{"id":4510,"date":"2024-01-17T05:12:43","date_gmt":"2024-01-17T05:12:43","guid":{"rendered":"https:\/\/economicherald.net\/?p=4510"},"modified":"2024-01-17T05:12:43","modified_gmt":"2024-01-17T05:12:43","slug":"asx-large-caps-asx-extends-losses-after-china-data-gold-stock-evn-crashes-16pc-on-production-miss","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=4510","title":{"rendered":"ASX Large Caps: ASX extends losses after China data; gold stock EVN crashes 16pc on production miss"},"content":{"rendered":"

ASX extends on weak China GDP data
\nGold, iron ore miners and real estate stocks led losses
\nEvolution Mining cratered by -16pc after production report<\/p>\n

\u00a0<\/p>\n

After falling by 1% yesterday, the ASX dropped another -0.4% on Wednesday with Energy<\/strong>, Mining<\/strong> and Real Estate<\/strong> sectors dragging the bourse lower.<\/p>\n

The local market tracked the weakness on Wall Street overnight where traders recalibrated their expectations for an interest rates cut this year following comments from Fed Reserve Governor, Christopher Waller<\/strong>.<\/p>\n

Waller dismissed the idea of an imminent rate cut, saying that the Fed will bide its time and wait until inflation can be sustained before cutting.<\/p>\n

\u201cWhen the time is right to begin lowering rates, I believe it can and should be lowered methodically and carefully,\u201d he said.<\/p>\n

His comments pushed bond yields much higher, with the benchmark 10-year treasury jumping by more than 10 basis points.<\/p>\n

The surge in yields caused the US dollar<\/strong> to stage its biggest rally since March. The Aussie dollar<\/strong>\u00a0slumped 1% versus the greenback to US65.59c at the time of writing.<\/p>\n

On the ASX today, gold miners<\/strong> fell off the cliff, including a -17% drop for Evolution Mining (ASX:EVN)<\/a><\/strong> \u2013 see more below.<\/p>\n

It was the worst day for ASX gold stocks since September 2022. Oil stocks also fell on the back of the higher USD.<\/p>\n

Meanwhile, iron ore stocks also tumbled today after China\u2019s Q4 GDP grew less than estimate \u2013 5.2% versus 5.3% estimate \u2013 dashing hopes of a quick recovery.<\/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 A2M The A2 Milk Company 4.20 5.53 3,523,908 $2,877,280,536 TUA Tuas Limited 3.03 4.84 330,034 $1,347,834,648 DTL Data#3 Limited 8.75 4.04 733,377 $1,301,061,178 MCY Mercury NZ Limited 6.07 3.76 6,329 $8,138,679,348 DYL Deep Yellow Limited 1.57 3.64 7,593,943 $1,153,987,699 BGA Bega Cheese Ltd 3.52 2.92 549,107 $1,041,450,791 DRR Deterra 4.99 2.89 907,686 $2,563,950,206 TLX Telix Pharmaceutical 11.11 2.87 440,814 $3,496,248,176 LFS Latitude Group 1.17 2.64 11,194 $1,180,032,990 NWL Netwealth Group 16.52 2.42 154,975 $3,936,145,155 CKF Collins Foods Ltd 12.39 2.23 181,843 $1,425,079,114 LNW Light & Wonder Inc. 121.89 2.00 23,931 $1,824,518,830 IRE IRESS Limited 8.02 1.97 397,465 $1,468,165,266 ARB ARB Corporation. 32.77 1.90 57,830 $2,644,209,383 CRN Coronado Global Res 1.70 1.80 1,171,014 $2,799,677,729 ABB Aussie Broadband 3.78 1.61 370,986 $1,036,585,150 BLD Boral Limited 5.31 1.53 709,262 $5,769,152,431 <\/div>\n

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

The Lottery Corporation (ASX:TLC)<\/a><\/strong> rose 1% after announcing that Steven Gregg has been appointed as a director and Chairman-elect of Westpac (ASX:WBC)<\/a><\/strong>, and to manage his workload, Gregg has retired from his role as Chairman and director of TLC.<\/p>\n

The Board also announce that it has elected current Non-executive Director, Dr. Doug McTaggart, as Gregg\u2019s successor as Chairman. Dr McTaggart will commence in the role of Chairman on 1 March.<\/p>\n

Meridian Energy (ASX:MEZ)<\/a><\/strong> was flat after reporting its activities for Q2.<\/p>\n

Meridian\u2019s Q2 total inflows were 83% of historical average, 5% lower than Q2 last year.<\/p>\n

Compared to Q2 last year, Meridian\u2019s generation was -5.7% lower at a +235.2% higher average price.<\/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 EVN Evolution Mining Ltd 3.16 -15.73 41,801,844 $7,408,149,488 BAP Bapcor Limited 5.26 -6.16 3,245,936 $1,900,710,000 NEM Newmont Corporation 53.44 -4.95 1,443,706 $9,850,958,240 S32 South32 Limited 3.27 -4.25 16,834,147 $15,444,771,717 NST Northern Star 12.34 -4.12 4,470,426 $14,790,475,763 SVW Seven Group Holdings 34.01 -4.01 610,928 $12,881,837,347 AWC Alumina Limited 1.01 -3.83 2,362,862 $3,032,257,081 NEU Neuren Pharmaceut. 22.89 -3.52 351,419 $3,018,741,835 PRU Perseus Mining Ltd 1.70 -3.41 4,757,642 $2,417,472,563 BGL Bellevue Gold Ltd 1.44 -3.36 2,009,696 $1,714,882,844 IFL Insignia Financial 2.17 -3.35 1,322,403 $1,493,243,927 PLS Pilbara Min Ltd 3.48 -3.33 13,623,052 $10,834,084,602 NCK Nick Scali Limited 12.46 -2.96 167,045 $1,040,040,000 DHG Domain Holdings Aus 3.23 -2.86 848,103 $2,097,101,748 NIC Nickel Industries 0.61 -2.80 7,371,142 $2,678,631,175 GOR Gold Road Res Ltd 1.66 -2.79 2,529,932 $1,843,448,114 <\/div>\n

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

Gold miner\u00a0Evolution Mining\u00a0(ASX:EVN)<\/a><\/strong> crashed after the company reported quarterly gold production that fell short of expectations.<\/p>\n

Evolution produced 161,073\/oz at all in sustaining costs of $1618\/oz in the December quarter.<\/p>\n

But despite producing just 319,377oz of gold and 27,635t of copper in the first half at AISC of $1615\/oz, Australia\u2019s third biggest listed gold stock still thinks it will hit full year guidance of 789,000oz gold and 62,500t copper at AISC of $1340\/oz, give or take 5%.<\/p>\n

Read more here: Ground Breakers: Is under-fire Evolution\u2019s Canadian gold adventure too much hassle?<\/a><\/strong><\/em><\/p>\n

Bapcor (ASX:BAP)<\/a><\/strong> fell -6% after announcing the resignation of its CFO, Stefan Camphausen, to take on the CFO role at another ASX listed company based in Sydney.<\/p>\n

The company has commenced a process for the appointment of Bapcor\u2019s successor CFO.<\/p>\n

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

The post ASX Large Caps: ASX extends losses after China data; gold stock EVN crashes 16pc on production miss<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

ASX extends on weak China GDP data Gold, iron ore miners and real estate stocks led losses Evolution Mining cratered by -16pc after production report [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":4511,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nASX Large Caps: ASX extends losses after China data; gold stock EVN crashes 16pc on production miss - 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=4510\" \/>\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 extends losses after China data; 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