by Paul Sanger
After falling early in the session, the ASX managed to close in the green.
Lithium stocks led the way, following comments from Albemarle that the lithium supply will remain tight for the next seven to eight years .
Sayona (ASX:SYA) closed up 16.67 per cent, Lake Resources (ASX:LKE) closed up 15.59 per cent, Ioneer (ASX:INR) closed up 5.43 per cent, Liontown Resources (ASX:LTR)closed up 6.98 per cent, Core Lithium (ASX:CXO) closed 5.84 per cent higher.
At the closing bell, the S&P/ASX 200 was 0.07 per cent or 5 points higher at 7020.60.
The Dow Jones futures are pointing to a rise of 14 points.
The S&P 500 futures are pointing to a rise of 2 points.
The Nasdaq futures are pointing to a rise of 27.25 points.
The SPI futures are pointing to a rise of 9 points when the market next opens.
Best and worst performers
The best-performing sector was Energy, up 1.85 per cent. The worst-performing sector was Real Estate Investment Trusts, down 2 per cent.
The best-performing stock in the S&P/ASX 200 was OZ Minerals (ASX:OZL), closing 35.25 per cent higher at $25.59. It was followed by shares in Lake Resources (ASX:LKE)and Imugene (ASX:IMU).
The worst-performing stock in the S&P/ASX 200 was Suncorp Group (ASX:SUN), closing 4.64 per cent lower at $11.11. It was followed by shares in Magellan Financial Group (ASX:MFG) and Credit Corp Group (ASX:CCP).
Global markets
Shares in the Asia-Pacific traded lower Monday, with SoftBank set to report earnings after the market close. The Nikkei 225 in Japan fell 0.23 per cent while the Topix index slipped 0.29 per cent. South Korea’s Kospi declined 0.34 per cent and the Kosdaq shed 0.38 per cent.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.21 per cent.
Over the weekend, China reported trade data for July that showed dollar-denominated exports grew 18 per cent compared to a year ago. That’s the fastest pace of growth this year and beat analysts’ expectations for a 15 per cent increase, Reuters reported.
China’s dollar-denominated imports increased 2.3 per cent in July compared to the same period in 2021, lower than the expected 3.7 per cent gain.
Company news
Kazia Therapeutics (ASX:KZA), an oncology-focused drug development company, is pleased to announce the presentation of promising new data from an ongoing phase 1 clinical trial of paxalisib in combination with radiotherapy for the treatment of brain cancer. Shares closed 4 per cent higher at 26 cents.
Mesoblast (ASX:MSB) today requested voluntary suspension for its shares. Mesoblast shares went into a trading halt on 4 August to allow a capital raising to take place in an orderly fashion. Mesoblast is still trying to finalise the capital raising and needs more time to complete that process, particularly given the global nature of the placement. The company anticipates that the voluntary suspension will cease upon it announcing the outcome of the capital raising, which is expected to occur on or before Wednesday. Shares last traded at 93 cents.
BHP (ASX:BHP) today submitted a non-binding indicative proposal to the board of OZ Minerals ( ASX:OZL) to acquire 100 per cent of its issued share capital by way of a scheme of arrangement. The proposal is to acquire all of OZL’s shares for cash consideration of A$25.00 per share. Oz Minerals’ board was quick to respond and rejected the bid, saying that the indicative proposal significantly undervalues OZL and is not in the best interests of shareholders. Shares in BHP closed up .80 per cent per cent lower at $39.12. Shares in Oz Minerals are trading 35.25 per cent higher at $25.49.
Commodities and the dollar
Gold is trading at US$1773.80 an ounce.
Light crude is trading $0.69 higher at US$89.70 a barrel.
One Australian dollar is buying 69.32 US cents.
