AU Morning Wrap: Core Lithium Sinks, South32 Falls on Impairment
G'day, mooers! Check out the latest news on today's stock market!
• Dow edges higher, its 10th gain in a row
• ASX 200 added 0.1%
• Stocks to watch: South32, Core Lithium, Rio Tinto
- Moomoo News AU
Wall Street Summary
The Dow Jones Industrial Average eked out its tenth-straight daily gain Friday, overcoming an earnings-day selloff in American Express shares with gains from a range of blue-chips, including Intel, Procter & Gamble, Nike and Chevron.
On Friday, the $Dow Jones Industrial Average (.DJI.US)$ added less than 0.1%, or about 3 points. The $S&P 500 Index (.SPX.US)$ also climbed less than 0.1%, while the $Nasdaq Composite Index (.IXIC.US)$, which is loaded with technology stocks, declined 0.2%. The Dow gained 2.1% during the week.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ added 0.1 per cent, or 10.4 points, to 7324.3 in the opening minutes of trade on Monday, buoyed by the energy sector.
South32 dropped 2.5 per cent to $3.72 after flagging a $US1.3 billion ($1.9 billion) non-cash impairment for its Arizona-based zinc-lead-silver sulphite deposit in its FY23 results.
$Core Lithium Ltd (CXO.AU)$ declined 12.1 per cent to 76.5¢ following its quarterly activities report. Allkem fell 4.1 per cent to $15.30 after providing an update on its merger with Livent.
Rio Tinto eased 0.3 per cent to $116.41 after entering into a joint venture agreement with metal management business Giampaolo Group.
$Pact Group Holdings Ltd (PGH.AU)$ fell 0.7 per cent to 76¢ on news it has extended its existing contract to own, operate, wash and store a crate pool for Woolworths. Woolworths edged 0.3 per cent lower to $38.85.
Stocks to Watch
$Cettire Ltd (CTT.AU)$: Online fashion emporium Cettire is destined to be one-half of a global duopoly dominating the luxury market alongside Farfetch, according to homegrown hedge fund LHC Capital.
$Rio Tinto Ltd (RIO.AU)$: Rio Tinto and North American metal management business Giampaolo Group, have entered into an agreement to form a joint venture to manufacture and market recycled aluminium products.
Under the terms of the agreement, Rio Tinto will acquire a 50 per cent equity stake in Giampaolo Group's wholly owned Matalco business for $US700 million subject to usual closing adjustments.
$South32 Ltd (S32.AU)$: South32 will record a $US1.3 billion ($1.9 billion) non-cash impairment for its Arizona-based zinc-lead-silver sulphite deposit in its FY23 results.
The mining company cited delays from COVID-19, significant dewatering requirements and inflationary market conditions for the loss from the Taylor deposit, which is part of the Hermosa Project in the Patagonia Mountains.
South32 also announced an upgrade to its mineral resource estimate for the Taylor deposit to 153 megatonne, averaging 3.53 per cent zinc, 3.83 per cent lead and 77 grams per tonne of silver.
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Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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