ASX closes 0.4% higher: Lithium miners rally

Market Reports

by Peter Milios

Australian shares closed higher on Tuesday, with the S&P/ASX 200 advancing 0.4% to 7664.1 points, supported by gains in lithium miners, while investors exercised caution ahead of the US Federal Reserve's policy meeting for insights into interest rates amidst persistent inflation concerns. Despite the day's gains, the index fell 3% in April, with eight out of eleven sectors showing gains, particularly in lithium exploration, while industrials experienced a 0.5% decline.

Arcadium rose 8.4 per cent to $6.72 and IGO grew 7.3 per cent to $7.91. Lake Resources lifted nearly 7 per cent to 6.2 cents.


The Dow Jones futures are pointing to a fall of 42 points.

The S&P 500 futures are pointing to a fall of 6.75 points.

The Nasdaq futures are pointing to a fall of 12.5 points.

The SPI futures are up 19 points.

Best and worst performers

The best-performing sector was S&P/ASX 200 Cons Disc [XDJ], up 0.79%. The worst-performing sector was S&P/ASX 200 Industrials [XNJ], down -0.53%.

The best-performing large cap was IGO Limited (ASX:IGO), closing 7.33% higher at $7.91. It was followed by shares in Pilbara Minerals Limited (ASX:PLS) and Suncorp Group Limited (ASX:SUN).

The worst-performing large cap was Worley Limited (ASX:WOR), closing 7.48% lower at $15.09. It was followed by shares in Ampol Limited (ASX:ALD) and Telix Pharmaceuticals Limited (ASX:TLX).

Asian markets

Japan's Nikkei has gained 0.92%.

Hong Kong's Hang Seng has lost 0.06%.

China's Shanghai Composite has lost 0.05%.

Commodities and the dollar

Gold is trading at US$2,334.70 an ounce.

Iron ore is 0.9 per cent lower at US$117.10 a tonne.

Iron ore futures are pointing to a 1.2 per cent fall.

Light crude is trading $0.26 lower at US$82.37 a barrel.

One Australian dollar is buying 0.6518 US dollars.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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