Rapid Movers

ASX standouts: Wednesday’s big movers and gainers

Wed 29 Dec 21, 11:14am (AEST)

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Key Points

  • US markets snapped a four-day Santa rally overnight
  • Broad-based buying taking place across blue-chip stocks across most sectors
  • Many lithium stocks pushing out of recent trading ranges or breaking out

The Dow Jones and S&P 500 have both rallied more than 1% since the ASX’s last trading session on 24 December. 

Despite ASX SPI futures pointing to a flat open, the local sharemarket opened almost 1% higher.  

ASX winners

All sectors are currently trading in positive territory. Although the tech sector is lagging behind, up just 0.02%. This might come as no surprise after the Nasdaq Composite closed -0.56% lower in overnight trade. 

Household blue-chip stocks are leading today’s gains, with major banks including Commonwealth Bank (ASX: CBA), Westpac Bank (ASX: WBC), Australia and New Zealand Bank (ASX: ANZ) and Macquarie Group (ASX: MQG) all up more than 1%. 

There’s a lot of strength coming into lithium stocks with Pilbara Minerals (ASX: PLS) jumping 6.1% to yet another all-time high. 

Allkem (ASX: AKE) is trying to break above its 4-month trading range, up 4.8%. A close at today’s highs could put a breakout on the cards. 

Other lithium names like AVZ Minerals (ASX: AVZ), Liontown Resources (ASX: LTR) and Lake Resources (ASX: LKE) are also posting outsized gains, up 8.5%, 5.2% and 4.2% respectively. 

On the smaller end of town, Carnaby Resources (ASX: CNB) shares rallied almost 90% after confirming a major copper gold discovery at its Nil Desperandum Prospect within its Greater Duchess Project in Queensland.  

ASX losers 

Afterpay (ASX: APT) shares are weighing on the local tech sector after opening -2.3% lower. This mirrors the weak performance from Block (formerly Square), which fell 2.9% in overnight trade. 

Uranium stocks opened lower after the Uranium ETF slumped 4% overnight. Paladin Energy (ASX: PDN) is down 2.6%, Boss Energy (ASX: BOE) fell 5.6% and Deep Yellow (ASX: DYL) opened 2.6% lower. 

Coal stocks are also retreating amid expectations that thermal coal prices are expected to trend lower in 2022, according to Reuters. New Hope Corporation (ASX: NHC) is trading 2.2% lower while Whitehaven Coal (ASX: WHC) is down 2%.

Written By

Kerry Sun

Finance Writer & Social Media

Kerry holds a Bachelor of Commerce from Monash University and was Vice President of the University Network for Investing and Trading (UNIT). He is an avid swing trader, and drawn to breakouts and technical set ups. Outside of writing and trading, Kerry is a huge UFC fan, loves poker and bouldering.

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