AU Morning Wrap: ASX Opens Flat as Energy Gains, Tech Retreats

Moomoo News AU wrote a column · Jul 5, 2023 08:32

G'day, mooers! Check out the latest news on today's stock market!
• US markets were closed for Independence day
• ASX is flat as energy gains, tech retreats
• Stocks to watch: Patriot Battery Metals, Bellevue Gold, Karoon Energy
- Moomoo News AU

AU Morning Wrap: ASX Opens Flat as Energy Gains, Tech Retreats

Wall Street Summary

US markets were closed for Independence day. Facebook is set to launch its own Twitter-like app called Threads. US PMI data flags growing recessionary and disinflation risks.

AU Market Watch

Shares traded 0.08 per cent lower in early trade as gains among energy and gold producers were offset by falls in the tech sector.

Among the best performers is $Bellevue Gold Ltd (BGL.AU)$ up 5.2 per cent as gold prices edged higher overnight. While Brazilian oil producer $Karoon Energy Ltd (KAR.AU)$ has added 1 per cent on firming oil prices.

Elsewhere, lithium explorer $Patriot Battery Metals Inc (PMT.AU)$ jumped 5.5 per cent to $1.92 in early trade after it boasted of high-grade lithium hits at its Canadian tenements.

Stocks to Watch

$Johns Lyng Group Ltd (JLG.AU)$: Maintenance and repairs business Johns Lyng said it's signed agreements to acquire Smoke Alarms Australia and Link Fire Holdings for $61.8 million and earns outs up to $17.25 million.

To fund the deal the group will conduct a $65 million institutional share placement and $5 million retail share offer at a floor price of $5 per share.

$Patriot Battery Metals Inc (PMT.AU)$: High-flying Canadian lithium explorer Patriot Battery Metals said its latest drilling results showed lithium spodumene concentrate levels at more than 6 per cent at overall lithium recoveries exceeding 70 per cent.

$AMP Ltd (AMP.AU)$: AMP has entered a trading halt for unspecified reasons. In the past AMP has been subject to shareholder class actions, although it's unconfirmed the trading halt is related to any class action.

Trading Ex-div: $Qualitas Real Estate Income Fund (QRI.AU)$, $Graincorp Ltd (GNC.AU)$

Dividends Paid: $Champion Iron Ltd (CIA.AU)$, $National Australia Bank Ltd (NAB.AU)$

Listing: $Chilwa Minerals Ltd (CHW.AU)$

Source: Dow Jones Newswires, AFR

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