LA Private

ASX closes 0.06% lower amidst a lithium sell-off

On Monday, due to a drop in battery material prices, the Australian sharemarket experienced a widespread sell-off in lithium stocks, resulting in a decrease of 0.06 per cent to 7,309.20.


The Dow Jones futures are pointing to a fall of 10 points.

The S&P 500 futures are pointing to a fall of 0.5 points.

The Nasdaq futures are pointing to a rise of 8.5 points.

The SPI futures are down 10 points.

Best and worst performers

The best-performing sector was Energy, up 2.2 per cent. The worst-performing sector was Materials, down 1.41 per cent.

The best-performing large cap was Whitehaven Coal (ASX:WHC), closing 3.14 per cent higher at $7.23. It was followed by shares in Woodside Energy Group (ASX:WDS) and Santos (ASX:STO).

The worst-performing large cap was Pilbara Minerals (ASX:PLS), closing 5.75 per cent lower at $4.59. It was followed by shares in Allkem (ASX:AKE) and IGO (ASX:IGO).

Asian markets

Japan’s Nikkei has gained 1.23 per cent.

Hong Kong’s Hang Seng has lost 2.43 per cent.

China’s Shanghai Composite has lost 0.22 per cent.

Company news

Micro-X (ASX:MX1) extends contract with U.S. DHS to test self-screening modules at an airport. In response, Micro-X Inc. Chief Executive Officer of Americas and Chief Scientist, Brian Gonzales, commented: “This contract extension fully funds us to build and test the design of a self-screening checkpoint in real airports, demonstrating the improvements and refining the design with real passenger and operator input.” Shares closed 9.52 per cent higher at 11.5 cents.

European Metals (ASX:EMH) has reached an agreement with the EBRD, in which they will invest €6 million to support the company’s Cinovec project in the Czech Republic. In response, Keith Coughlan, Executive Chairman, said: “The EBRD investment aims to fund the project’s pre development work and opens a pathway to potentially securing project financing.” Shares closed 9.21 per cent higher at 83 cents.

Tamboran Resources (ASX:TBN) has announced that the H&P rig has been mobilised to the Beetaloo Basin for drilling. In response, Managing Director and CEO, Joel Riddle, said, “[H&P’s] rig brings modern US drilling technology to the Beetaloo Basin, a key first step to achieving material reduction in drilling costs and efficiencies.” Shares closed 6.25 per cent higher at 17 cents.

Commodities and the dollar

Gold is trading at US$1,961.20 an ounce.

Iron ore is 0.8 per cent lower at US$115.35 a tonne.

Iron ore futures are pointing to a 0.1 per cent fall.

Light crude is trading $0.30 lower at US$76.77 a barrel.

One Australian dollar is buying 67.30 US cents.