ASX Market Update: All sectors in the red as Index reacts to Wall Street selloff | September 4, 2024

The ASX200 has been down 2% at 7,943 points.

Overnight it was a blood bath on US markets with the Nasdaq losing 3% and enduring market darling Nvidia shedding 9.5% as $415 billion was wiped from its market capitalization.

Back in Oz, it’s a sea of red with all sectors losing ground. Energy has been down 2.9%, Information Technology and Materials – both down around 2.5% and Financials has shed 2.1%.

Company News

Liontown (ASX:LTR) has been down 3.8% after confirmed its first shipment of spodumene concentrate will leave Kathleen Valley this month. The company has produced 10,000 tonnes at a grade of 5.2% lithium oxide.

All eyes are now on the sale price, which is yet to be determined.

Liontown has been trading at 62 cents.

Lithium Australia (ASX:LIT) has jumped 15% after inking a deal with China’s BYD Auto to recycle all of their EV batteries in Australia. The deal covers both full battery EVs and hybrids from BYD.

The company reported on Wednesday it remains focused on inking recycling agreements with leading manufacturers.

Lithium Australia has been trading at 2.3 cents.

And Orora (ASX:ORA) has been up 7% after selling its packaging solutions business to Veritiv Corporation for $1.77 billion. The company says the deal unlocks value for shareholders and will transform Orora into a beverage packaging business, and will use $130 million of the proceeds to expand its can facility in Queensland.

Orora has been $2.67 in early afternoon trade.