• ASX closes 0.8% lower
  • BHP-Woodside merged company, Woodside Energy makes its ASX trading debut today
  • OPEC meeting ahead 

 

The ASX 200 dropped right from the opening bell, and finished the day lower by 0.80% to 7,175.

All 11 sectors fell except for Energy, which jumped by almost 3%.

This is after Woodside Energy (ASX:WDS), which makes up a big chuck of the Energy index, leapt by 5% on its first day of trading following the merger between Woodside Petroleum and BHP.

The merger sets Woodside up for its new life as a global Top 10 producer of oil and gas with a rough production profile of around 200 million barrels of oil equivalent.

Oil investors also anxiously await the outcome of today’s (European time) Opec+ meeting. Opec members are expected to approve a July increase of 432,000 barrels a day, following EU sanctions on Russian oil.

“It certainly isn’t in OPEC’s interests to send the world into a recession, and probably the only loser would be Russia which is making more money today than pre-Ukraine invasion thanks to soaring oil prices. ” Oanda senior market analyst, Jeff Halley, commented.

“That aside, today’s OPEC+ meeting may even overshadow the US Non-Farm Payrolls release this week, and if it results in sharply lower oil prices, look for a potential rally in equity and bond markets globally as hiking outlooks are pared,” Halley added.

Lithium stocks meanwhile, have regained some ground on dip buying after plunging on Wednesday.

Healthcare, Tech and Telco were the worst performing sectors on Thursday, falling by by around 2% each.

BIG CAP WINNERS

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Lithium producers/ project developers IGO (ASX:IGO), Liontown Resources (ASX:LTR) and Core Lithium (ASX:CXO) bounced back 3-4% today after falling 15-20% yesterday.

Origin Energy (ASX:ORG) bounced back 2% on dip buying after falling 14% yesterday on downgraded outlook.

BIG CAP LOSERS

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Lithium project developer Ioneer (ASX:INR) was the worst performing large cap today, falling by more than 6% on no news.

Property listing REA Group (ASX:REA) dropped 3.5% despite forecasting double digit revenue growth for the coming years.