The S&P/ASX 200 rose 0.3 per cent despite a broad decline across the resources sector led by lithium stocks, as investors found value in the real estate sector.
ASX 200 newcomer Lake Resources led a painful session for lithium stocks on Thursday, but the benchmark index managed to push higher as investors pounced on battered real estate shares.managing director Steve Promnitz left, having dumpedMr Promnitz’s resignation was “of his own volition” and he provided no reason for leaving the company, Lake Resources said in a statement on Thursday afternoon.P/ASX 200 still managed to advance 0.3 per cent to 6528.
The real estate sector was the best performer, rising 2.6 per cent and extending its five-day advance to 3.9 per cent, as investors capitalised on signs the sector was oversold in the aftermath of the Reserve Bank of Australia’sCenturia Industrial REIT jumped 4.2 per cent to $2.97, Goodman Group added 4.9 per cent to $18.09 and Lifestyle Communities firmed 4.1 per cent to $12.68.
, dragging West Texas Intermediate below $US103 a barrel after closing at a six-week low on Wednesday.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX LIVE: ASX to rise with global bear market rallyAustralian shares are set to open higher. $A edges up. All S&P 500 industry groups advance, led by energy. Dalio sees stagflation threat. Follow updates here.
Read more »
ASX LIVE: ASX to rise, Wall Street’s rally proves fleetingAustralian shares are set to open higher. US stocks slip. New CEO at Bravura, Fonterra lifts milk forecast, Ramelius downgrades production guidance, follow updates here.
Read more »
ASX LIVE: ASX to rise with global bear market rallyAustralian shares to open higher; Michael Carroll appointed chairman of Incitec Pivot Fertilisers; Fletcher Building confirms guidance; Janus Henderson appoints CEO. Follow updates here.
Read more »
ASX LIVE: ASX to rise, Wall Street’s rally proves fleetingAustralian shares are set to open higher. US stocks slip late. $A lower as iron ore extends retreat. Bitcoin slides anew. Follow updates here.
Read more »
Lithium play tanks 50pc in comical entry into ASX 200Lake Resources’ calamitous first week as a top 200 ASX company is yet another demonstration of retail hubris and institutional apathy.
Read more »
Lake to the party: lithium play’s comical entry into the ASX/200 indexLake Resources’s calamitous first week as a top 200 ASX company is yet another demonstration of retail hubris and institutional apathy.
Read more »