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The ASX200 is down about point three-quarters of a per cent. The sectors are fairly split with Information tech leading gains, up two and a quarter per cent.
The staples sector has taken the biggest hit, plummeting more than 4.5 per cent. Materials is also down about two per cent.
Staples has been impacted by the eight per cent hit to Woolworths today, off the back of the unexpected resignation of CEO Brad Banducci.
This decision comes amid multiple parliamentary inquiries and media reports around the supermarket major’s pricing, including price gouging allegations.
The 59-year-old will step down in September, after eight and a half years in the role. He’ll be succeeded by e-commerce head Amanda Bardwell.
Woolworths has also released its half-year results to the end of December.
The company reported a 4.4 per cent increase in revenue to $34.6 billion and a 2.5 per cent rise in Net Profit After Tax to $929 million. However, there was an overall loss of $781 million, due to value write-downs and increased borrowing costs. The interim dividend is set at 47 cents per share.
WOW has been trading at $32.92.
Coles is also down 3.74 per cent at $15.43.
In this mid-session bulletin, we’ll also discuss Raiden Resources, Mount Ridley Mines, Lithium Universe and Income Asset Management.
Raiden Resources (ASX:RDN) has identified potential for nickel-copper-platinum mineralisation through an induced polarisation (IP) geophysical survey led by Quantum Minerals, at its Mt Sholl project in WA,
One area, 150 metres underground, has not been drilled, while another shows signs of mineralisation in a region with minimal historical activity.
Raiden is planning additional geophysical work to further explore the project’s potential.
RDN has been trading at 2.4 cents.
Mount Ridley Mines (ASX:MRD) has assay results from its October drilling program at its Mia prospect, in Western Australia.
The infill drilling consisted of 155 aircore holes over 27 square kilometres.
The mineralisation at Mia extends eight kilometres with grades surpassing 1200ppm TREO.
Geological modelling for a maiden mineral resource estimate is expected by the end of this quarter.
MRD has been trading at point 2 of a cent.
Lithium Universe (ASX:LU7) has secured an industrial site in Quebec’s Bécancour Waterfront Industrial Park (BWIP) to build a lithium refinery.
The company reports the site is ideal for spodumene import facilities, with ample space for three lithium carbonate downstream processing plants, each with a capacity of 16,000 tonnes a year.
The processing hub is part of Lithium Universe’s strategy to reduce North America’s dependency on China for lithium products.
LU7 has been trading at 2.2 cents.
And Income Asset Management’s (ASX:IAM) December half-yearly results show a nearly 30 per cent rise (29 per cent) in Assets under Administration (AuA) from the first half of FY23.
IAM reported 71 per cent year-on-year client growth in the period and it recorded $1.43 billion in dollar volumes across more than 3500 trades.
IAM has been trading at 6.5 cents.
