ASX falls heavily after US CPI print higher than expected
\nRates sensitive sectors, gold miners fell
\nCBA, Domain, Fletcher Bulding also dumped<\/p>\n
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The ASX 200 fell by around -1% on Wednesday, tracking the selloff on Wall Street overnight.<\/p>\n
Stocks fell across the broad after the US January CPI<\/strong> unexpectedly came in at a higher rate than forecast.<\/p>\n Traders globally were unsettled after the US CPI print came in at 3.1%, the highest reading in 8 months, potentially crushing hopes of a near term Fed rate cut.<\/p>\n \u201cThe Fed will view this as another reason to wait until May or June, but the direction of trend is still lower,\u201d said Charles Schwab\u2019s chief fixed-income strategist, Kathy Jones.<\/p>\n On the ASX, Industrials<\/strong> was the only sector in the green today. All other sectors fell, led by rates sensitive sectors\u00a0Tech<\/strong>\u00a0and Real Estate<\/strong>.<\/p>\n Gold miners<\/strong>\u00a0also came under pressure after gold price retreated by around 1% last night to below US$2k an ounce.<\/p>\n Among the advancers today were education company IDP Education, which said it was seeing record student growth during the half.<\/p>\n Across the region, China is still closed for Lunar New Year, but Japan shares fell, with the Yen sliding to 150.60 vs the USD.<\/p>\n This comes as swap traders decreased their bets for a Fed cut before July following the latest CPI release overnight.<\/p>\n \u00a0<\/p>\n Swipe or scroll to reveal the full table. Click headings to sort.<\/em><\/p>\n Code Name Price % Change Volume Market Cap DOW Downer EDI Limited 4.87 12.99 5,006,496 $2,894,482,556 AMP AMP Limited 1.08 11.60 34,761,547 $2,658,848,477 IEL Idp Education Ltd 22.28 10.08 2,807,235 $5,633,524,911 MEZ Meridian Energy 5.34 5.74 47,042 $6,393,676,573 SVW Seven Group Holdings 38.08 4.76 1,069,027 $13,216,336,087 CPU Computershare Ltd 26.20 4.55 1,138,164 $14,943,741,034 BGL Bellevue Gold Ltd 1.39 4.32 9,193,767 $1,565,864,662 ERA Energy Resources 0.06 3.57 96,906 $1,240,304,755 PSI Psc Insurance Ltd 4.69 2.63 1,134,822 $1,666,329,994 TPW Temple & Webster Ltd 11.29 2.54 2,329,243 $1,353,676,219 HSN Hansen Technologies 5.45 1.97 178,720 $1,085,106,092 LTR Liontown Resources 1.06 1.93 6,072,878 $2,508,062,221 AD8 Audinate Group Ltd 19.63 1.92 479,706 $1,600,676,181 AX1 Accent Group Ltd 2.36 1.72 1,142,093 $1,306,283,415 EBO Ebos Group Ltd 34.43 1.70 15,866 $6,493,145,081 JHX James Hardie Indust 54.95 1.40 761,524 $23,609,865,199 <\/p>\n WordPress Table Plugin<\/a><\/p>\n \u00a0<\/p>\n IDP Education (ASX:IEL)<\/a>\u00a0<\/strong>reported record revenue of $579 million for H1, up 15% on pcp, driven by strong student placement revenue growth of 44%. Net Profit After Tax (NPAT) was $107 million, up 23% on pcp. The company said it saw record student placement volumes of 57,300 during the half, up 33% on pcp.<\/p>\n Downer EDI (ASX:DOW)<\/a><\/strong> surged after underlying EBITA, which exclude significant items, rose 12.6% for the half to $150.5 million.