{"id":661,"date":"2023-10-30T05:27:31","date_gmt":"2023-10-30T05:27:31","guid":{"rendered":"https:\/\/economicherald.net\/?p=661"},"modified":"2023-10-30T05:27:31","modified_gmt":"2023-10-30T05:27:31","slug":"asx-large-caps-asx200-falls-below-7000-igo-down-9pc-after-warning-about-lower-lithium-prices","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=661","title":{"rendered":"ASX Large Caps: ASX200 falls below 7,000; IGO down 9pc after warning about lower lithium prices"},"content":{"rendered":"

ASX down -0.75pc on Monday to 12-month low
\nNewmont was best large cap today, while IGO plunged\u00a0
\nAussie retail sales increased more than expected in September<\/p>\n

\u00a0<\/p>\n

Local shares tumbled by -0.75% on Monday, pushing the benchmark ASX 200 index to below 7,000 at 6,777,\u00a0 a 12-month low.<\/p>\n

Traders dumped shares across the board as war in the Middle East escalates. The latest news is that the US and Israel have struck \u2018military infrastructure\u2019 in Syria and Lebanon as experts worry this could spark about a wider regional conflict.<\/p>\n

The only ASX sector in the green today was Tech, which tracked Nasdaq and rallied by 1%.<\/p>\n

Energy stocks were the worst performers following sluggish results from giants Chevron and Exxon on Friday. Investors are dumping oil stocks on concerns demand for crude is falling fast as outlook worsens, despite a 3% in crude prices on Friday.<\/p>\n

New lister Newmont Corp (ASX:NEM)<\/a><\/strong> meanwhile was the best large cap today, up 3% as bullion prices climbed to over US$2,000 an ounce.<\/p>\n

To economics data, Australian retail sales have surpassed expectations, up 0.9% in September versus economists\u2019 forecast of only 0.3%,<\/p>\n

\u201cConsumer confidence remains near decade lows, but for now, retail spending has held up considerably well,\u201d said Josh Gilbert, a market analyst at eToro.<\/p>\n

\u201cThe strong reading from retail sales today may solidify another hike from the RBA in November.\u201d<\/p>\n

This week, the FOMC meeting will be held on October 31-November 1, with the rates decision expected on Thursday morning AEDT.<\/p>\n

\u201cFor the US\u00a0Federal\u00a0Reserve, as much as they won\u2019t admit it, stock prices are the third rail of monetary policy,\u201d said \u00a0Franklin Templeton Australian Fixed Income Portfolio Manager, Andrew Canobi.<\/p>\n

\u201cFor the last 18 months, even as the\u00a0Fed\u00a0Funds rate has been elevated by 525bps, equity markets have remained stubbornly strong.\u201d<\/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 NEM Newmont Corporation 61.43 3.24 160,365 $20,983,498,599 SDR Siteminder 4.04 2.54 267,876 $1,083,760,458 NEC Nine Entertainment 1.86 2.49 1,811,577 $2,943,549,775 ING Inghams Group 3.41 2.40 822,582 $1,237,693,071 AX1 Accent Group Ltd 1.86 2.34 940,187 $1,024,756,817 XRO Xero Ltd 106.92 2.30 238,018 $15,831,441,527 LFG Liberty Fin Group 3.90 2.09 6,861 $1,160,530,795 NEU Neuren Pharmaceut. 10.43 1.96 352,907 $1,294,766,865 MAD Mader Group Limited 6.13 1.91 97,173 $1,202,000,000 JLG Johns Lyng Group 5.86 1.91 362,438 $1,588,814,338 DDR Dicker Data Limited 10.19 1.90 114,433 $1,802,433,330 GMD Genesis Minerals 1.49 1.71 1,062,188 $1,556,610,034 AIZ Air New Zealand 0.62 1.65 297,650 $2,037,920,911 GMG Goodman Group 20.49 1.49 2,195,608 $38,344,486,013 BGL Bellevue Gold Ltd 1.48 1.37 3,071,159 $1,677,548,126 <\/div>\n

