AU Evening Wrap: Lithium Price Correction Drags ASX 0.7% Lower, Investors Buy Gold, Bonds
G'day, mooers! Check out the latest news on today's stock market!
• ASX 200 fell 0.67 per cent for its first down day in three
• Top gainers: $Latitude Group Holdings Ltd (LFS.AU)$, $Brickworks Ltd (BKW.AU)$, $Infratil Ltd (IFT.AU)$
• Top losers: $Megaport Ltd (MP1.AU)$, $Liontown Resources Ltd (LTR.AU)$, $Champion Iron Ltd (CIA.AU)$
- moomoo News AU
The ASX clawed back some of its early losses in afternoon trade as investors bought bonds, gold, and consumer staples stocks as safe havens, after US Federal Reserve chairman Jerome Powell warned the market to brace for more interest rate increases.
The $S&P/ASX 200 (.XJO.AU)$ retreated as much as 0.9 per cent this morning but fought off the worst of the losses to close 67 points, or 0.67 per cent, lower at 6968.6 points.
Two of the benchmark index's top five performers from the gold sector. $Evolution Mining Ltd (EVN.AU)$ jumped 2.1 per cent, with $Perseus Mining Ltd (PRU.AU)$ up 2.3 per cent, as gold firmed 1.5 per cent to $US1979 an ounce at the closing bell.
In the materials sector, speculative lithium explorers that were some of the sharemarket's biggest winners in 2022 extended steep losses in 2023, as China's benchmark 99.5 per cent battery grade lithium price on the Shanghai Metals Market dropped another 2.4 per cent or ¥7000 ($79.40) to ¥288,000.
Argentina-focused lithium brine extraction hopeful $Lake Resources NL (LKE.AU)$ tumbled 8.1 per cent to a 52-week low of 45.5 cents. While Northern Territory-based $Core Lithium Ltd (CXO.AU)$ lost 3.8 per cent, $Liontown Resources Ltd (LTR.AU)$ sank 5.6 per cent, and $Sayona Mining Ltd (SYA.AU)$ tanked 7.5 per cent.
Among the established producers, $Mineral Resources Ltd (MIN.AU)$ shed 2.9 per cent, with $Pilbara Minerals Ltd (PLS.AU)$ losing 4.7 per cent, and $Allkem Ltd (AKE.CA)$ dropping 4.3 per cent.
S&P/ASX 200 Movers for Thursday (23/3)
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1. Open moomoo app
2. Search for and tap on ".XJO"
3. Roll down to see "Constituent Stocks"
4. You can filter the list based on "%Chg"
2. Search for and tap on ".XJO"
3. Roll down to see "Constituent Stocks"
4. You can filter the list based on "%Chg"
10 Top-Traded AU Stocks for Thursday (23/3)
How to find the above information in moomoo app:
1. Open moomoo app
2. Tap your finger on "Market" and "AU"
3. Roll down and tap on "Main Board"
4. You can filter the list based on "Turnover"
1. Open moomoo app
2. Tap your finger on "Market" and "AU"
3. Roll down and tap on "Main Board"
4. You can filter the list based on "Turnover"
Source: Dow Jones Newswires, The Market Herald
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