Market Close: Energy stocks lead on oil price hikes

ASX News Market Summary
20 Mar 2024 17:55 (AEDT)

The ASX200 ended the day in the red by 0.10 per cent, dragged by the IT, Utilities and Staples sectors which all shed around half a per cent.

Energy was the strongest today, but pared back the level of gains by session close.

In the Green

Woodside Energy Group (ASX:WDS) added about a quarter of a per cent and uranium play Paladin Energy (ASX:PDN) was up 5.6 per cent.

But it was Lion Energy (ASX:LIO) that outshone the rest by adding 44 per cent after receiving Queensland Government development approval for its Brisbane Hydrogen Generation and Refuelling Hub.

The news paves the way for Lion to begin construction of its Port of Brisbane facility next quarter – a hydrogen hub planned to service bus and truck fleets.

Lion Energy closed at 3.6 cents.

And Lord Resources (ASX:LRD) added nearly 50 per cent today (49 per cent) after Mineral Resources (ASX:MIN) farmed into its Horse Rocks lithium project 20 kilometres south of Coolgardie in WA.

Mineral Resources has pledged to commit $1 million on exploration to gain a 40 per cent stake in the project.

Lord Resources closed at 7.6 cents.

In the Red

Despite that lithium deal with Lord Resources, Mineral Resources shed half a per cent on market today, to close at $67.84.

South32 (ASX:S32) shed more than 4 per cent with uncertainty surrounding itsGroote Eylandt manganese operations since Tropical Cyclone Megan hit.

The operations remain suspended due to flooding in the mining pits and damage to a haul road bridge, that’s critical for connection to the processing plant. There has also been significant damage to the wharf and port infrastructure.

S32 closed at $2.99.

And Global packaging solutions company Amcor (ASX:AMC) shed more than 3 per cent on news CEO, Ronald Delia, will retire mid next month for health reasons. He will remain a consultant to the company until the end of September.

Amcor closed at $13.97.


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