Local shares near record high. ANZ Bank targeted by regulator. ACCC eyes Good Guys. Telix jumps. Oil rises, iron ore slips again. US June CPI ahead. Follow here.
An ambitious group of fund managers are betting on a resurgence in lithium stocks in the second half of this year despite fresh warnings from investment banks that prices of the battery metal could remain in freefall. Investors are allocating money to the sector even as the price of spodumene trades below the key $US1000 level at $US950 a tonne, according to S&P Global Platts. That means prices have plummeted almost 90 per cent from their 2022 record highs.
The price collapse has plunged ASX-listed lithium stocks into a bear market, with major producers including Pilbara Minerals – the Australian sharemarket’s most shorted stock – IGO and Mineral Resources all down more than 20 per cent. Liontown Resources ranked as the worst-performing stock on the ASX 200 in the past financial year.
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