The ASX is down 0.6% in lunchtime trade as the market follows Wall Street’s lead.
Almost all sectors are down, as mining and energy stocks lead the market lower. The energy sector is down 2%, and Materials is down 1.2%. Staples is the only green sector, up 0.4%.
Commodity-related stocks are under pressure today after copper recorded its biggest weekly loss since 2022 and iron ore extended a slump toward $US100 a tonne. A policy meeting in China did not result in more stimulus to support commodity demand.
Today we are looking at Woodside, Pacific Smiles Group, and Pure Hydrogen.
Company News
Woodside (ASX:WDS) is down around 3.2 per cent after announcing the acquisition of Gulf Coast Driftwood LNG project, near Lake Charles Louisiana, for $US900 million. The company says the acquisition positions Woodside to be a global LNG powerhouse. However, the market did not react favourably to the move.
Woodside is trading at $28.29.
Pacific Smiles Group (ASX:PSQ) is flat after its 10% shareholder HBF, a private health insurer, opted to vote in favour of a buyout by NDC BidCo.
All stock will be acquired by NDC BidCo for $1.90 per share and the deal closure is expected by the end of August.
Pacific Smiles Group is trading at $1.82.
Pure Hydrogen (ASX:PH2) is unchanged after announcing an MOU with Vietnam ASEAN Hydrogen Club (VAHC) to develop hydrogen-fuelled buses for Vietnam. The fuel will be demonstrated in five buses in Ho Chi Minh city.
Pure Hydrogen is trading at $17.5 cents.