ASX Large Caps: Mining, oil stocks drag the ASX lower; Monadelphous nabs $160m contract in WA

• The ASX 200 index finished the week lower
• Miners and oil stocks dragged, while Utilities gained
• Other Asian markets also finished lower after tech selloff on Wall Street overnight

The ASX 200 slipped a further -0.3% on Friday and for the week, it was down by almost -2%. The index is now at its lowest level in 4 weeks.

Miners tracked iron ore prices lower as October  futures in Singapore traded at $US113.50 a tonne, compared to around $US116.00 earlier in the week.

Lithium miners were also down with Mineral Resources (ASX:MIN), Sayona Mining (ASX:SYA) and IGO (ASX:IGO) topping the losers list.

Oil stocks also tumbled today despite oil prices holding steady overnight at around $US87 a barrel.

Utilities were the major winners, with small gains in sector leaders Origin Energy (ASX:ORG) and Meridian (ASX:MEZ).

Elsewhere, markets were closed in Hong Kong today after the heaviest rainfall on record. The downpour came just a week after a super typhoon shut the city.

Other stock markets in Asia meanwhile echoed Wall Street overnight where microchip stocks tumble.

Apple and chip stocks including Nvidia, Skyworks, Qualcomm and Qorvo all fell after news that Chinese officials working at government offices and state-owned companies were told not to use iPhones. China is Apple’s most lucrative territory after US and Europe.

BIG CAP WINNERS

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Engineering company Monadelphous (ASX: MND) announced it has secured a major contract for the construction of the Chemical Grade Plant 3 at Talison Lithium’s Greenbushes site in the south west of Western Australia, valued at approximately $160 million.

Under the contract, MND will install a new crushing and screening facility and lithium concentrate processing plant, including associated tank and piping fabrication works and electrical supply.

BIG CAP LOSERS

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Audio tech specialist Audinate (ASX:AD8) fell 8% after announcing the completion of its $50m cap raise. The fully underwritten placement will be issued at a price of $13 a share, and another $20m SPP will be open for retail shareholders next week.

The company said it will use the funds to “deliver organic growth through continued strategic investment in new and innovative products”.

Leo Lithium (ASX:LLL) presented an investor deck titled “Africa Down Under” and said that the Goulamina Project in Mali is an emerging large scale producer that offers a compelling investment. The Project is amongst the world’s largest spodumene projects with a 211 Mt resource.

Platinum Asset Management (ASX:PTM) fell after announcing net FUM (funds under management) outflows of approximately $912 million in August.

Telstra (ASX:TLS) confirmed an AFR article published yesterday that suggested it was preparing to bid for IT services company, Versent.

“References to the value of the offer are speculative. There is no certainty a transaction involving Telstra will eventuate, should a transaction be finalised Telstra will update the market accordingly,” said Telstra’s announcement.