Rapid Movers

ASX standouts: Tuesday’s big movers and gainers

Tue 04 Jan 22, 11:21am (AEST)
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Key Points

  • Broad-based buying across blue-chip ASX stocks
  • Lithium and renewable-related stocks breaking out to all-time highs
  • Wall Street paved the way for weakness in local health care stocks

The ASX opened 0.27% higher following a record setting overnight session for the Dow Jones and S&P 500. 

ASX winners 

On the big end of town, broad-based buying is taking place across blue-chip names in financials, energy and materials sectors.

Notably, the big four banks and Macquarie Group (ASX: MQG) are all up around 1%.  

Elsewhere, there appears to be a big push for battery and renewable-related stocks.

Lithium stocks are picking up from where they left off in 2021, breaking out across the board. 

This is likely influenced by Tesla’s 13% jump overnight, after the electric vehicle maker topped fourth-quarter and full-year delivery expectations.

Large cap names are leading the charge with Pilbara Minerals (ASX: PLS) and Allkem (ASX: AKE) both rallying more than 7%, into fresh all-time highs. 

Emerging producers Vulcan Energy Resources (ASX: VUL), Core Lithium (ASX: CXO), Liontown Resources (ASX: LTR) and Firefinch (ASX: FFX) are up between 2.4% and 8%.

Lynas Rare Earths (ASX: LYC) is another big winner amid the renewables-themed run today, up 7.4% to yet another all-time high. 

Strength is also coming through the uranium sector, with names like Paladin Energy (ASX: PDN), Deep Yellow (ASX: DYL) and Boss Energy (ASX: BOE) all up at least 4%. 

In the US, Bill Gates' company TerraPower and Warren Buffet's company PacifiCorp, are planning to build a US$1bn next-generation nuclear reaction in Wyoming.

The news helped bump the Uranium ETF 6% higher overnight.

ASX losers 

Health Care is the only sector in red on Tuesday, led by slight declines from Ramsay Health Care (ASX: RHC), CSL (ASX: CSL) and Sonic Healthcare (ASX: SHL), all of which are down by less than -1%. 

This underwhelming performance might be influenced by Wall Street, as its health care sector closed 0.98% lower. Losses were drive by vaccine makers including Moderna, BioNTech and Pfizer which fell between -3.9% and -9.6%.

Gold is another pocket of weakness in what is otherwise a bullish day for ASX stocks. Gold spot prices fell 1.5% overnight to US$1,801/oz.

Northern Star Resources (ASX: NST) is down 1.2%.

Mid-cap miners Resolute Mining (ASX: RSG) and St Barbara (ASX: SBM) are down -2.6% and -3.1% respectively.

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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