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President Biden’s plan to request an additional $US100 billion for wars in Ukraine and the Middle East added another layer of complexity to the market dynamics. Amid these developments, the energy sector outperformed all others on the ASX, while a potential escalation in the Israel-Hamas conflict threatened to inflate oil prices further.
Liontown Resources (ASX:LTR) saw its shares plummet by nearly 30% following a $365 million institutional placement at $1.8 per share, representing fallout from Albemarle (NYSE:ALB)’s failed takeover attempt. This resulted in a total decline of 34.5% for Liontown Resources’ shares after its capital raise for the Kathleen Valley Project.
Simultaneously, tech and real estate sectors, which are sensitive to interest rates, saw declines of 1.3% and 1.6% respectively due to rising bond yields. Insignia Financial also reported an 8.1% share drop following CEO Renato Mota’s February departure announcement.
Despite the overall market decline, gold miners Northern Star, Regis Resources (OTC:RGRNF), and Evolution Mining saw gains as investors sought shelter from the storm. This led to gold prices hitting record highs in Australian dollars and pushing spot gold to US$1,978.58 an ounce.
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