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The ASX is down 1% as the market falls back below 8000 points after record highs on Wednesday. The market continues to give up gains in response to Wall Street’s lead.
Almost all sectors are down in the wake of the sell off. Materials is down 2% as investors respond to commodity price declines. Real Estate is down 1.3% as the sector continues to suffer losses and investors adjust rate cut expectations.
Elsewhere, BHP’s stock price has hit an 18 month low on the back of low iron ore prices, poor Chinese economic sentiment, and nickel mine shutdowns in WA.
Company News
Argosy Minerals (ASX:AGY) is up around 5% after inking a deal for 20 tonnes of lithium carbonate with a Korean chemical company.
The Company is now navigating export logistics, with shipping commencing on completion.
Argosy (Are Go See) Minerals is trading at 8.4 cents.
New gold explorer Ordell Minerals (ASX:ORD) has debuted on the ASX after raising $6 million.
Ordell’s key asset is an 80% interest in the Barimaia Gold Project located in WA and backed by historical drill hits.
Ordell Minerals (ASX:ORD) is trading at it’s listing price of 20 cents.
Investors have dumped Lifestyle Communities (ASX:LIC) as its shares trade 13% lower in lunchtime trades.
The market reacted unfavourably to FY24 results and the withdrawal of all forward looking guidance.
Lifestyle Communities is trading at $9.61.
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