ASX Large Caps: Local shares flat, Aussie home prices accelerate descent


Roger Pettingell Sarasota Real Estate

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  • ASX finished Friday flat
  • 9 out of 11 sectors rose, but Energy fell by 2.5% as oil prices dip in Asian hours
  • Australia’s home prices fell by 0.6% in June according to CoreLogic

Local shares struggled to make any grounds today, finishing flat, despite 9 out of 11 sectors finishing in the green. For the week, the ASX 200 was down 0.23%.

Real Estate stocks led today’s gains even as national home prices fell for the second month in a row according to data from CoreLogic.

Home prices across Australia fell by 0.6% in June, led by declines in big cities like Sydney (-1.6%), Melbourne (-1.1%), and Hobart (-0.2%).

“We are seeing the higher cost of debt along with super-high inflation and lower confidence all feeding through to less housing demand in the marketplace,” said CoreLogic Research Director, Tim Lawless.

“So it’s definitely increasing the level of decline, and we are starting to see more and more cities quite clearly losing steam in the rate of growth in housing values.

“But we’ve also seen a fairly sharp reduction in the number of home sales as fewer people are active in the market, and an increase in listing numbers,” he added.

The Energy sector meanwhile has offset the gains made by other sectors, falling by 2.5% on the back of weak oil prices.

Brent crude has fallen rapidly in Asian hours, trading now at US$108.40 a barrel and is heading toward its third weekly loss.

The OPEC+ meeting, which concluded overnight with members agreeing to the same output for August as previously announced (648,000 barrels per day), didn’t have much sway on prices as lingering fears of a recession continue to dominate sentiment.

Other commodity prices like iron ore are also unable to escape the broader risk selloff, as prices tumbled by a further 2% overnight.

The Aussie dollar, which is highly correlated to commodity prices, is currently trading at a 2-year low of US 68.2c.

BIG CAP WINNERS

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Code Name Price % Change Market Cap
ASB Austal Limited 2.26 26% $651,344,677.20
PBH Pointsbet Holdings 2.91 9% $813,696,808.16
IMU Imugene Limited 0.195 8% $1,055,825,990.10
RRL Regis Resources 1.405 8% $981,291,626.90
ERA Energy Resources 0.205 8% $701,362,807.62
AIZ Air New Zealand 0.535 6% $1,701,074,479.08
LFS Latitude Group 1.25 5% $1,235,769,230.22
BRN Brainchip Ltd 0.84 5% $1,375,489,715.20
CNI Centuria Capital 1.9 5% $1,434,944,687.20
OCL Objective Corp 14.38 5% $1,303,349,330.14
NWL Netwealth Group 12.72 5% $2,964,763,660.16
INR Ioneer Ltd 0.4275 4% $857,432,762.20
IEL Idp Education Ltd 24.83 4% $6,629,968,546.02
QUB Qube Holdings Ltd 2.845 4% $4,820,531,690.52
RMS Ramelius Resources 0.905 4% $754,625,044.83
HMC Homeco Limited 4.69 4% $1,351,276,305.06
PNI Pinnacle Investment 7.3 4% $1,402,908,887.91
MGR Mirvac Group 2.05 4% $7,787,561,910.95

Austal (ASX:ASB) rose 25% after being awarded a contract by the US Coast Guard Service with a potential value of $US3.3 billion.

Imugene (ASX:IMU) led the large caps, up by 9% after announcing the appointment of Dr Sharon Yavrom as Executive Director, Clinical Scientist, effective today. IMU says Dr. Yavrom is an accomplished clinical scientist with nearly 20 years of industry experience in both established and emerging pharmaceutical companies.

BIG CAP LOSERS

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Code Name Price % Change Market Cap
WDS Woodside Energy 30.53 -4% $60,456,192,708.64
FMG Fortescue Metals Grp 17.08 -3% $53,974,255,012.54
NCM Newcrest Mining 20.3 -3% $18,657,344,629.83
MIN Mineral Resources. 46.58 -4% $9,132,745,158.09
YAL Yancoal Aust Ltd 5.13 -5% $7,103,964,171.06
IFT Infratil Limited 6.84 -3% $5,112,479,343.75
WHC Whitehaven Coal 4.7 -3% $4,741,352,421.96
GQG GQG Partners 1.405 -4% $4,311,095,933.64
NHC New Hope Corporation 3.35 -3% $2,879,955,503.72
CRN Coronado Global Res 1.6125 -3% $2,774,530,923.15
LTR Liontown Resources 1.01 -4% $2,312,797,583.89
SMR Stanmore Resources 1.84 -5% $1,748,680,494.12
PPH Pushpay Holdings Ltd 1.08 -4% $1,277,782,993.76
BKI BKI Investment Ltd 1.615 -3% $1,233,503,889.12

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