• The ASX lifted half a percentage point, taking its year-to-date gain to 5%
  • Banks and tech stocks advanced
  • Lake Resources sank 20% after providing an update on Kachi


Financial and tech stocks lifted the ASX higher by about half a percentage point on Monday.

Major banks advanced, while chip tech stock Weebit Nano (ASX:WBT) was up by almost 10% on no news.

Weebit is flying high as Wall Street remains upbeat that the AI wave won’t be going away any time soon.

“This stock market rally seems a bit overextended but too much money remains on the sidelines, which means if the AI trade remains intact, this winning streak for mega-cap tech stocks can last a while longer,” said Oanda analyst, Edward Moya.

Now read: ‘Pick and shovel’ investing: Why Weebit Nano and these ASX stocks could profit from the AI boom

The worst-performing stock today was lithium play Lake Resources (ASX:LKE), which sank 20% after reporting a disappointing operational update on its Kachi Brine Project in Argentina.

Lake had previously said that it was targeting 50,000tpa of production by 2027, but has now decided to adopt a two-stage development schedule – 25,000tpa by 2027 and another 25,000tpa by 2030. Investors clearly did not like the fact they had to wait for another three years.

In takeover news, United Malt (ASX:UMG) rose 1.5% after an article on the AFR suggested the company’s suitor would complete its due diligence and announce a binding offer by end of June.

Elsewhere, the RBA minutes of its June monetary policy meeting suggests that policymakers are leaving the door open for more hikes.

And looking ahead, investors will be hoping for more good news from China this week as policymakers step up their efforts to boost the economy.

“After more disappointing data last week, further cuts could be on the horizon when the PBOC meets this week,” said Josh Gilbert, market analyst at eToro.



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Code Name Price % Change Volume Market Cap
WBT Weebit Nano Ltd 7.26 9.01 1,446,793 $1,248,203,274
ABP Abacus Property Grp. 2.74 6.01 3,288,301 $2,305,636,693
SGR The Star Ent Grp 1.11 5.24 13,415,181 $1,699,614,921
DMP Domino Pizza Enterpr 45.74 4.24 282,636 $3,909,286,840
PNV Polynovo Limited 1.56 3.82 1,319,864 $1,038,800,290
MAD Mader Group Limited 5.20 2.77 83,707 $1,012,000,000
HMC HMC Capital Limited 4.73 2.49 519,354 $1,602,496,197
WOW Woolworths Group Ltd 39.57 2.46 1,558,506 $47,066,256,912
MP1 Megaport Limited 7.67 2.40 629,075 $1,187,862,813
LLL Leolithiumlimited 1.07 2.39 5,331,737 $1,031,130,794
AZJ Aurizon Holdings Ltd 3.85 2.26 5,434,985 $6,921,046,972
CSL CSL Limited 284.05 2.23 475,385 $134,031,122,861
APA APA Group 10.03 2.19 1,068,046 $11,574,758,649
SUN Suncorp Group Ltd 13.55 2.11 2,695,273 $16,807,017,542
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Abacus Property (ASX:ABP) rose 7% after announcing the successful completion of the institutional component of the Abacus Storage King offer at $1.41.

APA Group (ASX:APA) rose after appointing Bronwyn Weir as an additional Company Secretary of APA, with effect from today.



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Code Name Price % Change Volume Market Cap
NHC New Hope Corporation 5.34 -6.81 5,420,180 5,056,119,368
LTR Liontown Resources 2.96 -6.19 6,744,086 6,931,513,449
CHN Chalice Mining Ltd 6.69 -5.64 1,217,850 2,737,127,717
SMR Stanmore Resources 2.64 -4.53 521,721 2,487,840,910
ILU Iluka Resources 11.41 -4.44 1,629,933 5,086,592,904
RMS Ramelius Resources 1.39 -4.31 3,042,494 1,427,079,818
STX Strike Energy Ltd 0.46 -4.17 1,298,265 1,215,144,825
MCY Mercury NZ Limited 5.70 -3.72 1,917 8,209,813,850
GQG GQG Partners 1.44 -3.69 1,974,655 4,399,680,097
WHC Whitehaven Coal 6.71 -3.39 5,049,446 6,061,173,635
CXO Core Lithium 1.01 -3.35 7,756,702 1,942,150,050
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Strike Energy (ASX:STX) fell 3% after providing an update on its Walyering Gas Field in WA. Strike says construction is well progressed with mechanical completion targeted within the next two weeks. Commissioning process and commercial production operations will follow after that.