AU Morning Wrap: ASX Rallies, Liontown Soars 10%

Moomoo News AU wrote a column · Sep 4, 2023 08:38

G'day, mooers! Check out the latest news on today's stock market!
• US stocks clinch weekly gain ahead of Labor Day
• ASX rallies, Liontown soars 10% • Stocks to watch: Liontown, SkyCity, Fortescue Metals
- Moomoo News AU

AU Morning Wrap: ASX Rallies, Liontown Soars 10%

Wall Street Summary

The $S&P 500 Index (.SPX.US)$ rose Friday, finishing its best weekly performance since June.

The broad index gained 0.2%. The $Dow Jones Industrial Average (.DJI.US)$ added roughly 115 points, or 0.3%. The $Nasdaq Composite Index (.IXIC.US)$ eased less than 0.1%.

For the week, the S&P 500 advanced 2.5%. The Dow and Nasdaq rallied 1.4% and 3.2%, respectively, each notching their best weeks since July.

AU Market Watch

The $S&P/ASX 200 (.XJO.AU)$ rallied 0.7 per cent minutes after opening this morning, tracking Wall Street higher on expectations the US Federal Reserve will keep interest rates on hold this month.

Lithium aspirant Liontown Resources jumped 10.3 per cent after indicating it will accept an improved $6.6 billion takeover bid from US giant Albemarle if it follows through with a binding offer at that price.

$SkyCity Entertainment Group Ltd (SKC.AU)$ tumbled 13.4 per cent. Its New Zealand licence is under threat of being suspended for about 10 days for failing to comply with a responsibility program.

Travel giant $Web Travel Group Ltd (WEB.AU)$ retreated 0.8 per cent. It plans to buy back up to $250 million of convertible notes maturing in 2026.

Tech outfit $Tyro Payments Ltd (TYR.AU)$ eased 1.4 per cent after starting proceedings against Kounta for breaching non-solicitation obligations by offering a competing product.

Shares in Penfolds owner $Treasury Wine Estates Ltd (TWE.AU)$ edged up 0.3 per cent. The company appointed a new chief financial officer.

Pharmaceutical manufacturer $Mayne Pharma Group Ltd (MYX.AU)$ rose 3.3 per cent. It agreed to buy the global rights to a cream to treat rosacea from Novan and EPI Health for $8 million in cash.

$Fortescue Ltd (FMG.AU)$ extended losses to be down 2.2 per cent after a tumultuous week. $Rio Tinto Ltd (RIO.AU)$ added 1.9 per cent and $BHP Group Ltd (BHP.AU)$ jumped 2.9 per cent.

The major banks rallied.

Stocks to Watch

$Liontown Resources Ltd (LTR.AU)$: Australian lithium aspirant Liontown Resources has signalled it will accept an improved $6.6 billion takeover bid from US giant Albemarle if it follows through with a binding offer at that price.

Liontown revealed on Monday that Albemarle had improved the non-binding offer it made in March to $3 a share, and that it granted Albemarle access to due diligence.