AU Morning Wrap: ASX opens higher as Lithium miners surge again

The $Nasdaq Composite Index (.IXIC.US)$ shed 186 points or 1.34 per cent. The $S&P 500 Index (.SPX.US)$ 500 gave up 12 points or 0.27 per cent. The $Dow Jones Industrial Average (.DJI.US)$ put on 138 points or 0.4 per cent

AU Market Watch
Australia's S&P/ASX 200 is likely to open the week higher despite getting a mixed lead from Wall Street as bond yields rose. ASX futures are up 0.4%, suggesting the benchmark index will extend Friday's positive close at the open.

Australia shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.19 per cent to 7492 as of 10:11 pm.

One of Australia's key risk-free benchmark borrowing rates the 10-year government bond yield has topped 3 per cent for the first time since 2015.

Stocks to Watch
$BlueScope Steel Ltd (BSL.AU)$: BlueScope Steel has inked a deal to buy metal painter Coil Coatings for $US500 million ($671 million). The purchase is on around 8.9 times 2021 pro-forma EBITDA of $US56 million and will be fully funded by cash reserves.

$Lake Resources NL (LKE.AU)$: Lithium explorer Lake Resources says it has signed a non-binding agreement with Ford Motor Company for delivery of about 25,000 tonnes of lithium per year from its Kachi lithium brine project in Argentina.

$Graincorp Ltd (GNC.AU)$: Broker Wilsons has hiked its earnings per share expectations for GrainCorp by 32 per cent on the back of strong grain prices and a profit upgrade from the group on Friday.

Ex-dividend Companies: $Brickworks Ltd (BKW.AU)$, $Lion Selection Group Ltd (LSX.AU)$

Dividends Paid Companies: $Adbri Ltd (ABC.AU)$, $NB Global Corporate Income Trust (NBI.AU)$, $Saunders International Ltd (SND.AU)$

Commodities
• Iron ore prices continue to ease.
• Oil prices are trying to stabilise around the mid US$90s. The International Energy Agency said they will add 240m barrels of oil to global supply given the Russia-Ukraine situation.
• Gold prices advanced amid concerns that the Fed still has more room to tighten monetary policy conditions.

Source: Dow Jones Newswires, Market Index