Australian Shares Gain 0.7% as Lithium Miners Surge -- Market Talk

Dow Jones

2024/10/07

0547 GMT - Australia's S&P/ASX 200 closed 0.7% higher at 8205.4, helped by big gains in lithium stocks. Arcadium Lithium finished the day 46% higher after Rio Tinto said it made an approach to buy the company. That news benefited other Australian lithium producers including Liontown Resources, which gained 19%. Rio Tinto fell by 2.0%. Banking stocks were solid performers, with Commonwealth Bank of Australia rising by 1.5% and Westpac up 2.1%. West African Resources ended sharply lower, losing nearly 20% of its value, as investors fretted that Burkina Faso's junta could withdraw some mining permits. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

October 07, 2024 01:47 ET (05:47 GMT)

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That news benefited other Australian lithium producers including Liontown Resources, which gained 19%. Rio Tinto fell by 2.0%. Banking stocks were solid performers, with <a href=\"https://laohu8.com/S/CBAPJ.AU\">Commonwealth Bank of Australia</a> rising by 1.5% and Westpac up 2.1%. West African Resources ended sharply lower, losing nearly 20% of its value, as investors fretted that Burkina Faso's junta could withdraw some mining permits. 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