by Peter Milios
At the closing bell, the S&P/ASX 200 was 0.05 per cent lower at 7,251.90. The utilities sector experienced losses, which offset the gains made by information technology stocks.
Notable market movements include:
Allkem (ASX:ALK) surged by 15.7 per cent to $14.94 following its merger announcement with Livent, resulting in the creation of a New York-listed lithium company valued at US$10.6 billion ($15.7 billion).
Lake Resources (ASX:LKE) witnessed a 12.8 per cent jump to 57.5¢, while Core Lithium (ASX:CXO) climbed 8.8 per cent to $1.11, benefiting from the positive news in the lithium sector.
Westpac (ASX:WBC) experienced a 2.6 per cent decline to $21.13 as it traded ex-dividend.
GrainCorp (ASX:GNC) saw a 10 per cent increase to $7.81, and Goodman Group (ASX:GMG) rose 0.9 per cent to $19.97 after both companies upgraded their earnings guidance for FY23.
Silver Lake Resources (ASX:SLR) dropped by 5.8 per cent to $1.06 after making changes to the structure of its $707 million bid to acquire St Barbara’s Gwalia mine.
Futures
The Dow Jones futures are pointing to a rise of 42 points.
The S&P 500 futures are pointing to a rise of 10.5 points.
The Nasdaq futures are pointing to a rise of 26 points.
The SPI futures are pointing to a fall of 3 points when the market next opens.
Best and worst performers
The best-performing sector was Information Technology, up 1.44 per cent. The worst-performing sector was Utilities, down 1.1 per cent.
The best-performing large cap was Allkem (ASX:AKE), closing 15.72 per cent higher at $14.94. It was followed by shares in Pilbara Minerals (ASX:PLS) and SEEK (ASX:SEK).
The worst-performing large cap was Lynas Rare Earths (ASX:LYC), closing 2.51 per cent lower at $7.38. It was followed by shares in ASX (ASX:ASX) and Infratil (ASX:IFT).
Asian markets
Japan’s Nikkei has lost 0.01 per cent.
Hong Kong’s Hang Seng has lost 0.53 per cent.
China’s Shanghai Composite has gained 1.04 per cent.
Company news
Prospech (ASX:PRS) has completed the inspection and sampling of historic drill core from the Korsnäs Project in Finland. Prospech Managing Director Jason Beckton commented: “The recent core logging and sampling have revealed potential zones of REE mineralisation.” Shares closed 3.03 per cent higher at 3.4 cents.
Allkem (ASX:AKE) and Livent announce definitive agreement to combine in an all-stock merger of equals valuing the combined company at US$10.6 billion. Allkem’s CEO, Martín Pérez de Solay, said: “We are bringing together two highly complementary businesses to create a leading global lithium chemicals company.” Shares closed 15.8 per cent higher at $14.95.
Brookside Energy (ASX:BRK) has delivered the highest rate recorded to date at the Wolf Pack in the US. In response, MD, David Prentice said: “[this project] is capable of delivering the very high rates of return and fast pay backs that make this the most highly sought after area in the basin.” Shares closed 14.3 per cent higher at 1.6 cents.
Commodities and the dollar
Gold is trading at US$2,037.30 an ounce.
Iron ore is 1.4 per cent higher at US$107.50 a tonne.
Iron ore futures are pointing to a 1.8 per cent fall.
Light crude is trading $0.65 higher at US$73.21 a barrel.
One Australian dollar is buying 67.69 US cents.
