The ASX’s iron ore producers surged on Monday in response to China’s softening of coronavirus prevention measures, andIron ore futures traded in Singapore rose 3.9 per cent to $US94.85 a tonne on the December contract on Monday. In the spot market, iron ore rose 4.7 per cent to $US92.25 a tonne on Friday, according to Platts.
Meanwhile, Core Lithium’s chief financial officer, Simon Lacopetta, will step down after four years in the role.The rally in China extended the Hang Seng’s advance by 2.6 per cent on Monday ahead of the closing bell. It followed a declaration on Friday that quarantine measures for arrivals in China would be softened, and that local governments would no longer have to trace contacts of contacts.
Flight Centre fell 3.8 per cent to $16.37 after it forecast underlying earnings before interest, tax, depreciation and amortisation would hit between $70 million and $90 million for the first six months of this financial year. That is an improvement on the $184 million EBITDA loss from the same time period a year earlier.