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ASX Large Caps: Lithium stocks lead, Briscoe plunges 15pc, and QLD becomes top performing state

The ASX closed slightly higher on Monday Lithium stocks led the bourse today Queensland is the best performing economy in … Read More
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This article was originally published by Stockhead
  • The ASX closed slightly higher on Monday
  • Lithium stocks led the bourse today
  • Queensland is the best performing economy in Australia, says Commsec

 

The ASX limped to a flat close despite futures tracking higher before the opening bell.

At the close of Monday, the benchmark ASX 200 finished just 0.1% higher.

Overnight, Nasdaq and Big Tech led a 2% rally in New York as investors praised Google’s decision to cut 12,000 staff, viewing it as a positive move that could steady profit margins.

Local investors however were a bit more cautious as most of Asia are on lunar new year holidays this week, causing sparse trading activities in many markets.

Aussie investors are also cautiously awaiting Wednesday’s CPI data from the ABS.

The recent monthly inflation indicator for November signalled a 7.3% increase year-over-year, which means the quarterly inflation could top 8% for Q4.

“This reading may just be one of the most important inflation reports Australia has received in its current cycle,” said Josh Gilbert, market analyst at eToro.

“With the RBA pivoting late in 2022, the next step may well be a pause, but the RBA will undoubtedly have a job on its hands to navigate a soft landing if inflation does come in line with expectations at 8%,” he added.

On top of that, Gilbert argues that employment unexpectedly fell last month, giving the RBA more ammunition to leave the cash rate unchanged next month.

Meanwhile, lithium stocks caught a bid today with major players like Pilbara Minerals (ASX:PLS) jumping 6%.

Core Lithium (ASX:CXO) and Allkem (ASX:AKE) also surged by 4% each as major brokers upgraded the sector.

In other news, according to the Commsec state of the State report, Queensland is the best performing state economy for the first time as Tasmania drops to second place.

The report says Queensland’s economic activity has seen benefits from strong relative and absolute population growth, a solid job market and buoyant overseas demand for energy resources, such as coal and natural gas.

Across all the indicators, Queensland is now ahead of Tasmania which drops from first to second.

South Australia has lifted from fifth to third. NSW is now in joint fourth spot with Victoria, ahead of the ACT, Western Australia and the Northern Territory.

 

Source: Commbank

 

BIG CAP WINNERS

Swipe or scroll to reveal the full table. Click headings to sort.

Security Description Last % Volume MktCap
PLS Pilbara Min Ltd 4.82 5.82 29,066,890 $13,640,761,179.50
AKE Allkem Limited 13.27 3.67 4,385,303 $8,162,023,500.80
SQ2 Block 108.17 5.74 89,791 $3,262,433,238.90
LTR Liontown Resources 1.44 4.55 24,133,905 $3,020,098,606.25
GNE Genesis Energy Ltd 2.62 3.56 26,257 $2,675,106,310.69
CXO Core Lithium 1.11 5.21 18,029,509 $1,950,027,277.84
KAR Karoon Energy Ltd 2.32 7.18 2,249,649 $1,215,396,048.96
ARU Arafura Rare Earths 0.56 6.13 19,389,824 $1,081,576,007.44

Karoon Energy (ASX:KAR) lifted 7% after the company reported an increase in its reserves and resources at its 100% owned Santos Basin concession, BM-S-40, in Brazil.

The company said its Proved, Probable and Possible (3P) reserves at 31 December have increased by 17%, 23% and 7%, to 42.8 MMbbl, 55.0 MMbbl and 65.5 MMbbl, respectively, compared to 30 June.

Block Inc (ASX:SQ2) rose 6% following a rally on tech stocks in New York overnight.

 

BIG CAP LOSERS

Swipe or scroll to reveal the full table. Click headings to sort.

Security Description Last % Volume MktCap
BGP Briscoe Group 4.2 -15.15 11,454 $1,102,095,651
SMR Stanmore Resources 3.45 -5.74 1,447,907 $3,299,057,015
GRR Grange Resources. 1.03 -4.63 4,361,501 $1,249,925,794
PSI Psc Insurance Ltd 4.81 -3.41 52,767 $1,763,630,178
FPH Fisher & Paykel H. 23.53 -3.25 391,045 $14,089,067,386
ABC Adbri Limited 1.785 -2.99 875,016 $1,200,834,701
NEU Neuren Pharmaceut. 8.56 -2.84 552,844 $1,109,757,606
AX1 Accent Group Ltd 1.89 -2.58 523,412 $1,071,772,319
OBL Omni Bridgeway Ltd 4.2 -2.55 162,570 $1,202,737,717
CHN Chalice Mining Ltd 6.59 -2.23 1,384,081 $2,537,254,088
29M 29Metalslimited 2.07 -1.90 603,831 $1,015,661,369

Homeware and sporting group Briscoe (ASX:BGP) plunged 15% on no specific news.

The post ASX Large Caps: Lithium stocks lead, Briscoe plunges 15pc, and QLD becomes top performing state appeared first on Stockhead.




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