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Australian shares have shown a slight decline at the start of trading today, as losses in the banking sector outweigh gains in mining stocks.
The S&P/ASX 200 Index (ASX:XJO) is flat at 8010 points. This comes after a positive performance in the U.S. markets, where technology shares rebounded, with Oracle's influence driving the Nasdaq Composite and S&P 500 higher. However, Australian banks are experiencing a setback, with Commonwealth Bank (ASX:CBA), ANZ (ASX:ANZ), National Australia Bank (ASX:NAB), and Westpac (ASX:WBC) all falling by more than 1%.
Lithium Stocks Surge
Lithium stocks are showing strong performance on the ASX. Mineral Resources Ltd (ASX:MIN) has surged by 12.8%, Pilbara Minerals Ltd (ASX:PLS) has risen by 9.8%, and Liontown Resources Ltd (ASX:LTR) is up 7.4%. This rally in lithium stocks has contributed to a 1.3% increase in mining shares overall, supported by modest gains in iron ore miners such as BHP Group Ltd (ASX:BHP) and Rio Tinto Ltd (ASX:RIO).
Energy Sector Decline
The energy sector is under pressure, with a 1% drop in stocks following a decline in Brent crude oil prices. Brent futures have fallen below $US70 a barrel for the first time in over two years, driven by robust supply, concerns over demand, and speculative selling. The global benchmark settled at $US69.19 per barrel, while West Texas Intermediate crude dropped to $US65.75 per barrel, marking the lowest closing prices for both grades since December 2021.
Stocks in Focus
- NextDC Ltd (ASX:NXT): Data center operator NextDC has experienced a 4% decline to $17.12 following a $550 million equity raise.
- REA Group Ltd (ASX:REA): The property listings giant has seen its share price drop by 1.9% to $198.61 after its acquisition bid for UK-based Rightmove (LSE:RMV) was rejected. The offer was valued at $11 billion and comprised both cash and scrip.
- Infratil Ltd (ASX:IFT): Investor Infratil is supporting the sale of Manawa Energy to New Zealand's Contact Energy in a deal valued at $1.7 billion. Infratil shares are up 1.1% to $11.21. Melbana Energy Ltd (ASX:MAY), involved in the deal, has soared 42% to 2.7 cents per share.
- Lendlease Group (ASX:LLC): The Australian Competition and Consumer Commission has delayed its decision on whether Stockland can acquire a dozen master-planned communities from Lendlease. Lendlease shares have increased by 0.7% to $7.13.
- Newmont Corp (ASX:NEM): The gold mining company has agreed to divest its majority stake in the Telfer mine and other assets to UK-listed Greatland Gold plc (AIM: GGP). Newmont shares have risen by 1.4% to $77.27.
Leadership Changes
ASX Chairman Damian Roche is set to retire at the annual shareholder meeting, with former Westpac banker and AMP director David Clarke announced as his successor. Shares have shown little movement in response to this news.
Today's market reflects a mix of sector-specific movements and global economic influences, with significant developments in mining, energy, and corporate transactions.
