ASX recoups some losses as lithium miners boost market

Australian stocks are recouping some losses after losing ground for weeks on the ongoing war in Ukraine.

As of 10:25 a.m. AEDT, the ASX 200 was up 1.1% at 7,142.

The best performing stocks were Elders and Incitec, up 6.8% and 3.2% respectively.

Seniors gained ground as the agribusiness company said its results for fiscal 2022 should be better than market expectations.

A company with lithium interests, Silver Lake, rose 2.5% after announcing it had taken a 5% stake in several local exploration projects.

The company leading these projects, Global Lithium Resources, rose by a similar amount.

Magellan was down 5.6% as the fund manager said the amount under its management fell 10.5% to $69 billion.

The ASX 200 closed Friday and is now 4.1% lower than it was a year ago.

Several states and territories in Australia have public holidays today, which means trading could be lower than normal.

More buyers show up for Probuild

ASX-listed company SRG Global is taking over Probuild’s assets in Western Australia.

The Australian construction company collapsed last month and now has more than 2,000 creditors awaiting news on whether they will recoup the losses.

SRG Global is taking the Western Australia branch out of voluntary administration for the price of $15.2 million.

This will provide employment for 275 workers.

The purchase follows an announcement last week by administrators Deloitte that NSW construction company Roberts Co will also buy the bankrupt construction giant’s operations in Victoria.

That leaves the company’s arms in New South Wales and Queensland still in limbo.

The directors’ first report was delayed after Deloitte lawyers called it a “nightmare”.

European markets recoup some losses

The ASX’s good fortunes today came after Europe also recouped some losses late in last week’s trade.

The DAX gained 1.4% while the FTSE rose 0.8%.

Wall Street, however, ended its week with losses, with the tech-heavy Nasdaq down 2.2% and less severe pains in the S&P 500 and Dow Jones.

Russia’s central bank is expected to make an announcement later today on whether it will reopen the country’s stock market.

The Russian market has been closed for weeks as the country’s invasion of Ukraine continues.

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