• The ASX lifted half a percent on Friday, flattish for the week
  • Mining shares climbed today, Paladin regains 67c level
  • Goldman keeps overweight recommendation on China

 

Local shares extended gains on Friday, up by +04%. For the week, the benchmark ASX200 index finished flattish.

Mining shares were boosted today by higher lithium prices in Shanghai. Steel and iron ore related stocks also lifted.

Namibian uranium stocks were boosted after a statement from the  government clarifying it had no intention to seize any stake from existing mineral or petroleum licence holders. The government said it remained committed to upholding exisiting contracts.

Paladin Energy (ASX:PDN), which owns a mine in Namibia, rose by 11% on the news.

NOW READ: Ground Breakers – Namibia soothes the fears of uranium investors as Paladin leads yellowcake higher

Energy related stocks also climbed after the debt ceiling bill was passed by US Congress on a 314-117 vote. An approval by the Senate is expected soon despite a revolt amongst a handful of Republicans.

Eyes are now focused on the OPEC+ meeting on the weekend, where a production cut by the Saudis could be announced and would push oil prices higher on Monday.

 

Goldman still overweight on China

Elsewhere, Asian stocks also rose today, led by gains in Hong Kong-listed tech stocks.

The Hang Seng index was up more than +3%, with the focus turning now to the US non-farm payroll and unemployment rate reports later today (US time).

Meanwhile, Goldman has cut its target for the MSCI China Index citing ‘uneven economic recovery’.

The bank has however maintained its overweight recommendation on China, saying investors’ fears have been priced in.

 

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Paladin Energy (ASX:PDN) rose after releasing a statement from the Namibia Ministry which said it had no intention to seize any stake from existing mineral or petroleum licence holders.

 

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Coles Group (ASX:COL) was down after announcing that its wage remediation costs have just jumped up considerably.

Coles said that following a review into the pay arrangements for all salaried employees, the company has identified shortfalls in the remuneration to the tune of $25 million. As such, Coles said it will take an an additional provision for this amount.

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