Liontown soars, Tyro CEO steps down: ASX falls 1.3% on fear of economic growth slowdown at noon

The rout in Australian shares have continued to deepen in a broad-based sell-off led by interest rate sensitive sectors, including listed property and information technology.

At noon, the S&P/ASX 200 is 1.3 per cent or 89 points lower at 6,675. The SPI futures are pointing to a fall of 99 points.

The best-performing stock in the ASX 200 is Liontown Resources (ASX:LTR), trading 5.6 per cent higher at $1.13 after the lithium miner locked in a binding offtake agreement with Ford, and announced a final investment decision for its Kathleen Valley lithium project in WA, while the worst-performing stock is Imugene (ASX:IMU), trading 11.6 per cent lower at 19 cents.

Investors have also learnt of several management shake ups this morning, following Pinterest’s boss set to step down with former Google and Paypal executive, Bill Ready named to take over the helm.

Star Entertainment (ASX:SGR) has named Tyro boss Robbie Cookie as its new chief executive (CEO). As a result, Tyro Payments (ASX:TYR) is now on the hunt for a new boss. Shares in Star are trading 2.4 per cent higher at $2.78, while shares in Tyro Payment are trading 19.9 per cent lower at 62 cents.

Hazer Group (ASX:HZR) has appointed Glenn Corrie as its new CEO, replacing current managing director Geoff Ward. Shares are trading 2.5 per cent higher at 62 cents.

Bega Cheese (ASX:BGA) is looking for a new chief financial officer after Pete Findlay was appointed as the company’s chief operating officer. Shares are trading 2.8 per cent lower at $3.79.

Meanwhile, Peter Warren Automotive (ASX:PWR) has appointed Victor Cuthell as its chief financial officer after Bernard Friend announced his retirement after 40-years with the company. Shares are trading 2.7 per cent lower at $2.14.

While market operator ASX (ASX:ASX) has named Dr Heather Smith to its board after the retirement of Dr Ken Henry. Shares are trading 0.1 per cent lower at $81.93.

Leading the sell-off is Macquarie Group (ASX:MQG), down 1 per cent to $165.55, BHP Group (ASX:BHP) by 0.9 per cent to $42.59, Northern Star (ASX:NST) down 5.6 per cent to $7.03, CSL (ASX:CSL) is down 2.4 per cent to $267.41 and Woodside Energy (ASX:WDS) trading 0.8 per cent lower to $32.43.

Local economic news

Retail sales rose a better-than-expected 0.9 per cent month on month in May versus the expectations of 0.4 per cent, according the Australian Bureau of Statistics. This is the fifth straight monthly rise, following a gain of 0.9 per cent in April.

Company news

Engineering company SRG Global (ASX:SRG) has secured a $20 million contract in the defence sector with ASX-listed Lendlease as the managing contractor. Shares are trading 0.8 per cent higher at 60 cents.

Tech company Weebit Nano (ASX:WBT) has taped-out its resistive random-access memory module to SkyWater. Shares are trading 6 per cent higher at $2.28.

Winchester Energy (ASX:WEL) has executed an agreement with US-based oil company Westex Resources that allows Winchester to farm-in to the group prospect which is contiguous to its Whiteside Prospect in Texas. Shares are trading 10 per cent higher at 1.1 cents.

Lithium producer Pilbara Minerals (ASX:PLS) says it lifted production 54 per cent to between 123,000 and 127,000 dry metric tonnes of spodumene concentrate in the June quarter. Shares are trading 1.3 per cent lower at $2.36.

Engineering and construction group Decmil (ASX:DCG) has been awarded a $98 million contract to build stage two of the Albany ring road project in Western Australia. Shares are trading 5.6 per cent higher at 9.8 cents.

A regulatory agency has approved Invex Therapeutics’ (ASX:IXC) authorisation to commence the IIH EVOLVE phase 3 clinical trial in the UK, for patients with idiopathic intracranial hypertension. Shares are trading 11.2 per cent higher at 50 cents.

As part of Ramsay Health Care’s (ASX:RHC) sustainability strategy, it has committed to science-based decarbonisation targets to achieve net zero greenhouse gas emissions consistent with a 1.5-degree pathway. Shares are trading 0.8 per cent lower at $72.96.

Large-scale metal additive manufacturing technology provider AML3D (ASX:AL3) has inked a $190,000 manufacturing purchase deal with ExxonMobil Asia Pacific to create the world’s largest 3D metal printed pressure component. Shares are trading 8.8 per cent higher at 6.2 cents.

Strandline Resources (ASX:STA) has announced that rapid construction of its Coburn mineral sands project in Western Australia has facilitated commencement of open pit mine development two months ahead of schedule. Shares are flat at 33 cents.

Carsales (ASX:CAR) has raised around $1.2 billion to fund an acquisition at $17.75 per share. Shares are trading 12.3 per cent lower at $18.21.

Commodities and the dollar

Gold is trading at US$1,822.27 an ounce.
Iron ore is 4.5 per cent higher at US$125.00 a ton.
Iron ore futures are pointing to a rise of 3.05 per cent.
One Australian dollar is buying 69.13 US cents.