{"id":6540,"date":"2024-02-29T05:18:36","date_gmt":"2024-02-29T05:18:36","guid":{"rendered":"https:\/\/economicherald.net\/?p=6540"},"modified":"2024-02-29T05:18:36","modified_gmt":"2024-02-29T05:18:36","slug":"asx-large-caps-star-harvey-norman-bitcoin-rally-but-cpi-tonight-will-decide-if-correction-is-coming","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=6540","title":{"rendered":"ASX Large Caps: Star, Harvey Norman, Bitcoin rally; but CPI tonight will decide if correction is coming"},"content":{"rendered":"

ASX closed higher after rallies in Harvey Norman, Star Casino stocks
\nBitcoin jumped to US$62k
\nUS inflation data due later tonight, will signal if bull market is over<\/p>\n

\u00a0<\/p>\n

The ASX 200 swung to a higher close on Thursday, up +0.5%, after opening the session in the red.<\/p>\n

Consumer Discretionary<\/strong> and Staples<\/strong> led other sectors after earnings reports from Harvey Norman<\/strong> and Star Casino<\/strong> \u2013 see details below.<\/p>\n

Energy<\/strong> related stocks also climbed despite crude prices slipping by half a percent overnight.<\/p>\n

Bitcoin<\/strong> meanwhile is edging closer to its all-time high of around US$69k after it jumped to US$62k, at the time of writing. Earlier, it moved above US$63k on some crypto exchanges.<\/p>\n

\u201cIf the current momentum continues, we expect that Bitcoin could beat the previous all-time high in a matter of weeks,\u201d says Nigel Green of de Vere Group<\/em>.<\/p>\n

Across the region, Asian stock markets were mixed ahead of the all-crucial CPI data<\/strong> later today (Friday AM AEDT).<\/p>\n

The market is bracing for the possibility of a higher than expected PCE (Personal Consumption Expenditures) Index, the\u00a0Fed Reserve\u2019s preferred inflation gauge.\u00a0Some analysts say a bad reading would signal an end to the bull market we\u2019ve had since the start of the year.<\/p>\n

Treasury yields have declined in the past few days, signally that the market is betting on a soft reading.<\/p>\n

\u201cThe recent data is \u2018noise\u2019 and should be ignored outside of its impact for very short-term market movements,\u201d Chris Zaccarelli of Independent Advisor Alliance told Bloomberg<\/em>.<\/p>\n

\u201cWe are more interested in the PCE data.\u201d<\/p>\n

\u00a0<\/p>\n

BIG CAP WINNERS<\/h2>\n

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Code Name Price % Change Volume Market Cap MAQ Macquarie Technology 78.170 9.789 57,460 $1,733,311,882 SGR The Star Ent Grp 0.518 7.813 25,805,344 $1,376,966,821 RHC Ramsay Health Care 54.900 7.248 1,240,510 $11,744,761,730 PNV Polynovo Limited 2.240 5.164 2,151,118 $1,470,195,760 OCL Objective Corp 13.680 4.989 34,369 $1,240,609,962 CNI Centuria Capital 1.630 4.823 770,303 $1,256,289,551 AD8 Audinate Group Ltd 22.800 4.683 173,223 $1,810,110,448 BGL Bellevue Gold Ltd 1.520 4.467 3,152,836 $1,713,032,393 SDR Siteminder 5.350 4.289 5,054,846 $1,421,349,124 S32 South32 Limited 2.940 4.255 25,801,134 $12,772,509,162 HVN Harvey Norman 4.940 4.219 7,813,109 $5,906,071,540 WOR Worley Limited 16.755 4.068 979,710 $8,480,729,788 DDR Dicker Data Limited 12.570 3.799 565,698 $2,183,305,627 SLX Silex Systems 4.950 3.774 759,756 $1,125,462,778 <\/p>\n

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Harvey Norman (ASX:HVN)<\/a><\/strong> says H1 EBITDA declined by 31.8% to $473 million, while Profit before tax (PBT) was 29.5% lower to $303.8 million. Interim dividend per share was declared at $0.10, down 23% from the pcp.<\/p>\n

Star Entertainment Group (ASX:SGR)<\/a><\/strong> says its H1 FY24 revenue and earnings are broadly consistent with commentary provided at the AGM. Normalised EBITDA was $114 million, and NPAT for the half was $9 million, up 100% from the pcp. Priorities for the rest of the year include executing against the Remediation Plan, and demonstrating to regulators that The Star is capable of returning to suitability.<\/p>\n

Xero (ASX:XRO)<\/a><\/strong> has today announced its FY25-27 strategy, which includes aspirations for future growth. The company stated 4 goals for FY25-FY27: Win the 3 x 3 \u2013 core accounting, payments and payroll market, a winning go-to market playbook, focused bets to win the future, and unleash Xero to win. \u201c\u201cOur strategy is simple, focused, and purpose driven,\u201d said CEO Sukhinder Singh Cassidy.<\/p>\n

Ramsay Health Care (ASX:RHC)<\/a><\/strong>\u2019s NPAT for H1 declined by 23% vs pcp to $140.4m. In terms of outlook, Ramsay continues to expect further growth in earnings. For the full year of FY24, Ramsay expecs mid single digit top line growth.<\/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

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Code Name Price % Change Volume Market Cap ZIM Zimplats Holding Ltd 16.06 -6.14 54,342 $1,841,680,174 BFL Bsp Financial Group 6.48 -5.95 13,104 $3,219,145,655 NEC Nine Entertainment 1.72 -4.44 5,149,874 $2,919,969,092 RMD ResMed Inc. 26.72 -4.33 2,758,643 $17,277,464,763 ERA Energy Resources 0.05 -4.17 1,013,312 $1,063,118,361 JLG Johns Lyng Group 6.33 -3.88 1,272,648 $1,828,409,532 GMD Genesis Minerals 1.53 -2.86 4,097,363 $1,767,045,004 LNW Light & Wonder Inc. 150.87 -2.63 111,872 $2,407,544,022 HLI Helia Group Limited 4.11 -2.38 2,219,632 $1,266,387,724 LFG Liberty Fin Group 3.91 -2.25 125,857 $1,215,215,492 MCY Mercury NZ Limited 6.28 -2.18 12,427 $8,931,678,874 PPT Perpetual Limited 23.85 -2.09 379,067 $2,763,265,541 VUK Virgin Money Uk PLC 3.04 -1.94 713,829 $2,028,501,641 MPL Medibank Private Ltd 3.59 -1.91 3,856,650 $10,079,651,858 LYC Lynas Rare Earths 5.87 -1.76 2,265,969 $5,580,125,186 FPH Fisher & Paykel H. 23.05 -1.66 184,834 $13,688,108,706 <\/p>\n

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The post ASX Large Caps: Star, Harvey Norman, Bitcoin rally; but CPI tonight will decide if correction is coming<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

ASX closed higher after rallies in Harvey Norman, Star Casino stocks Bitcoin jumped to US$62k US inflation data due later tonight, will signal if bull [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":6541,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nASX Large Caps: Star, Harvey Norman, Bitcoin rally; but CPI tonight will decide if correction is coming - 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=6540\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASX Large Caps: Star, Harvey Norman, Bitcoin rally; 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