The local sharemarket shed 58.1 points to 7175.9 on Thursday despite Woodside Energy jumping 5.2 per cent. Afterpay-parent Block fell 5 per cent.
which was triggered by news that Argentina set a reference price for exports of the material, and a report by Goldman Sachs calling an end to the battery metals bull market.Liontown Resources rose 3.9 per cent to $1.19, IGO added 3.9 per cent to $11.60, while Allkem dropped 1.4 per cent to $11.44 and Pilbara Minerals fell 0.9 per cent to $2.28.
Shares in Woodside Energy jumped 5.2 per cent to $31.75 on their first day of trading following the completion of the merger with BHP’s petroleum business.the merger improved the flexibility of funding for the enlarged Woodside, and that it would deliver “a material boost to cash flow” from a near-doubling in annual production.P Global cut BHP’s long-term credit rating by one notch to A- on Thursday, and said the merger makes the mining giant’s business risk profile slightly less diversified.
Shares in BHP shed 0.1 per cent to $45.61 despite being reinstated with a “buy” rating by Goldman Sachs. The miner was cut to “neutral” at JPMorgan.All four major banks posted losses, dragging on the broader market. Commonwealth Bank fell 1.2 per cent to $105.44, National Australia Bank tumbled 0.8 per cent to $31.30, Westpac declined 0.7 per cent to $23.93 and ANZ dropped 1.3 per cent to $24.97.The energy sector was the best performer on Thursday, advancing 3.1 per cent.
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