ASX Trading Wrap: Lithium names slide further amid market fear
Rene Anthony
Key takeaways:
Growth stocks were hit the hardest this week when the ASX touched an 11-month low
Which shares excelled?
Looking at the top performers recently, here’s the scoop:
Strike Energy (ASX: STX) was the talk of the town. They released some pretty exciting news about their South Erregulla gas field. Turns out, a successful appraisal showed the well extends even further than they thought! This discovery could fast-track their production.
Neuren Pharmaceuticals (ASX: NEU) had a stellar week with four straight sessions in the green. It’s worth noting they were bouncing back from a six-month low.
The RBA’s decision to keep interest rates stable was a blessing for Liberty Financial (ASX: LFG). Their shares soared over 10% on that Tuesday alone.
Here’s one for the gold enthusiasts: Ramelius Resources (ASX: RMS) got a big thumbs up from Ord Minnett with a ‘buy’ rating. They’re looking at a potential price of $2.05 per share.
Some other mentions worth noting include APM Human Services Management (ASX: APM), Objective Corporation (ASX: OCL), and Vulcan Steel (ASX: VSL). They all had a reasonably good run in the past few days.
Which shares dragged on the market?
Now, let’s dive into the not-so-great performers:
Coronado Global Resources (ASX: CRN) had a rough patch. Just after they were flying high, coal prices took a hit, dropping by over 10% this week.
Mineral Resources (ASX: MIN) also felt the heat. Apart from the lithium market taking a step back, a report from UBS wasn’t in their favor. The analysts have their eyes set on a target price of $60 per share and stamped the stock with a ‘sell’ rating.
Polynovo (ASX: PNV) started on a high note with fresh funding news. However, the broader market sell-off didn’t spare them.
Speaking of lithium, it wasn’t the sector’s week. Stocks like Core Lithium (ASX: CXO), IGO (ASX: IGO), and Pilbara Minerals (ASX: PLS) faced headwinds, raising questions about future prices for the battery metal.
Wrapping up the underperformers, Iress (ASX: IRE), Seven Group (ASX: SVW), Viva Energy (ASX: VEA), and Beach Energy (ASX: BPT) also had a challenging week.
We’ll be touching base again next week with another wrap-up of the ASX trading. In the meantime, trade safe and have an awesome week!
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