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ASX up 0.6%: Lithium stocks rallying

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2024-02-07

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Australian shares, particularly miners, are rebounding today, with the S&P/ASX 200 is 0.63 per cent higher at 7,629.60, retracing losses from the past two days. Notable gains are seen in Fortescue, BHP, and Rio Tinto, alongside gold miners, while lithium miners like Core Lithium and Pilbara Minerals also show strong performance, with Cettire standing out with a 29% rally following an 89% boost in sales in the first half of FY24.

The SPI futures are pointing to a rise of 53 points.

Best and worst performers

The best-performing sector is REITs, up 1.56 per cent. The worst-performing sector is Consumer Discretionary, down 0.77 per cent.

The best-performing large cap is GQG Partners (ASX:GQG), trading 4.33 per cent higher at $2.05. It is followed by shares in Pilbara Minerals (ASX:PLS) and Lynas Rare Earths (ASX:LYC).

The worst-performing large cap is IDP Education (ASX:IEL), trading 2.05 per cent lower at $18.66. It is followed by shares in Wesfarmers (ASX:WES) and Whitehaven Coal (ASX:WHC).

Commodities and the dollar

Gold is trading at US$2051.30 an ounce.

Iron ore is 1.3 per cent lower at US$125.50 a tonne.

Iron ore futures are pointing to a 0.85 per cent rise/fall.

One Australian dollar is buying 65.29 US cents.

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