{"id":5716,"date":"2024-02-12T05:06:40","date_gmt":"2024-02-12T05:06:40","guid":{"rendered":"https:\/\/economicherald.net\/?p=5716"},"modified":"2024-02-12T05:06:40","modified_gmt":"2024-02-12T05:06:40","slug":"asx-large-caps-audinate-gains-20pc-to-all-time-high-jb-hi-fi-says-retail-demand-still-strong","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=5716","title":{"rendered":"ASX Large Caps: Audinate gains 20pc to all-time high, JB Hi-Fi says retail demand still strong"},"content":{"rendered":"

ASX slumps, dragged down by health giant CSL
\nRBA says rates could be cut before inflation reaches target
\nAudinate rallies 20pc to record high<\/p>\n

\u00a0<\/p>\n

The ASX 200 lost -0.4% on Monday, weighed down by a steep -3% loss in the health sector, which, in turn, was dragged down by a -5% drop in heavyweight\u00a0CSL (ASX:CSL)<\/a> \u2013<\/strong>\u00a0see more below.<\/p>\n

The Tech <\/strong>sector meanwhile tracked Nasdaq higher today.\u00a0On Friday, the Nasdaq hit its highest level since November 2021, propped up by rallies in mega stocks like Amazo<\/em>n and Nvidia.<\/em><\/p>\n

Most commodity prices lagged on Friday, with iron ore, gold, copper and nickel also settling lower \u2013 putting pressure on mining stocks today. Oil prices also eased after Iran\u2019s foreign minister said he sees a diplomatic solution for the Israel-Hamas conflict.<\/p>\n

Meanwhile, local traders are parsing through RBA\u2019s governor Michelle Bullock<\/strong>\u2019s comments late Friday, when she said that rates could be cut before inflation falls to its 2-3% target range.<\/p>\n

Giving evidence to parliament, Bullock said:<\/p>\n

\u201cDo we have to be absolutely in the inflation band before we start thinking about if we think monetary policy is restrictive now, which we think it is?<\/p>\n

\u201cNo, I don\u2019t believe we do.\u201d<\/p>\n

Regionally, things are very quiet today as Asian stock markets are closed in China, Hong Kong, Japan, Malaysia, Singapore, South Korea and Vietnam for the Lunar New Year.<\/p>\n

China will be closed for the rest of the week, while Japan is closed for National Day celebrations today.<\/p>\n

\u00a0<\/p>\n

BIG CAP WINNERS<\/h2>\n

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Code Name Price % Change Volume Market Cap AD8 Audinate Group Ltd 19.33 20.59 742,082 $1,332,234,641 JBH JB Hi-Fi Limited 60.36 6.74 649,436 $6,182,836,626 BFL Bsp Financial Group 6.99 5.75 13,283 $3,088,324,061 AX1 Accent Group Ltd 2.22 4.48 1,408,429 $1,193,672,776 PME Pro Medicus Limited 111.46 4.39 118,119 $11,152,690,139 LOV Lovisa Holdings Ltd 25.36 4.06 221,551 $2,673,209,612 BPT Beach Energy Limited 1.72 3.78 14,385,547 $3,775,607,201 CTT Cettire 4.32 3.35 2,068,864 $1,593,575,760 AZJ Aurizon Holdings Ltd 3.88 3.19 7,104,697 $6,921,046,972 RDX Redox Limited 2.36 3.06 67,016 $1,202,436,470 SUL Super Ret Rep Ltd 16.40 2.79 320,459 $3,601,932,675 TNE Technology One 16.29 2.71 349,887 $5,165,225,674 MCY Mercury NZ Limited 6.35 2.42 9,171 $8,625,608,882 ALU Altium Limited 52.72 2.35 168,283 $6,795,551,425 PWH Pwr Holdings Limited 10.93 2.25 44,155 $1,074,175,360 APE Eagers Automotive 14.53 2.11 285,562 $3,655,692,834 <\/p>\n

