Market Update: ASX200 dips into the red in afternoon trade

The ASX200 is down point zero three of a per cent – contrasting with futures’ predictions.

Energy is bucking the trend, up three quarters of a per cent – followed by telecommunications – at nearly half a per cent.

In this bulletin, we’ll look at news from South32, Amcor, Azure Minerals and The Calmer Co International.

In company news:

South32 (ASX:S32) is down nearly 3 per cent after announcing its Groote Eylandt manganese operationsremain suspended due to the impacts of Tropical Cyclone Megan in the Northern Territory.

Initial assessments have identified flooding in the mining pits – as well as other major damages incurred.

While no specific time frame was provided, the company says a recovery plan will be shared soon.

S32 has been trading at $2.99.

Packaging solutions company Amcor (ASX:AMC) is down nearly 4 per cent on news its CEO – Ronald Delua – will be retiring for health reasons. 

His last day as both CEO and director of the company is on April 15^th. 

A search is underway for a replacement, and in the interim, Peter Konieczny – the current Chief Commercial Officer – will act as CEO.

Amcor has been trading at $13.92.

Azure Minerals (ASX:AZS) claims its Andover lithium project in WA’s Pilbara “continues to grow”. 

It confirmed consistent high grades from two pegmatite targets. 

From thirteen assay results reported, highlights included 102.5 metres at one per cent lithium oxide from a depth of 393.5 metres.

AZS has been trading at $3.62.

After customs delays, The Calmer Co International (ASX:CCO) has seen its Fiji-sourced kava health food drink products hit the shelves in more than 500 Coles Supermarkets across Australia. 

Plans for physical stocking of the products were originally slated for earlier in the year.

CCO has been trading at 0.04 cents.

That’s news for now. We’ll have a final update for you after MC.

Finally, Mineral Resources (ASX:MIN) is up nearly half a per cent after what’s been quite a week for the company, now acquiring a stake in a hard rock lithium project owned by Lord Resources.

Mineral Resources will spend $1 million in exploration to earn an eye-catching 40 per cent of the project.

This comes just 2 days after the latter announced it’s buying Poseidon Nickel’s (ASX:POS) WA-based Lake Johnston nickel concentrator plant which will be converted to handle lithium.

MIN has been trading at $67.99.