc on tech rout, Megaport crashes 20pc, Azure accepts SQM\u2019s bid"},"content":{"rendered":"

ASX tumbles after Nasdaq rout overnight
\nAzure Minerals accepts takeover from Chliean giant SQM
\nMegaport sinks 20pc after Q1 results<\/p>\n

\u00a0<\/p>\n

The ASX 200 dropped -0.8% on Thursday following a selloff on the Nasdaq and S&P 500 index overnight.<\/p>\n

As expected, the ASX Tech sector fell the most, down by more than -3%, followed by Real Estate and Comm Services which fell by -2% each. Utilities was the only sector in the green.<\/p>\n

The tech-heavy Nasdaq fell overnight following underwhelming results from Google parent Alphabet, which plunged 9.5% after its Q3 cloud division revenue missed estimates.<\/p>\n

Another surge in US bond yields, where the 10-year jumped another 12bp, further clouded the picture for growth stocks.<\/p>\n

Energy stocks meanwhile were mixed today after crude prices lifted another 2% overnight.<\/p>\n

Meridian Energy (ASX:MEZ)<\/a><\/strong> rose by 2%, offset by losses in giants Woodside Energy (ASX:WDS)<\/a> <\/strong>and Yancoal (ASX:YAL)<\/a><\/strong>.<\/p>\n

RBA governor Michele Bullock told the \u00a0Senate Economics Committee that Australia\u2019s inflation is \u2018pretty much where we thought\u2019 it would be.<\/p>\n

Bullock also sounded a warning on China, saying that although China\u2019s embattled property sector didn\u2019t appear to be \u201cdramatically impacting\u201d the Australian economy, it will continue to pose a \u201cbig risk\u201d.<\/p>\n

Elsewhere in the region, Asian shares mainly fell following Big Tech\u2019s poor earnings.<\/p>\n

Currency traders were also on edge after the Yen breached the 150 yen level once again. The Aussie dollar also breached the psychological US63 level, trading now at US62.76c.<\/p>\n

Looking ahead tonight to US data, the first estimate (of three) for September quarter GDP growth is due for release, along with new weekly unemployment claims. The European Central Bank (ECB) will also convene for its monetary policy meeting and will announce its decision.<\/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 AZS Azure Minerals 3.50 43.44 74,665,805 $1,087,665,095 MAD Mader Group Limited 6.02 8.18 249,081 $1,112,000,000 IEL Idp Education Ltd 22.04 4.43 1,373,142 $5,872,894,052 SUL Super Ret Rep Ltd 12.72 4.26 1,192,276 $2,755,083,300 HGH Heartland Group 1.50 3.46 328 $1,033,558,315 BPT Beach Energy Limited 1.53 3.04 5,427,295 $3,376,373,811 SMR Stanmore Resources 3.90 2.63 1,704,597 $3,425,288,209 PDN Paladin Energy Ltd 0.99 2.59 14,916,970 $2,878,957,389 GOLD Gblx GOLD 29.28 2.52 183,790 $3,118,127,964 MEZ Meridian Energy 4.51 2.50 25,009 $5,572,048,104 RED Red 5 Limited 0.32 2.42 9,054,925 $1,073,278,668 ILU Iluka Resources 7.18 2.35 2,518,672 $2,986,486,437 CRN Coronado Global Res 1.71 2.25 1,168,179 $2,799,677,729 GOR Gold Road Res Ltd 1.83 1.95 3,454,099 $1,937,922,779 RWC Reliance Worldwide 3.48 1.91 2,345,886 $2,694,223,149 GNE Genesis Energy Ltd 2.22 1.83 7,967 $2,340,829,480 AGL AGL Energy Limited. 10.69 1.76 1,862,632 $7,063,845,947 RDX Redox Limited 2.33 1.75 323,332 $1,202,436,470 MCY Mercury NZ Limited 5.40 1.69 4,094 $7,387,416,639 <\/div>\n

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

A lithium-hunting success story Azure Minerals (ASX:AXS)<\/a><\/strong> has emerged from a trading halt today to stonk it up hard yet again, taking the ball on the fly and making a +43% burst up the ASX middle. Azure surged after agreeing to the $1.6b buyout offer from Chile\u2019s SQM, for a cash amount of $3.52 a share to shareholders.<\/p>\n

Fortescue Metals (ASX:FMG)<\/a><\/strong> was flat after reporting iron ore shipments totalling 45.9 million tonnes (Mt) in Q1 FY24, 3% lower than the pcp. The company\u2019s guidance for FY24 total shipments, C1 cost and capital expenditure remains unchanged.<\/p>\n

Karoon Energy (ASX:KAR)<\/a><\/strong> was up 1% after reporting September quarter oil production of 2.85 million barrels (MMbbl), up 69% on the June quarter. Oil sales revenue for the quarter was US$203.9 million, up 66% on the June quarter.<\/p>\n

Champion Iron (ASX:CIA)<\/a><\/strong> rose 1% after achieving a record quarterly production of 3.45 million wmt of high-grade 66.1% Fe concentrate, an increase of 21% to the pcp. Record production was realised despite several days of unscheduled outage related to a major crusher ore belt failure in one of the company\u2019s conveyor systems.<\/p>\n

