• Lithium stocks dragged down the ASX today
  • Cannon-Brookes wins AGL board tussle at the AGM
  • CBA reported Q1 results


The ASX 200 index finished marginally lower today, down 0.1%, as losses in lithium mining stocks were offset by gains in Healthcare and Tech.

Overnight, Wall St ended a choppy session with all three major stock indices finishing around 1% lower.

Lithium stocks tumbled on Tuesday after making gains yesterday.

Sector leader Core Lithium (ASX:CXO) fell almost 15% as it was reported that Macquarie had downgraded the stock from Outperform to Neutral. The company also lost its CFO, Simon Iacopetta, yesterday.

CXO’s peers Allkem (ASX:AKE) plunged 12% while Sayona Mining (ASX:SYA) and Lake Resources (ASX:LKE) also fell 7% in a broad brushed lithium selloff.

Meanwhile, one of the most anticipated AGMs this year has concluded with billionaire and Atlassian co-founder Mike Cannon-Brookes succeeding in his attempt to install four directors onto the board of energy giant AGL Energy (ASX: AGL).

Cannon-Brookes managed to get Dr Kerry Schott, Christine Holman, Mark Twidell and Professor John Pollaers onto the board, and also had non-executive director Miles George re-elected.

In a statement, Cannon-Brookes’ fund Grok Ventures said:

“AGL shareholders clearly believe that these five directors bring essential experience and credentials to the board.

“This represents another majority vote by AGL shareholders pointing to their desire for change, fresh thinking and more execution capacity to realise the potential of this great company.”

Elsewhere, China’s stocks on the Hang Seng rose following the Biden-Xi meeting at Bali’s G20 event.

Investors are increasingly optimistic about China’s easing of Covid restrictions and property woes, along with signs of reduced US-China tensions following the meeting.

Back home, the RBA released its November monetary policy meeting minutes today.

Excerpts show that the Board did not rule out a return to 50bps (from the current 25bps), or a pause.

A Roy-Morgans survey released today shows that consumer confidence amongst Australian consumers has lifted for the first time in 6 weeks.

Looking ahead to tonight’s Wall St session, the EU unemployment rate for for the quarter will be released, along with the Eurozone GDP.



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CBA (ASX: CBA) rose 1.3% today after delivering a 2% increase in cash earnings to $2.5b for Q1. Impaired assets were down 4.7% to $6.1b, while its expenses were up 4.5% for the quarter.

Incitec Pivot (ASX:IPL) rose 6% after reporting a 186% increase in NPAT to a record $1.027b for FY22.

Life 360 (ASX:360) rose 7% after delivering a massive 92% increase in Q3 revenue to $57.2 million.



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