• ASX closes 0.30% higher after being in the red
  • Lithium stocks rise on Tesla guidance
  • Woodside down despite bumper revenue

After trading in red for most of the day, the ASX 200 finished Thursday 0.40 higher at 6,784.

Energy stocks dragged down the market, as Woodside Energy (ASX:WDS) fell by 4.5% despite reporting bumper revenue of $3.44 billion in Q2, up 159% from a year earlier.

WDS announced it has scrapped plans to sell a stake in the Sangomar oil project in Senegal.

Tech was the best performing sector today, up by 2.50%, tracing the movement on Nasdaq after Tesla impressed with its US$2.26 billion net profit for Q2, despite it falling from S$3.32 billion in Q1.

The EV maker stuck with its earlier guidance of a 50% increase in annual vehicles sales growth in the next two years, but acknowledged that it all will depend on supply chains and other issues.

Tesla also announced that it has converted 75% of its Bitcoin holdings into fiat, adding USD$936m in cash to its balance sheet and leaving investors wondering if Elon Musk had changed his mind about accepting Bitcoin for payments.

“The second half of the year will be a busy one for Musk, facing Twitter in an expedited court case and having promised to increase Tesla deliveries by more than 50% by the end of the year, which could see a record second half of the year for Tesla,” said Josh Gilbert, an analyst at investing network eToro.

“It will be interesting to see if Tesla will meet its 50 per cent growth rate in this difficult environment and keep leading the EV race.”

Lithium miners on the ASX rallied today on the Tesla guidance. Stocks like Core Lithium (ASX:CXO) and Sayona Mining (ASX:SYA) were up by 6% and 10% respectively.

The Bank of Japan (BoJ) surprised the market once again after it decided to maintain its ultra low interest rate of -0.1%.

Later today, the European Central Bank (ECB) will also make its interest rates decision.

BIG CAP WINNERS

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Industrials player Kelsian (ASX:KLS) shot up 16% after informing the market it won’t go ahead with the purchase of Go Ahead.

The Kelsian board explained: “Unfortunately, recent Australian equity markets have been volatile and external events have adversely impacted the Kelsian share price since 14 June 2022 when Kelsian first announced it was considering a possible offer for Go-Ahead.”

Telix Pharma (ASX:TLX) jumped 19% off the back of strong global sales of Illuccix.

Link Administration (ASX: LNK) jumped 12% after announcing that Dye & Durham agreed to increase its takeover offer from $4.57 o $4.81 per share.

BIG CAP LOSERS

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