The Australian market set a new 100-day high, marking its second record close for the week.
The S&P/ASX 200 closed up 37.60 points, or 0.45%, at 8,444.30 on Thursday (28 November).
Over the last five days, the index has gained 1.46% and is currently 0.39% off its 52-week high.
Six of the 11 sectors ended higher, with health care the best performing sector advancing 1.61%. Materials rose 0.23%, while energy edged back 0.32% and industrials slipped 0.28%.
Gold miner Vault Minerals (ASX:VAU) closed the day up 3.03% at $0.34. On the opposite end of the scale, uranium miners Paladin Energy (ASX:PDN) and Boss Energy (ASX:BOE) ended in the red, slipping 5.02% to $7.76 and 2.82% to $2.76, respectively.
Lithium miner Liontown Resources (ASX:LTR) dropped 4.52% to $0.74 and aluminium producer Alcoa (ASX:AAI) decreased 3.19% to $70.67.
At Liontown’s annual general meeting yesterday, Chairman Tim Goyder said the depth and the speed of the fall of the lithium price surprised many.
“The continued lower pricing levels which are expected to endure throughout financial year 25, meant we have had to pivot as a company and redesign our mine to prioritise higher margin underground ore while reducing our operating and capital costs,” he told shareholders.
“Our revised 2.8 Mtpa mine plan is designed to ensure Liontown can fulfil its customer commitments, while focusing on cash optimisation and cost of production through the cycle.
“We also retain optionality to revisit an expanded mine plan and embedded growth optionality in the process plant to take advantage of any future market recovery.”
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 & Stock
