AU Evening Wrap: Liontown Lifts the ASX, SkyCity Tumbles 15%

The $S&P/ASX 200 (.XJO.AU)$ rallied 0.5 per cent with miners and energy stocks leading gains on optimism about China after authorities rolled out more forceful measures to boost demand for homes.

Lithium aspirant $Liontown Resources Ltd (LTR.AU)$ was the top performer, up 8.8 per cent after indicating it would accept an improved $6.6 billion takeover bid from US giant Albemarle if it followed through with a binding offer at that price.

Shares in $SkyCity Entertainment Group Ltd (SKC.AU)$ crashed 14.8 per cent and hit the lowest level since August 2020 in the session. The gambling outlet said its New Zealand licence was under threat of being suspended for about 10 days for failing to comply with a responsibility program.

$Qantas Airways Ltd (QAN.AU)$ fell to the lowest level in 11 months at $5.575 to close the session 2.9 per cent lower at $5.65.

Tech outfit $Tyro Payments Ltd (TYR.AU)$ dropped 4.2 per cent. It started legal proceedings against Kounta alleging the Canadian-owned company has been attempting to steal Tyro's payment terminal clients.

$Fortescue Ltd (FMG.AU)$ extended losses to be down 0.5 per cent after a tumultuous week. $Rio Tinto Ltd (RIO.AU)$ added 2.5 per cent. $BHP Group Ltd (BHP.AU)$ jumped 2.7 per cent. Brazil state of Minas Gerais ratified the insolvency plan of indebted Samarco Mineracao, which is 50 per cent owned by BHP.