AU Evening Wrap: Lithium Stocks, News Corp Lift ASX, QBE Hits Six-Week Lows

Insurance group $QBE Insurance Group Ltd (QBE.AU)$ was among the biggest casualties of the sharemarket on Friday after damage from storms in the United States and flooding in Australia last year caused the company an additional $190 million profit hit. It dropped 3.6 per cent to $14.61, the lowest level in six weeks.

Energy shares also came under pressure as oil prices extended losses. $Beach Energy Ltd (BPT.AU)$ shaved off 1.4 per cent to $1.40 and $Woodside Energy Group Ltd (WDS.AU)$ was off 0.4 per cent to $33.66.

The $S&P/ASX 200 (.XJO.AU)$ eked out a 0.1 per cent gain to 7256.7 points in a session dominated by a sell-off in commodity stocks as base metals and iron ore prices slid.

Lithium shares were among the rare winners among commodities and resumed their upward march. $Lake Resources NL (LKE.AU)$ climbed 13 per cent to 65¢. $Core Lithium Ltd (CXO.AU)$ bounced 5 per cent to $1.145 and $Liontown Resources Ltd (LTR.AU)$ added 1.4 per cent to $2.97.

$Sandfire Resources Ltd (SFR.AU)$ was the index's biggest laggard with a decline of 5.5 per cent to $6.14. $Regis Resources Ltd (RRL.AU)$ shed 3.7 per cent to $2.07 and $Evolution Mining Ltd (EVN.AU)$ lost 2.6 per cent to $3.78.

Shares in $News Corp (NWS.AU)$ bounced 4.7 per cent to $25.96. The media giant reported an earnings drop pf 11 per cent to $US320 million ($477 million) in the March quarter due to an insipid advertising market, rising costs and lower property prices.