Here’s a recap of the top 3 things you missed yesterday, as we kick off the start of a big week on for the ASX 200.
What you missed on the ASX on Monday
The S&P/ASX 200 Index (INDEXASX: XJO) edged 1.5 points (0.02%) higher to 6,740.7 points as at market close.
The broader All Ordinaries Index (INDEXASX: XAO) also added 1.5 points to close at 6,842.5.
1. ASX lithium stocks are rising
On a day that failed to move the broader index, ASX lithium stocks led the way for the ASX 200.
The Pilbara Minerals share price surged 10.71% higher while Galaxy and Orocobre shares climbed 6.59%, and 5.63%, respectively.
Pilbara Minerals released a weaker trading update yesterday evening, making it one to watch in trade today.
2. Sims Metal Management Ltd (ASX: SGM) share price tanks
The Sims Metal share price plummeted 8.82% on the markets yesterday, although it has bounced back somewhat in morning trade today.
Sims flagged an underlying earnings before interest and tax (EBIT) loss of $20 million to $30 million in a 1H 2020 trading update.
Management pointed to a collapsing sell price for ferrous scrap and market illiquidity as key factors behind the expected loss.
A strong balance sheet is something to calm investors but trading conditions look set to remain difficult for Sims in 2020.
3. National Australia Bank Ltd (ASX: NAB) expands fintech footprint
The NAB share price closed 0.1% lower at $29.15 per share yesterday.
This came despite NAB’s new $50 million debt funding deal with Aussie fintech Wisr Ltd (ASX: WZR).
Wisr shares closed 12% higher at $0.14 per share having rocketed as much as 30% during Monday’s trade.
NAB’s strong belief in the non-bank lender’s business model was cited as a key reason behind the deal which could be expanded to $200 million.
NAB is currently trading for $29.02 today, and I would expect the NAB share price to remain largely steady ahead of the bank’s full-year results announcement on 7 November.
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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank Limited. 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 Scott Phillips.