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Audinate (ASX:AD8)<\/a><\/strong> rose over 20% to its all-time high after H1 revenue increased 47.7% on the pcp to US$30.4 million, a record for the company. EBITDA was $10.1 million, up 137% on the pcp. Audinate has a strong cash and term deposits balance of $111.7 million at 31 December.<\/p>\n

JB Hi-Fi (ASX:JBH)<\/a><\/strong> say its half year FY24\u2019s total sales increased by 0.7% on pcp to $3.62 billion, driven by continued customer demand for technology and consumer electronics products. Gross profit decreased by 3.0% to $795.6 million with gross margin down 84 bps to 22%, driven by on-floor discounting. NPAT was $264.3m, from $330m in the previous half. The group continues to maintain a strong balance sheet, with closing net cash of $488 million at 31 December.<\/p>\n

Beach Energy (ASX:BPT)<\/a><\/strong> announced that production for H1 FY24 was 8.8 MMboe, down 11% on H1 FY23 largely driven by lower customer gas nominations. Sales revenue was $941 million, up 16% on pcp. Underlying NPAT was $173 million, down 10% on pcp. For the full year FY24, Beach is guiding the market to production of 18.0 \u2013 20.0 MMboe, and capital expenditure of $900 \u2013 $1 billion.<\/p>\n

\u00a0<\/p>\n

BIG CAP LOSERS<\/h2>\n

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Code Name Price % Change Volume Market Cap LTR Liontown Resources 1.03 -7.40 11800466 $2,701,874,659 FBU Fletcher Building 3.70 -6.09 658295 $3,085,191,768 CSL CSL Limited 289.51 -5.08 709946 $147,343,443,385 IGO IGO Limited 6.90 -3.57 2157437 $5,414,464,863 NIC Nickel Industries 0.63 -3.46 3691387 $2,785,776,422 IFL Insignia Financial 2.23 -3.26 848886 $1,533,241,532 SGR The Star Ent Grp 0.53 -3.18 10386275 $1,577,774,482 SKC Skycity Ent Grp Ltd 1.91 -3.05 236734 $1,497,604,262 SQ2 Block 102.27 -2.78 57993 $3,731,605,362 HLS Healius 1.42 -2.75 987752 $1,056,427,548 DYL Deep Yellow Limited 1.47 -2.65 3239154 $1,154,715,624 FPH Fisher & Paykel H. 22.43 -2.61 150839 $13,448,683,596 LFG Liberty Fin Group 4.20 -2.55 30236 $1,309,394,693 CMW Cromwell Prop 0.41 -2.41 639801 $1,086,829,680 <\/p>\n

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CSL (ASX:CSL)<\/a> <\/strong>fell -5% after saying that its Phase 3 AEGIS-II trial of did not meet ts primary efficacy endpoint at 90 days. The trial was evaluating the efficacy and safety of CSL112 compared to placebo, for reducing the risk of major adverse cardiovascular events (MACE) in patients following an acute myocardial infarction (AMI). As a result, there are no plans now for a near-term regulatory filing.<\/p>\n

Liontown Resources (ASX:LTR)<\/a><\/strong> fell almost -7% after a clause that forced Gina Rinehart to wait four months if she wanted to bid below the $3 price for LTR paid in October elapsed today. This means that Rinehart, who already owns 19.9% of LTR, could now make another play for LTR.<\/p>\n

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The post ASX Large Caps: Audinate gains 20pc to all-time high, JB Hi-Fi says retail demand still strong<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

ASX slumps, dragged down by health giant CSL RBA says rates could be cut before inflation reaches target Audinate rallies 20pc to record high \u00a0 [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":5717,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nASX Large Caps: Audinate gains 20pc to all-time high, JB Hi-Fi says retail demand still strong - 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=5716\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASX Large Caps: Audinate gains 20pc to all-time high, JB Hi-Fi says retail demand still strong - 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