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ASX standouts: Monday's big movers and gainers

By Market Index
Mon 10 Jan 22, 12:58pm (AEDT)
calm water and tree reflected

Key Points

  • The ASX appears to be settling after last week’s volatility
  • Tech stocks have continued to drop
  • Materials and energy stocks have seen a positive start to the week

The ASX is trading -0.11% lower today. Tech stocks continue to suffer in the wake of last week’s news of further interest rate hikes from the US Federal Reserve. After a rally on Friday, the tech sector is down -1.63% today.

Aside from the tech sector, the rest of the market appears to be settling after last week’s volatility. Last week saw the ASX jump 2% on the first day of trading for the year, before dropping -3.67% just a few days later in response to the US Fed’s rate hike announcement. 

The Australian financial sector is trading relatively flat, with a mild -0.07% decline today. 

Apart from the materials, energy, and utilities sectors, all other sectors are trading slightly in the red, although with less substantial declines compared to tech. 

ASX winners

The energy (up 1.59%) and materials (up 1.16%) sectors have enjoyed a good start to the week. 

Within the energy sector, Renascor Resources (ASX: RNU), AGL Energy (ASX: AGL), and Energy Resources of Australia (ASX: ERA) are all up between 6.76% to 8.57% today.

The sector has been aided by a huge gain in natural gas, which is up 5.52% today, according to Trading Economics. 

On the materials side, Mount Gibson Iron (ASX: MGX), Kingsgate Consolidated (ASX: KCN), and SOUTH32 (ASX: S32) have led the sector’s gains. These three companies are up between 3.57% to 5.29% today.

Lithium has posted a 2.83% gain today, adding to the commodity’s staggering 113.6% growth over the last month. 

ASX losers

Stocks of high-growth tech companies continue to drop after the US Federal Reserve last week signaled it might tighten monetary policy more aggressively than expected.

The biggest decliners in local tech names include Xero (ASX: XRO), Afterpay (ASX: APT), Wisetech Global (ASX: WTC), Nextdc (ASX: NXT), and Seek (ASX: SEK). These stocks are all down between -1.19% and -3.93%.

Healthcare stocks have dipped today, led by drops from Medical Developments International (ASX: MVP), Actinogen Medical (ASX: ACW), and Ebos Group (ASX: EBO), which have lost between -4.18% to -4.69%. 

On an interesting note, the broker consensus for Ebos is a strong buy. This consensus was last updated on 6 January 2022. While this may be targeted towards Ebos rather than healthcare as a whole, it may suggest the sector’s loss today will be short-lived.

Written By

Market Index

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