The S&P/ASX 200 has started Thursday out in the red, dropping 41.10 points, or 0.49%, to 8,308 points as of 10.30am AEDT.
The index has gained 1.30% over the past five days and is 2.43% off its 52-week high.
Yesterday the index closed above its 50-day moving average as the probability of a February rate cut by the Reserve Bank of Australia strengthened on the release of weak November inflation data.
Ten of the 11 sectors were lower in early trade. Materials led the decline, reversing its mid-week wins to slip 0.39%. Industrials was down 0.19% and energy edged back 0.05%.
Iron ore continued its slump overnight to trade below US$98 ($158) a tonne, while gold edged higher despite a strengthening US dollar. This followed weaker-than-expected private sector growth in December as the US labour market slows.
Arcadium Lithium (ASX:LTM) was top of the pack after the opening bell this morning on news the miner has received clearance from the Committee on Foreign Investment in the United States for Rio Tinto’s (ASX:RIO) proposed takeover.
Arcadium shares climbed 7.8% to $9.12 after the committee concluded its review of the proposed deal and determined that there are no unresolved national security concerns.
Merger control clearance has now been satisfied or waived in Australia, Canada, China, Japan, South Korea, the UK and the US. Investment screening approval has also been satisfied in the UK.
The takeover is still subject to investment screening approvals in Australia, Canada and Italy, as well as other customary closing conditions.
Arcadium Lithium expects the proposed transaction to close before mid-2025.
Newmont (ASX:NEM) advanced 2.71% to $62.81, Regis Resources (ASX:RRL) gained another 2.2% to $2.79, Sandfire Resources (ASX:SFR) rose 1.94% to $9.48 and Gold Road Resources (ASX:GOR) shifted up 1.88% to $2.17.
Westgold Resources (ASX:WGX) dropped 8.19% to $2.69 despite reporting a lift in group production for the second quarter of the 2025 financial year, and Deep Yellow slipped 3.57% to $1.22.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX & Unsplash
