The ASX 200 is 0.31% higher on Friday afternoon, lifting this week’s gains to 0.39%. Tech is leading all sectors higher today after AI giant Nvidia delivered big gains on Wall Street overnight. Nvidia’s US$277 billion increase in its market capitalisation on Thursday was the largest one-day market cap gain on record for a US company.
Locally, in the Tech space, Xero, NextDC, WiseTech Global and Altium each ended the week on a high. Consumer Discretionary, Consumer Staples, and Financials also logged a strong day, while the Utilities sector ended today’s session lower.
Peak lithium pessimism
Piedmont Lithium (ASX:NASDAQ:PLL, OTC:PLLTL) says the lithium market is "in the throes of 'peak pessimism”.
Reporting an adjusted net loss of US$31.3 million for the year ended December 2023 — which was lower than its US$37.6 million loss in FY22 — the company is seeking to bolster its balance sheet by monetising non-core assets, deferring capital spending and cutting corporate overheads.
Piedmont CEO Keith Phillips said: “Lithium has been a cyclical business for the past decade with trough markets in pricing generally followed by new record highs. Our goal is to protect shareholder value in this downturn, while remaining strategically positioned for the lithium market recovery that we believe is a matter of time."
Australians face financial stress
Speaking of pessimism, a NAB survey found Australians’ financial stress to be at its highest level since mid-2016, with one in three Australians believing they are now financially worse off than a year ago.
The NAB Australian Wellbeing Index fell in the final quarter of 2023 to its lowest point since before the Covid pandemic. Unsurprisingly, low income earners, the unemployed, and renters are among those with the lowest wellbeing.
According to NAB head of customer vulnerability Michael Chambers, “Many Australians are feeling the strain on their wellbeing at the moment for a number of reasons. They might be concerned about the higher cost of living, their prospects of securing a rental property or a home to buy, or their long-term financial future."
Five at five
American Rare Earths raises $13.5 million to advance Hallack Creek Project in Wyoming
American Rare Earths Ltd (ASX:ARR, OTCQB:ARRNF) has raised $13.5 million via a strongly supported institutional placement, providing a significant runway to execute on project development milestones to advance its flagship Halleck Creek Rare Earths Project.
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Andromeda Metals CEO showcases Great White products to global buyers of kaolin for ceramics
Andromeda Metals Ltd (ASX:ADN, OTC:ANDMF) CEO and managing director Bob Katsiouleris presented at the ICerS Raw Materials for Ceramic Tile Conference, where he showcased the results from tests on kaolin from The Great White Project in South Australia to key global buyers and users of kaolin for ceramics.
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Lotus Resources raises $30 million from strategic investors, incl Paradice
Lotus Resources Ltd (ASX:LOT) has raised A$30 million in a share placement to strategic investors to accelerate the company’s restart activities for the Kayelekera uranium mine in Malawi, and support development plans at the Letlhakane uranium project in Botswana. This comes amid increasing prices for the commodity.
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Perseus Mining lifts half year profit 21% on strengthened gold price
Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has boosted its after tax half year profit by 21% to US$164.7million, supported by a strengthened gold price.
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Lightning Minerals moves forward with exploration at Dalmas and Hiver lithium projects in Quebec
Lightning Minerals Ltd (ASX:L1M) has fielded promising initial results from its reconnaissance activities at the Dalmas and Hiver Lithium projects in Quebec, Canada.
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On your six
Looming gas shortage in WA could lead to policy tightening
A parliamentary inquiry in Western Australia’s gas reservation policy has concluded that the policy is “no longer fit for purpose”.
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One to watch
IonDrive CEO outlines company’s technology ambitions
Newly appointed CEO of IonDrive Ltd Dr Ebba Dommisse joins Jonathan Jackson in the Proactive Australia studio to discuss his initial experiences stepping into the role and his aims for the future.
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