S&P/ASX 200 (INDEXASX:XJO) fell 0.65% to 5,870 by 12.30 pm and is on track for its fourth straight weekly loss following a weak lead from Wall Street where major tech stocks continued to struggle.
All sectors were in the red with tech and materials stocks the hardest hit as Wall Street reversed course to fall for the fourth day in five.
Australia’s tech sector dropped 1.41% and materials firms fell 0.94% by noon.
Rio CEO to step down
Jean-Sébastien Jacques, the chief executive of Rio Tinto Limited (ASX:RIO), will step down by the end of March 2022 following a public outcry over Rio’s destruction of two ancient caves in Pilbara, Western Australia.
Two other senior executives — Chris Salisbury, the head of iron ore, and corporate affairs leader Simone Niven, who had responsibility for indigenous affairs — will also step down as the miner tries to contain condemnation from shareholders and the public against its decision to destroy the 46,000-year-old caves.
New South Wales recorded 10 new cases of COVID-19 overnight, with four linked to known clusters.
Victoria recorded 43 new COVID-19 cases and nine deaths, with case numbers continuing to drop.
There were 51 cases confirmed yesterday, 76 on Wednesday, 55 on Tuesday and 41 on Monday.
Today’s top gainers on the ASX include Cape Lambert Resources Limited (ASX:CFE) (+40.00%), Rimfire Pacific Mining N L (ASX:RIM) (+9.09%), Twenty Seven Co Ltd (ASX:TSC) (+60.00%), Blue Star Helium Ltd (ASX:BNL) (+8.33%) and Cirralto Ltd (ASX:CRO) (+5.88%).
Proactive news headlines:
XTEK sees record revenue underpinned by HighCom contribution and ongoing SUAS supply and support
XTEK Ltd (ASX:XTE) achieved record revenue for the 2020 financial year, underpinned by contributions from HighCom Armour Solutions Inc in the US and ongoing Small Unmanned Systems (SUAS) supply and support.
Macarthur Minerals boosts balance sheet by US$3.25 million with conversion of convertible notes
Macarthur Minerals Ltd (ASX:MIO) (CVE:MMS) is in a stronger position to complete its Lake Giles Project financing strategy after the early conversion of all outstanding convertible notes 23 months prior to maturity.
Fertoz expects growth of organic fertiliser markets to rebound in September quarter
Carnavale Resources gets drill spinning in quest for Grey Dam nickel sulphides
Carnavale Resources Limited (ASX:CAV) has started drilling at Grey Dam Nickel Project in Western Australia targeting recently defined EM conductors and potential nickel sulphide mineralisation in bedrock.
Andromeda Metals Bright White kaolin results at Hammerhead highlight potential construction product application
Andromeda Metals Ltd (ASX:ADN) is higher after defining zones of high-grade halloysite-kaolin within the Bright White domain at Hammerhead prospect on the Eyre Peninsula in South Australia, highlighting a potential construction product application.
Lithium Australia strengthens intellectual property protection for battery recycling breakthroughs
Emerald Clinics set to benefit from interim TGA decision to down schedule CBD
Emerald Clinics Ltd (ASX:EMD) welcomes the interim decision from Australia’s Therapeutic Goods Administration (TGA) that recommends low dose cannabidiol, or CBD, become a Schedule 3 medicine on the Australian Register of Therapeutic Goods (ARTG).