Dark horse ASX

Just as we liquidate the last of our positions and ramp up Sportsbet for the AFL season, ASX punters must have realised our Big 4 are safe as houses, and China still wants our ore (And the rest of the world wants our lithium!)

The All Ords rose to the tune of 2.21 per cent as the Perth skies took the gloom away from investors.

Materials lead the way, moving up by 4.43 per cent over the week, as gold indices continued to thrive even while the trading price of the safe haven metal dipped.

The big story was lithium, and a number of small cappers swam in the wake of massive Liontown Resources gains after the impending producer scoffed at a $2.50 per share takeover bid from manufacturing powerhouse Albermarle, stiffly rebuking the US company as making an opportunistic grab at Australian lithium assets in a soft market.

Utilities, telecommunication, energy, staples, industrials, IT, discretionary and real estate all rose in that order.

At the same time, the healthcare and financial sectors suffered slight dips (the same as me with every delicious cigarette).

There may be a banking crisis over in Europe as UBS prepares to absorb rival Credit Suisse, but that doesn’t stop us merrily digging away.

And unlike a London Metal Exchange warehouse, there might actually be some nickel in there.

There were big words said about the prospect of actually keeping a rock or two in Australia again, and Future Battery Industries CRC Chief Executive Shannon O’Rourke said, “the time to act opportunity is now” to claim a multi-billion-dollar national industry if anyone in Australia would be interested in such a thing.

Manufacturing hopeful ChemX actually did pop up for a bit after making a non-binding agreement to work towards an off-take deal with a US-based C4V.

Even so, its gains were tempered, with investors likely preferring the prospect of loading a rowboat with coal to push down the Swan.

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