The Australian market started the week in negative territory closing Monday?s session down 0.51% at 7139.50 points as sharp sell-offs in tech and gold stocks weighed on the key index.
The stocks that made headlines today were:
Homewares retailer Adairs plummeted 21.5% today after releasing a first half trading update showing harsh impacts of the pandemic including earnings almost halving from the prior corresponding period due to extended lockdowns, and higher staff and warehousing costs in the pandemic.
Fortescue Metals Group took a 2% hit today after the iron ore giant announced it has acquired high-performance battery systems Williams Advanced Engineering for 164 million pounds. FMG has been working with Williams since last year to develop a battery system capable of powering its mining trucks as part of its green energy plans.
Fellow mining giant Rio Tinto also closed Monday?s session lower after the Serbian government revoked Rio?s lithium exploration licences over environmental concerns, claiming that Rio?s proposed lithium mine development project will pollute land and water affecting valuable farmland.