ASX Market Update: Index flirts with fortnightly flop figures | 12 June, 2024

ASX News Market Summary
12 Jun 2024 12:52 (AEST)

The ASX200 has hit a two-week low, trading down nearly 0.7%.

All sectors, except one, are in the red. IT and discretionary have fallen the most, both down more than a percent. The energy sector is the only one making gains, up 0.9%. This is largely due to Macquarie analysts releasing a note this morning suggesting Woodside’s share price could climb 18% to $32 per share. The boosted rating on the stock comes one day after the company began producing oil in Senegal, Africa.

And, Morningstar has started coverage of the Mexican fast casual diner, Guzman y Gomez, soon to list on the ASX.

The data provider has issued a fair value of $15 per share for the stock – well below its current valuation, which implies a fair value of $22 per share.

Company news

Lithium Plus Minerals (ASX: LPM) has agreed to binding terms for the acquisition of two complementary uranium and rare earth element projects in the Northern Territory and northern New South Wales.

As part of the transaction, LPM’s existing Moonlight Project will be consolidated into the newly established Newco, with LPM retaining a 50% ownership stake in the new entity.

LPM has been trading at 15 cents.

Triangle Energy Global (ASX: TEG) has provided an update on the early-stage work by the L7 Joint Venture with Strike Energy (ASX: STX) and New Zealand Oil and Gas (ASX: NZO) for drilling at the Booth-1 well in the North Perth Basin.

The work is nearly complete, and drilling at the Ventia 106 rig is expected to begin between mid to late July.

TEG has been trading nearly 6% up at 1.9 cents.

And, Reach Resources (ASX: RR1) has gained 75% after revealing that assay results from its latest field program at its Wabli Creek Project in Western Australia have identified a primary source of high-grade niobium and TREO mineralisation.

Results included up to 32% niobium and 2.57% of total rare earths.

RR1 has been trading at 2.1 cents.

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