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

Qantas (ASX:QAN)<\/a><\/strong> was up 1% after filing its defence with the Federal Court in response to claims made by the Australian Competition and Consumer Commission in August.<\/p>\n

Qantas says it fully accepts that it let customers down during the post-Covid restart, including with high cancellation rates.<\/p>\n

\u201cWhile mistakes were made by Qantas, the ACCC\u2019s legal case ignores the realities of the aviation industry \u2013 airlines can\u2019t guarantee specific flight times. All customers on cancelled flights were offered an alternative flight or refund; there was no \u2018fee for no service\u2019, \u201c said Qantas\u2019 defence.<\/p>\n

Genesis Minerals (ASX:GMD)<\/a><\/strong> rose after announcing that it has acquired a relevant interest in 1,157,212,857 Dacian Gold (ASX:DCN)<\/a> shares, which has given it a voting power in Dacian of 95.1%.<\/p>\n

Accordingly, as foreshadowed in Genesis\u2019 Bidder\u2019s Statement dated 16 October, the offer for Dacian has been increased from 0.1685 Genesis shares for every 1 Dacian share held, to 0.1935 Genesis Shares for every 1 Dacian Share held ie; an improved offer consideration.<\/p>\n

Bellevue Gold (ASX:BGL)<\/a> <\/strong>announced that practical completion of the Bellevue 1Mtpa processing facility has been achieved, and the project has been delivered on schedule and on budget.<\/p>\n

First gold pour was completed on 25 October; while commissioning got underway over the December quarter, with ramp up towards 1Mtpa run rate. Start of production means Bellevue is expected to be cash flow-neutral through the December quarter, the company said.<\/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 IGO IGO Limited 9.73 -8.69 6,513,176 $8,064,902,208 WHC Whitehaven Coal 7.39 -4.34 6,229,781 $6,458,558,052 LTR Liontown Resources 1.62 -3.99 15,618,340 $4,064,506,385 NIC Nickel Industries 0.76 -3.21 3,085,166 $3,342,931,706 CNU Chorus Limited 6.48 -3.14 280,656 $2,902,705,997 CLW Chtr H Lwr 3.00 -3.54 1,262,064 $2,248,391,499 SQ2 Block 63.25 -5.64 140,288 $2,204,190,724 BWP BWP Trust 3.25 -3.27 997,436 $2,158,409,578 CEN Contact Energy Ltd 7.17 -6.88 2,957 $1,960,006,002 RMS Ramelius Resources 1.66 -3.35 5,907,267 $1,947,530,578 SGR The Star Ent Grp 0.55 -7.56 29,425,512 $1,706,865,122 BOE Boss Energy Ltd 4.36 -3.33 967,388 $1,591,730,374 GOZ Growthpoint Property 2.00 -3.85 841,181 $1,568,011,773 RED Red 5 Limited 0.31 -3.13 4,147,970 $1,107,900,560 <\/div>\n

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

IGO (ASX:IGO)<\/a><\/strong> plunged 9% after warning that lower lithium prices could hit its current quarter sales.<\/p>\n

The company reported strong quarterly result at Greenbushes, with record spodumene production and lower cash costs. Greenbushes delivered another record quarterly production result of 414kt on a 100% basis, while unit production costs of $262\/t were lower by 3%.<\/p>\n

Dan Murphy\u2019s owner\u00a0Endeavour Group (ASX:EDV)<\/a> <\/strong>was down -2% after saying that consumers were buying cheaper options at its stores, while also flagging declining gaming revenue. Overall, EDV\u2019s total revenue for Q1 was $3.09bn, versus $3.028bn in the pcp.<\/p>\n

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

The post ASX Large Caps: ASX200 falls below 7,000; IGO down 9pc after warning about lower lithium prices<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

ASX down -0.75pc on Monday to 12-month low Newmont was best large cap today, while IGO plunged\u00a0 Aussie retail sales increased more than expected in [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":662,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nASX Large Caps: ASX200 falls below 7,000; IGO down 9pc after warning about lower lithium prices - 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=661\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ASX Large Caps: ASX200 falls below 7,000; 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