Lake Resources sinks after giving an update on Kachi. Picture Getty
ASX Large Caps: Financials, tech push ASX higher; Lake Resources sinks 20pc on Kachi update
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- 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.
BIG CAP WINNERS
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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 |
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.
BIG CAP LOSERS
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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 |
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.
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