<\/p>\n AMP (ASX:AMP)<\/a><\/strong> rose after reporting underlying NPAT growth of 6.5% vs pcp to $196million. Underlying earnings per share was 6.8cents for the period. Final dividend was 2.0 cents per share declared, with 20%franked. AMP has also appointed non-executive director and former Adelaide & Bendigo Bank (ASX: BEN) MD Mike Hirst as chairman, effective at the end of the 12 April AGM.<\/p>\n \u00a0<\/p>\n Swipe or scroll to reveal the full table. Click headings to sort.<\/em><\/p>\n Code Name Price % Change Volume Market Cap GNC GrainCorp Limited 7.21 -12.18 3,188,925 $1,841,806,745 FBU Fletcher Building 3.405 -7.97 4,132,056 $2,897,261,305 GUD G.U.D. Holdings 11.08 -7.74 2,677,363 $1,692,145,299 CQE Charter Hall Soc In 2.655 -5.52 554,823 $1,044,130,628 SEK Seek Limited 24.23 -5.43 1,806,093 $9,126,361,268 360 Life360 Inc. 7.405 -4.82 347,009 $1,590,757,072 SQ2 Block 100.92 -4.80 60,029 $3,760,694,785 DHG Domain Holdings Aus 3.32 -4.05 2,827,482 $2,185,533,749 LNW Light & Wonder Inc. 130.695 -4.04 22,673 $2,116,351,463 CRN Coronado Global Res 1.465 -3.93 1,606,349 $2,556,591,938 MCY Mercury NZ Limited 6.2 -3.88 1,016 $8,973,415,692 NST Northern Star 12.81 -3.76 1,587,445 $15,296,133,054 BPT Beach Energy Limited 1.7575 -3.70 6,571,027 $4,163,433,922 JDO Judo Cap Holdings 1.155 -3.35 843,455 $1,325,614,495 PRU Perseus Mining Ltd 1.625 -3.27 4,782,623 $2,307,587,446 NEM Newmont Corporation 49.73 -3.19 297,526 $8,740,930,004 BOQ Bank of Queensland. 5.84 -3.15 2,201,773 $3,977,898,934 <\/p>\n WordPress Table Plugin<\/a><\/p>\n \u00a0<\/p>\n Graincorp (ASX:GNC)<\/a><\/strong> was the biggest large cap loser today, down 12% after flagging a big drop in earnings. GNC expects to report FY24 Underlying EBITDA in the range of $270\u2013$310 million, down from $565 million in FY23. ) FY24 Underlying NPAT is expected to be between $65\u2013$95 million, down from $250 million in FY23.<\/p>\n Commonwealth Bank (ASX:CBA)<\/a><\/strong> fell after NPAT for H1 decreased by 8% on pcp to $4.837b. Net interest margin (NIM) decreased by 11 basis points to 1.99% due mainly to increased competition. The interim dividend declared was 2% higher at $2.15 per share, fully franked. The dividend payout ratio is 72% of cash NPAT.<\/p>\n Domain Holdings (ASX:DHG)<\/a><\/strong> delivered revenue of $202.2 million for the half year, up 11% on pcp. EBITDA was $68.4 million, up 32% on pcp. Domain expects EBITDA margin expansion in FY24, supported by improved listings.<\/p>\n GUD Holdings (ASX:GUD)<\/a><\/strong>\u2019s underlying EBITA increased 11.6% vs pcp to $98 million. Statutory NPAT was $51.4 million, which increased by 19.5% vs pcp. The company reported interim dividend of 18.5 cents per share, an increase of 8.8% on the pcp.<\/p>\n Plumbing supplies business Fletcher Building (ASX:FBU)<\/a><\/strong> announced a net loss of NZ$120 million for the half, versus the previous half-year\u2019s net profit of $92 million.The company has however denied that it has put its Iplex business up for sale, as reported by a certain media.<\/p>\n <\/span><\/p>\n The post ASX Large Caps: ASX tumbles as Graincorp sinks 12pc; Downer and AMP shine<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"BIG CAP WINNERS<\/h2>\n
BIG CAP LOSERS<\/h2>\n