by Peter Milios
The Australian stock market is experiencing its most challenging day in the last ten weeks.
The S&P/ASX 200 index dropped by 1.5 per cent, reaching a low of 7290, which is the lowest it has been in over six weeks.
However, it was able to recoup losses slightly, and at noon, the S&P/ASX 200 is 1.47 per cent lower at 7,199.40.
All sectors are trading lower, whilst Materials is down a whopping 2.7 per cent.
The SPI futures are pointing to a fall of 101 points.
Best and worst performers
All sectors are in the red. The sector with the fewest losses is Energy, down 0.33 per cent. The worst-performing sector is Materials, down 3.14 per cent.
The best-performing large cap is TPG Telecom (ASX:TPG), trading 4.24 per cent higher at $4.92. It is followed by shares in Computershare (ASX:CPU) and Amcor plc (ASX:AMC).
The worst-performing large cap is Mineral Resources (ASX:MIN), trading 6.17 per cent lower at $79.67. It is followed by shares in Lynas Rare Earths (ASX:LYC) and Allkem (ASX:AKE).
Asian markets
Asia Pacific markets are set to start the week lower on Monday after major indexes on Wall Street recorded their worst week for 2023.
The Nikkei 225 fell 0.38 per cent and the Topix shed 0.18 per cent.
In South Korea, the Kospi fell 1.14 per cent, with the Kosdaq also opening 0.59 per cent down.
Investors will be watching key economic developments across Asia. Bank of Japan governor nominee Kazuo Ueda is expected to speak to the upper house on Monday. Japan will also release its unemployment numbers later in the week.
India will release its quarterly gross domestic product numbers on Tuesday.
Company news
Whitebark Energy (ASX:WBE) has announced the quadrupling of oil production at their Wizard Lake project. In response, Whitebark Interim CEO, Dr Simon Brealey, commented: “Rex-4 continues to perform increasingly well, as modelled, and as its oil cut increases and it makes a more significant contribution to overall field production we expect revenue to increase strongly.” Shares are trading 50 per cent higher at 0.2 cents at noon.
Lincoln Minerals (ASX:LML) has announced that they have locked in drilling for early March 2023, in which they signed a contract with Bullion Drilling to undertake exploration drilling on the Company’s Koppio graphite project. In response, Sam Barden CEO & MD of Lincoln Minerals commented, “This is an exciting time for Lincoln Minerals as we shake the COVID largesse of the past few years, which has greatly hampered our exploration activities.” Shares are trading 12 per cent higher at 2.8 cents at noon.
Walkabout Resources (ASX:WKT) has announced that it has secured a US$10 million funding commitment from Battery Metals Capital Group. CEO of Walkabout Resources, Andrew Cunningham commented, “Building confidence in the necessary financial resources to move to production is most welcome by customers, contractors and other funding providers.” Shares are trading 4.8 per cent higher at 11 cents at noon.
Commodities and the dollar
Gold is trading at US$1782.70 an ounce.
Iron ore is 2.7 per cent lower at US$126.65 a tonne.
Iron ore futures are pointing to a 1.7 per cent fall.
One Australian dollar is buying 67.32 US cents.
