AU Morning Wrap: ASX Falls, Led by Tech Stocks
G'day, mooers! Check out the latest news on today's stock market!
• Tech stocks pull US market lower
• ASX falls, led by tech stocks
• Stocks to watch: IGO, Dreadnought Resources, Pact Group
- Moomoo News AU
Wall Street Summary
Technology stocks pulled the S&P 500 lower Tuesday after a disappointing forecast from Oracle damped enthusiasm for the sector.
The retreat by the $S&P 500 Index (.SPX.US)$'s largest segment helped send the broad index down 0.6% for the day, while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ declined 1%. The $Dow Jones Industrial Average (.DJI.US)$, which is less influenced by tech stocks, slipped 0.1%, or about 18 points.
AU Market Watch
The sharemarket has opened lower, tracking overnight losses on Wall Street.
The $S&P/ASX 200 (.XJO.AU)$ is 31 points or 0.4 per cent lower at 7175.6, led by falls in the tech sector, which is down 1.6 per cent. The All Ordinaries is also down 0.4 per cent.
$IGO Ltd (IGO.AU)$, which trades ex-dividend as of today, is down 5.6 per cent.
$Dreadnought Resources Ltd (DRE.AU)$ is up 5.7 per cent after posting high-grade neodymium and praseodymium from its WA-based project.
$Monadelphous Group Ltd (MND.AU)$ shares are up 1.3 per cent. The company says it has won a $100 million contract from Liontown Resources to build a wet plant at its Kathleen Valley Lithium Project in Western Australia.
Shares in Pact Group are up 5.2 per cent, after billionaire businessman Raphael Geminder revealed his is taking the struggling packaging manufacturer private.
Geminder's Kin Group, which owns a 50 per cent stake in Pact Group, has made a 68¢ per share off-market takeover offer for the remaining stake. That's close to the most recent 67.5¢ closing price for the shares on Tuesday. Shares last traded at 71¢.
Stocks to Watch
$Monadelphous Group Ltd (MND.AU)$: Monadelphous says it has won a $100 million contract from Liontown Resources to build a wet plant at its Kathleen Valley Lithium Project in Western Australia.
The works under the contract are expected to be completed in mid-2024.
$Viva Energy Group Ltd (VEA.AU)$: Viva Energy has confirmed that major shareholder Vitol is selling a 16 per cent stake in the fuel retailer.
The $714 million block trade, first revealed by The Australian Financial Review's Street Talk column, will bring the oil trading giant's remaining stake to around 30 per cent.
$Pact Group Holdings Ltd (PGH.AU)$: Billionaire businessman Raphael Geminder is taking his struggling packaging manufacturer Pact Group private.
Geminder's Kin Group, which owns a 50 per cent stake in Pact Group, has made a 68¢ per share off-market takeover offer for the remaining stake. That’s close to the most recent 67.5¢ closing price for the shares on Tuesday.
Listing: None
Source: Dow Jones Newswires, AFR
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