ASX down 0.61% at noon as IT dips 1.64%

By Peter Milios | More Articles by Peter Milios

The S&P/ASX 200 is trading 0.61 per cent lower at 7,043.90.

Tech stocks have fallen by 1.5%, while energy stocks remained flat despite a drop in oil prices following OPEC+ output cuts. The market also awaited key manufacturing PMI data from China, the UK, and the US later in the day.

Futures

The SPI futures are down 35 points.

Best and worst performers

All sectors are in the red. The sector with the fewest losses is Energy, down 0.2 per cent. The worst-performing sector is Information Technology, down 1.64 per cent.

The best-performing large cap is BlueScope Steel (ASX:BSL), trading 1.35 per cent higher at $21.06. It is followed by shares in AGL Energy (ASX:AGL) and Whitehaven Coal (ASX:WHC).

The worst-performing large cap is Lynas Rare Earths (ASX:LYC), trading 3.63 per cent lower at $6.38. It is followed by shares in Technology One (ASX:TNE) and Xero (ASX:XRO).

Asian markets

Japan's Nikkei has lost -0.15 per cent.

Hong Kong's Hang Seng has gained 0.29 per cent.

China's Shanghai Composite has gained -0.26 per cent.

Company news

Delta Lithium (ASX:DLI) has acquired lithium-caesium-tantalum mineral rights from Dalaroo Metals (ASX:DAL) for the Lyons River Project in WA’s Gascoyne region. Managing Director James Croser comments, “This large package of LCT rights boosts our Gascoyne footprint by 161%, giving us a great stronghold in this emerging lithium province. The ground is close to our Yinnetharra Project, where our focus is to undertake significant resource development drilling at Malinda as we continue to build confidence in this discovery.” Shares are trading 4.21 per cent lower at 45.5 cents. 

Electro Optic Systems (ASX:EOS) expects revenue for 2023 to be between $210m and $230m. During 2023, the group widened its product and customer base. Shares are trading 10.98 per cent higher at 96 cents.

Perpetual Resources (ASX:PEC) has provided an update on exploration plans for the company’s exploration permits, which relate to the “Lithium Valley” region of Minas Gerais, Brazil. Preparations are underway for a second reconnaissance trip, placing a particular focus on the Itinga Prospect. This is situated roughly 15km from major spodumene projects being developed by Lithium Ionic and Sigma Lithium. Shares are trading 33.33 per cent higher at 1.6 cents.

Commodities and the dollar

Gold is trading at US$2,061.90 an ounce.

Light crude is trading $-0.13 lower at US$75.83 a barrel.

One Australian dollar is buying 66.20 US cents.

About Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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