Coles Group (ASX:COL)<\/a><\/strong> rose slightly after reporting September quarter sales revenue growth of 3.6% year-on-year, to $10.251b.<\/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 MP1 Megaport Limited 9.31 -19.11 5,682,580 $1,830,817,593 GEM G8 Education Limited 0.97 -11.59 3,198,852 $890,456,747 SYR Syrah Resources 0.66 -11.49 17,949,310 $500,164,320 SQ2 Block 65.59 -7.83 210,483 $2,340,000,178 FRW Freightways Group Lt 7.05 -7.36 1,371 $1,359,319,653 AAC Australian Agricult. 1.18 -6.00 355,777 $753,458,434 NEU Neuren Pharmaceut. 10.33 -5.92 201,732 $1,389,691,122 URW Unibailrodawestfield 3.43 -5.77 131,391 $553,610,439 LNW Light & Wonder Inc. 117.61 -5.70 210,066 $1,824,160,208 EMR Emerald Res NL 2.62 -5.60 966,989 $1,721,377,886 BOQ Bank of Queensland. 5.21 -5.02 3,328,389 $3,601,551,522 IRE IRESS Limited 5.05 -4.81 446,760 $989,984,212 SYA Sayona Mining Ltd 0.08 -4.71 85,734,932 $874,930,161 LTR Liontown Resources 1.73 -4.70 25,070,372 $4,353,110,389 AKE Allkem Limited 10.07 -4.64 2,999,213 $6,751,232,854 LRS Latin Resources Ltd 0.26 -4.63 9,359,186 $710,776,674 REA REA Group 146.59 -4.31 151,833 $20,240,357,644 KGN Kogan.Com Ltd 4.66 -4.12 525,042 $500,746,591 SGR The Star Ent Grp 0.59 -4.10 14,253,268 $1,749,895,335 AD8 Audinate Group Ltd 13.30 -3.97 75,797 $1,151,057,379 CTT Cettire 2.48 -3.88 912,123 $983,594,608 DHG Domain Holdings Aus 3.55 -3.79 377,503 $2,330,814,895 ABG Abacus Group 1.02 -3.77 1,937,234 $947,277,091 NEC Nine Entertainment 1.81 -3.72 2,263,581 $3,057,388,717 NWS News Corp.. 33.58 -3.67 163,740 $1,038,309,423 <\/div>\n

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

Megaport\u00a0(ASX:MP1)<\/a><\/strong> tumbled 20% despite reporting record EBITDA of $15m positive cash flow from operating activities of $10.7m, and an increase of net cash of $5.6m in Q1 FY24, driven by solid growth in Annual Recurring Revenue and continued tight cost control.<\/p>\n

G8 Education (ASX:GEM)<\/a><\/strong> slumped 11% after reporting that it has sold 31 loss-making childcare centres in a move that will cost the company $26.5 million. Those 31 centres collectively delivered an EBIT loss of $3 million to G8 last financial year. The loss was actually closer to $9 million under previous accounting standards used by the company.<\/p>\n

Syrah Resources (ASX:SYR)<\/a><\/strong> dropped 11% after releasing a statement on China\u2019s restrictions on graphite exports, which it said could benefit Syrah. SYR rose 44% on Friday when the restrictions were first announced by the Chinese government.<\/p>\n

Westpac (ASX:WBC)<\/a><\/strong> fell 1% after saying that its FY23 NPAT will be reduced by $173m to items such as restructuring costs, customer remediation and litigations. But this figure is significantly lower than FY22 Notable Items of $874 million. Westpac also said it made a profit of $256 million on the sale of its Advance Asset Management business.<\/p>\n

Plumbing and waterworks stock, Reece\u00a0(ASX:REH)<\/a><\/strong> fell -0.5% after providing a Q1 FY24 sales update. The group delivered sales revenue of $2.359 billion for the first quarter, up 3% on the pcp. In Australia and New Zealand, sales revenue was up 3%.\u00a0 US sales revenue was flat on a USD basis.<\/p>\n

Pilbara Minerals (ASX:PLS)<\/a><\/strong> fell -1.5% as it reported strong operational quarter with production to plan of 144.2 thousand tonnes (kt) spodumene concentrate. Annual production for FY24 is expected to be weighted towards the second half of the year. Sales of spodumene concentrate totalled 146.4kt in Q1 FY24.<\/p>\n

JB-HiFi (ASX:JBH)<\/a> <\/strong>was down modestly after reporting a slight decrease of 0.1% in its September quarter Australia sales growth. New Zealand sales rose by 1%. The Good Guys total and comparable sales each dropped by 12.2%.<\/p>\n

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

The post ASX Large Caps: ASX tanks 1pc on tech rout, Megaport crashes 20pc, Azure accepts SQM\u2019s bid<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

ASX tumbles after Nasdaq rout overnight Azure Minerals accepts takeover from Chliean giant SQM Megaport sinks 20pc after Q1 results \u00a0 The ASX 200 dropped [more…]<\/a><\/p>\n","protected":false},"author":1,"featured_media":247,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nASX Large Caps: ASX tanks 1pc on tech rout, Megaport crashes 20pc, Azure accepts SQM\u2019s bid - 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=444\" \/>\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 tanks 1pc on tech rout, Megaport crashes 20pc, Azure accepts SQM\u2019s bid - 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