ASX Opens 0.4pc Lower, Weighed down by Losses across the Technology Sector

australian financial review2022-06-06

The S&P/ASX 200 fell 0.4 per cent, or 34.3 points, to 7204.5 in the opening minutes of trade, weighed down by losses across the technology sector.

Liontown Resources dropped 2.8 per cent to $1.23 after announcing it has executed an offtake agreement with Tesla for the supply of spodumene concentrate from its Kathleen Valley lithium project.

Magellan declined 5.4 per cent to $14.12 after revealing its funds under management fell by $3.6 billion in May.

Growthpoint Properties edged 0.8 per cent lower to $3.86 after confirming it is in discussions with Fortius Funds Management regarding a potential transaction.

Champion Iron fell 1.7 per cent to $7.71 and Incitec Pivot dropped 3 per cent to $3.58. Both companies are trading ex-dividend today.

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