• The ASX rose for a fourth straight day
  • Lithium stocks fell on China concerns while Discretionary stocks rose ahead of Black Friday sales
  • US markets will resume trading tonight but for shortened sessions

 

Local shares climbed another 0.2% higher on Friday, taking their winning run to four straight days.

For the week, the ASX 200 was 1.5% higher.

Discretionary shares paced the bourse higher as the Black Friday / Cyber Monday sale gets under way. Experts predict $6.2 billion of total sales in the four-day bonanza, beating last year’s record of $6 billion.

Mining and Energy stocks meanwhile dragged today’s proceedings lower.

Data was thin overnight as the US had a day off  for Thanksgiving, and locally there were also no major economic reports released.

Elsewhere, China’s Covid woes continue as the country counted 30,000 cases nationally for the first time.

Major cities are starting to enforce some form of lockdown and the government has told people not leave homes unless necessary.

Despite demand concerns from China, metal prices continued to receive support from the weakening $US.

The greenback has been on a decline since the release of the FOMC meeting minutes on Wednesday.

The minutes, which were taken from the FOMC meeting held on November 1-2, revealed that policy makers were willing to consider softening US rate hikes.

On the ASX, medical equipment manufacturer Nanosonics (ASX:NAN) was the best performer today, up 10%, on no particular news.

Nanosonics plunged 12% on Monday after a couple of broker downgrades. Cannacord has cut its price target to $4.86 (currently $4.01), while Goldman has a target of $3.50.

Major lithium miners also fell today on the back of China concerns.

Looking ahead to tonight’s session on Wall St, the US markets will resume trading but for shortened sessions.

BIG CAP WINNERS

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NRW Holdings (ASX:NWH) rose 2% after announcing that its subsidiary Action Drill & Blast has secured a $300m, 7-year drilling and blasting services contract with Talison Lithium Australia.

NRW will service Talison’s southern WA Greenbushes project.

Harvey Norman (ASX:HVN) rose 3.5% ahead of the Black Friday sales event.

 

BIG CAP LOSERS

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Objective Corp (ASX:OCL) dropped 12% after providing the market with a trading guidance.

OCL says revenue growth FY23 will be in ‘single-digit’ rather than the ‘double-digit’, while operating margin is expected to decrease. The company cited a ‘robust’ increase in tech staff salary as one of the reasons for the reduced margin.