According to the latest SPI futures, the Australian share market is expected to open the day sharply lower on Friday following a weak night of trade on Wall Street.
Fortunately for the three shares below, they are going to miss out on a potential day in the red due to being in trading halts. Here's why their shares have been halted:
AVZ Minerals Ltd (ASX: AVZ)
This lithium-focused mineral exploration company's shares have been placed in a trading halt whilst it prepares to finally announce the results of the scoping study for the Manono Lithium Project in the Democratic Republic of the Congo. In June AVZ Minerals engaged Perth-based independent engineering group CPC Engineering to undertake a scoping study of the project, with the results orginally expected in August. The study will look at initial capital and operating cost estimates based on a typical hard rock spodumene concentrate process flowsheet. Management hopes it will provide greater certainty to shareholders about the opportunity the Manono Lithium Project offers. I'm still very sceptical that the project will get off the ground, so I'm eager to see the results of this study. Its shares are expected to return to trade on Tuesday.
Leigh Creek Energy Ltd (ASX: LCK)
This energy producer's shares have been halted to assist it in managing its continuous disclosure obligations ahead of a material announcement in relation to the initiation of gasification at the Leigh Creek Energy Project. If it has successfully initiated gasification it will be a major milestone for the company and a big step towards commercialisation. Its shares are expected to return to trade on Monday.
Wesfarmers Ltd (ASX: WES)
This morning the conglomerate requested that its shares be placed into a trading halt. Wesfarmers' requested the halt so it could manage its continuous disclosure obligations in the context of the court hearing today in relation to the proposed demerger of Coles Group Limited. The finer details of the demerger are expected to be released imminently, finally giving investors a chance to size up the Coles investment opportunity. Wesfarmers' shares are expected to return to trade on Tuesday.
