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At the close of trading session on 2nd January 2020, S&P/ASX200 closed at 6690.6 with a rise of 6.5 points or 0.1%. At the end of first trading session of 2020, S&P/ASX 200 Information Technology (Sector) settled at 1,410.5 and inched up by 0.28% on an intraday basis while S&P/ASX 200 Energy (Sector) closed the session with a rise of 16.7 points or 0.14% and reached at 11,519.0. On January 2, 2020, All Ordinaries stood at 6810, up 7.6 points or 0.1% on an intraday basis.
Stocks which closed in green on ASX were Pilbara Minerals Limited (ASX: PLS) and Orocobre Limited (ASX: ORE). Pilbara Minerals ended at A$0.305 per share while Orocobre settled at A$2.810 per share.
We will now have a look at the gainer and losers at NZX Main Board. In the last trading session, PaySauce Limited (PYS) closed with a rise of 23.08% and stood at NZ$0.960 per share. Vital Limited (VTL) gained 5.19% and settled at a price of NZ$0.810 per share. Talking about the losers, New Talisman Gold Mines Limited (NTL) witnessed a fall of 14.29% and stood at NZ$0.006 per share.
We have a covered an important information on MRG Metals Limited (ASX:MRQ), and it is advised to have a quick glance at the content provided. Click here to view.
Pilbara Minerals Ended in Green on ASX
Pilbara Minerals (ASX:PLS) has recently released a corporate presentation in which the company provided certain information about Pilgangoora Lithium-Tantalum Project and stated that there has been improvement in the plant performance as well as product recovery. It was further added that term sheet has been agreed with POSCO for JV, and the final documents and board approvals are expected to take place in early 2020. The presentation also stated that China happens to be a key driver with respect to lithium raw materials. It was added that China has been consuming around 60% of the global lithium raw material supply and it is leading the world in the new energy battery applications.
A Recent Release By Orocobre Limited
Orocobre Limited (ASX:ORE) came forward and provided an update on the expected lithium carbonate pricing for the quarter ended December. The company stated that indicative weighted average price of lithium carbonate sales for the said quarter is anticipated to be around US$5,400/tonne FOB, however, subject to achieving planned shipping schedule. As per the release dated December 3, 2019, the market conditions are soft, and ORE has made a decision to meet the current pricing in order to ensure that the market share is retained. The company’s key personnel has stated that lithium chemical prices are well below incentive pricing for the green-fields projects. However, they are anticipated to recover in medium term.
While the price guidance for quarter ended December has decreased, the company stated that operational as well as cost improvements would be limiting the impact on its operating margin. Orocobre happens to be in a fortunate position as it possesses a robust balance sheet and business has been focusing towards reducing the cost of production through the period of market weakness in order to maintain its position as one of the lowest cost producers when it comes to lithium chemicals.
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