• Local shares down -0.15pc on Friday, -1.9pc for the week
  • Energy stocks gained along with lithium stocks
  • Aussie bond yields jumped to highest in 10 weeks


Local shares trimmed early losses and ended the day +0.05% higher, a small win at the end of a week that saw the benchmark lose 1.9% thanks to serious wobbles on Wall Street.

Energy and Utility stocks gained, while Real Estate and Info Tech were the laggards.

Energy stocks rose after Brent futures jumped by around 0.5% in Asian hours. Crude prices have risen by more than 10% in the past week.

Lithium stocks also rallied, with Pilbara Minerals (ASX:PLS) and Allkem (ASX:AKE) leading the charge.

Contract labour company Mader Group (ASX:MAD) had the steepest fall, down over 5%.

Meanwhile, the Aussie bond market had a volatile day with yields jumping to a decade high. This came following a sharp rise in US Treasury yields this week after the Fed’s hardened stance on rates.

Elsewhere, the Bank of Japan held its ultra-low interest rates today, keeping the cash rate at 0.1%.

And in a blow to the cannabis industry, Thailand’s new prime minister has vowed to restrict the use of marijuana for medical purposes.

“The law will need to be rewritten,” PM Srettha Thavisin said, adding that he will also ban cannabis for recreational use.



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Horticultural company Costa Group (ASX:CGC) jumped 6% after accepting a $3.20 cash per share takeover offer by US private equity firm Paine Schwartz Partners.

News Corp (ASX:NWS) rose after Rupert Murdoch stepped down as Fox and News Corp chairman and named his son Lachlan to take over as sole chairman of both companies.

Mineral Resources (ASX:MIN) gave an update on its Mt Marion and Wodgina lithium deposits, and Ken’s Bore iron ore deposit. The announcement includes Mt Marion Ore Reserve of 35.7Mt at 1.42% Li2O, representing a significant 107% increase from June 2022.



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