S&P/ASX 200 trades flat as lithium miners go berserk

Local shares ended the day down as the market lacked overseas leads with US and UK markets closed overnight for national holidays. While, the Australian dollar edged high on marginally stronger-than-expected net export data. The most heavily traded stock by volume was Qantas Airways Limited (ASX: QAN), which fell as investors got skittish on falling demand from domestic travellers.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.5% at 5379 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.5% to 5448 points
  • AUD/USD at US 72.4 cents
  • Iron Ore at US$50.75 a tonne
  • Gold at US$1,212.01 an ounce
  • Brent oil at US$49.65 a barrel

Today’s leading gainers from among the S&P/ASX 200 included almond farmer Select Harvests Limited (ASX: SHV) which is now up 42% over just the last month on the back of rising almond prices and an updated forecast for its own total almond production.

Elsewhere, CYBG PLC CDI 1:1 (ASX: CYB), the company more commonly know as Clydesdale & Yorkshire Bank also gained 2.6% to a record high of $5.81 on the back of a raft of analyst upgrades after it recently reported a half-year profit result above consensus expectations.

Elsewhere lithium miners like Orocobre Limited (ASX: ORE), Galaxy Resources Limited (ASX: GXY) and General Mining Corp Ltd (ASX: GMM) all rocketed on merger news adding to the wild excitement generated by the recent success of Tesla.

Fallers included Woodside Petroleum Limited (ASX: WPL) and Oil Search Limited (ASX: OSH), which were down 2.4% and 1.3% respectively on the back of softening global oil prices.

Here are Tuesday’s top stories.

  1. Flexigroup shares plummet
  2. Galaxy Resources and General Mining Corp to merge
  3. Nanosonics announces potential regulatory boost
  4. Off-plan apartment prices may come under pressure
  5. Wilson’s LIC trades flat on debut

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Motley Fool contributor Tom Richardson has no position in any stocks mentioned.

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The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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