The S&P/ASX 200 added 16.9 points to 7452.2 on Friday, taking its weekly gain to 1.7 per cent. Pilbara Minerals rallied 13.2 per cent.
Bumper quarterly updates by Whitehaven Coal and Pilbara Minerals boosted the Australian sharemarket on Friday, lifting the benchmark index to its highest close since April.
Whitehaven Coal jumped 6.2 per cent to $9.48 after forecasting its first-half earnings to quadruple to $2.6 billion, compared with a year ago, buoyed by record high coal prices.Pilbara Minerals, meantime, rallied 13.2 per cent to $4.55 after its day-earlier quarterly update. Macquarie said the lithium miner beat its production forecast by 16 per cent, and its shipment forecasts by 4 per cent, and kept its its “outperform” rating on the stock.P/ASX 200 climbed 0.2 per cent, or 16.
Lithium producer Liontown Resources plunged 8.3 per cent to $1.37 after warning that higher costs at its Kathleen Valley site will take spending to first production from the process plan to $895 million.in October-December but the company managed to avoid ending the year with a loss in assets under management.
The fund manager had total assets under management across its global business of $93.7 billion at December 31, up 4 per cent on the year-earlier quarter. The stock fell 0.8 per cent to $26.20.between $2.5 million-$4 million in the 26 weeks ended January 1. The stock dropped 7.7 per cent to 66¢. The major miners posted modest gains as iron ore futures in Singapore firmed 1.5 per cent to $US125.60 per tonne; BHP rose 0.5 per cent to $49.95, Rio Tinto added 1 per cent to $127.20 and Fortescue Metals Group edged 0.1 per cent higher to $22.60.
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