Rapid Movers

ASX standouts: Monday’s movers and gainers

Mon 24 Jan 22, 11:18am (AEST)
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Key Points

  • The ASX is beginning to roll over amid a flight away from risky assets
  • Its no longer tech stocks selling off - its almost everything
  • All eyes on US Fed meeting on Thursday

The ASX is down -0.8% as the stock market correction continues to gather momentum. 

The ASX closed below its 200-day moving average last Friday, and followed through in today's session - signalling a bearish sentiment and weakening trend.

2022-01-24 10 45 20-Window

11 ASX Sectors at 10:45 am AEDT

ASX winners 

Supermarket stocks are rising to the occasion, with Coles (ASX: COL) and Woolworths (ASX: WOW) up 1.8% and 1.3% respectively.

In the mid-cap space, telecommunications services provider Uniti (ASX: UWL) rallied 11.9% after revealing that multiple parties have expressed interest in acquiring the company. 

ASX losers 

The market is a sea of red, headlined by losses from materials and tech stocks. 

Miners including lithium, iron ore, gold and aluminium are plummeting despite commodity prices holding up relatively well. 

Iron ore majors BHP (ASX: BHP), Rio Tinto (ASX: RIO) and Fortescue Metals (ASX: FMG) all opened at least -2% lower.

Lithium stocks are experiencing a correction after a strong run up in the last 12 months. Large cap names like Pilbara Minerals (ASX: PLS) and Allkem (ASX: AKE) fell a respective -5.1% and -4.4% as the market opened.

On the announcement front: 

1 - Regis Resources (ASX: RRL) shares plunged -16.2% after its December quarter production was “slightly weaker than anticipated”. Alongside other operational challenges, the company downgraded its production guidance and increased its cost guidance for FY22. 

2 - Telix Pharmaceuticals (ASX: TLX) fell -15% after a successful $175m institutional placement at an offer price of $7.70 per share, a 4.8% discount to its last traded price on Wednesday, 19 January. Telix co-founders have both agreed to sell 2m shares at the offer price, representing 8.1% of their holdings. Proceeds will be used to advance therapeutic and diagnostic studies. 

3 - Adairs (ASX: ADH) dove -16.5% after flagging a -0.5% decline in first half FY22 sales. The company blamed weakening sales on government mandated store closures which reduced overall store trading days by approximately 31%.  

4 - Thorn Group (ASX: TGA) shares are down -23% after going ex-dividend. The company paid an outsized 20.3% yield based off the 7 cent dividend and last Friday’s close of 34.5 cents.

Written By

Kerry Sun

Finance Writer & Social Media

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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