Australian stocks were down as the final bell tolled, dropping 28.60 points or 0.40% to 7,070.60, crossing below the exchange’s 200-day moving average and setting a 50-day low.
The ASX has lost 3.07% for the last five days but, taking a wider lens, is virtually unchanged over the last year to date.
As of just after midday, Healthcare (-0.59%), Financials (-0.61%), Consumer Staples (-0.60%), Materials (-0.39%) and Utilities (-0.46%) were among the sectors that were losing momentum, with only Information Technology (0.51%) and Real Estate (0.21%) bucking the trend.
Our trading partners had a similar week last week, with markets in Europe declining for a fifth straight day on Friday, the longest losing streak since December. Over the course of last week, the FTSEurofirst 300 index dropped by 2.7%, while the UK FTSE 100 index lost 2.4% in the same timeframe.
The US share market slipped on Friday – the Dow Jones was down by 219 points or 0.7%, while the S&P 500 index dipped 0.8% and the Nasdaq index shed 138 points or 1% and the S&P 500 lost 1.4% over the week, ending five consecutive weeks of gains.
The Nasdaq lost 1.4% to end an eight-week winning streak and record the worst weekly performance since March, while the Dow ended a three-week positive run, dropping 1.7%.
PwC to split; execs front inquiry
A day after the company announced a restructure – planning to split into two parts and sell off the leg that deals with government sector contracts to private equity company Allegro Funds for the sum of one dollar and appointing a new CEO – senior executives appeared before a NSW enquiry.
The new company will only deal with federal and state departmental government agencies and will not engage corporate clients, which is crucial in restoring the integrity of the business, which was caught ‘crossing the street’ to divulge state secrets to corporate clients.
The company also plans to appoint a board of directors and structure the business as if it were listed. Because PwC operates as a partnership firm, it is not subject to the same rules as incorporated companies – the new business will be.
The five at five
Sarytogan Graphite identifies promising EM targets at Kenesar in Kazakhstan
Sarytogan Graphite Ltd (ASX:SGA) has identified several electromagnetic (EM) anomalies at the Kenesar Graphite Project in northern Kazakhstan that point to graphite-rich mineralisation, using data from a time domain electromagnetic (TDEM) survey.
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Galena Mining continues growth trajectory as June concentrate shipment departs
Galena Mining Ltd (ASX:G1A) despatched its June concentrate shipment from the port of Geraldton on June 23, 2023, as part of its scheduled production escalation. The shipment comes from the Abra Base Metals Mine, a globally significant lead-silver project in the Gascoyne region of WA.
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MetalsGrove Mining has RC drill spinning in maiden Box Hole and Edwards Creek program in NT
MetalsGrove Mining Ltd (ASX:MGA) has set the reverse circulation (RC) drill spinning in maiden drilling testing the Box Hole zinc-lead and Edwards Creek copper-gold prospects within the Arunta Project in the Northern Territory.
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Strickland Metals strikes $67 million deal with Northern Star for sale of Millrose Gold Project in WA
Strickland Metals Ltd (ASX:STK) has struck a deal to sell its Millrose Gold Project, an advanced exploration asset in Western Australia, to producer Northern Star Resources (ASX:NST) Ltd. The acquisition is worth A$67 million, including A$41 million in cash and 1.5 million fully paid ordinary NST shares to be issued to Strickland.
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Leeuwin Metals begins sampling of drill core for lithium at Jenpeg in Canada
Leeuwin Metals Ltd (ASX:LM1) has begun sampling core from seven historic drill holes at its wholly-owned Jenpeg Lithium project in Manitoba, Canada, in which spodumene-bearing pegmatites were observed. The project is emerging as a large-scale opportunity for the company.
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On your six
Investing in clean technology amid renewable energy revolution: Janus Henderson Investors
The war in Ukraine and rising fossil fuel prices have escalated the pace of investments in clean energy, triggering seismic changes that will propel the renewable energy sector to become the largest source of global electricity by 2025.
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The one to watch
Green Technology Metals embarks on summer field season in Canadian lithium district
Green Technology Metals Ltd (ASX:GT1) CEO Luke Cox is back in the Proactive studio as the summer field season gets underway in one of Canada’s most renowned lithium districts. The explorer is eager to prove up and expand the 22.5-million-tonne lithium resource base at the Root Project.
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