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The ASX tried to cross into positive territory today and came just 3.8 points shy of even. Asian markets had a similar run.
The ASX 200 closed at 7,251.9 points. Asian markets had similar results.
In the green
Specialty lithium chemicals company, Allkem (AKE) gained close to 16 per cent today after revealing merger plans with lithium giant, NYSE-listed Livent corp.
The merger is set to create a leading global lithium chemicals producer worth $15.6 billion, with Allkem shareholders holding 56 per cent of the new company.
The merged NewCo will be led by ex-woodside chief Peter Coleman in the position of chair.
Another lithium developer Lake Resources (LKE) also tracked higher, gaining more than 12 per cent
Also up today was agribusiness and processing company GrainCorp (GNC) which saw a sharp rise after releasing its half yearly results for 2023.
The company posted EBITDA of $383 million and net profit after tax of $200 million.
In the red
Paladin Energy (PDN) shares took a hit today, down 3 and a half per cent — a stark contrast to yesterday’s gain of 8 per cent.
While no news was released by the company, Paladin is impacted by the fluctuating uranium market.
And gold producer, Silver Lake Resources (SLR) also shed nearly six per cent, after upping the anti to takeover fellow gold producer, St Barbara’s (SBM) Leonora assets.
Silver Lake hasn’t changed its $707 million cash and scrip offer, but has addressed liquidity and timing concerns around the scrip component. It is competing with Genesis Minerals (GMD) for the assets.
