AU Evening Wrap: Interest rate worries drag index to two-month low

The $S&P/ASX 200(.XJO.AU)$ dropped 19 points or 0.28 per cent to 6719.9, its weakest close since July 19.

A Friday bounce in gold lifted industry heavyweight $Newcrest Mining Ltd(NCM.AU)$ 1.68 per cent off a near six-year low. $Sandfire Resources Ltd(SFR.AU)$ gained 3.37 per cent, $Northern Star Resources Ltd(NST.AU)$ 2.84 per cent and $St Barbara Ltd(SBM.AU)$ 2.5 per cent.

The real estate investment trust sector steadied near a two-and-a-half-month low as bond yields retreated. $Abacus Property Group(ABP.AU)$ firmed 2.65 per cent, $GPT Group(GPT.AU)$ 2.23 per cent, and $Scentre Group(SCG.AU)$ 1.82 per cent.

Confirmation of progress at $Lake Resources NL(LKE.AU)$' demonstration plant in Argentina sent the lithium miner’s share price soaring 12.37 per cent. Lake said a facility to house the demonstration plant was complete and the firm was confident on-site operations would be successful. The share price tumbled last week after the miner reported a dispute with project partner Lilac Solutions.

A strong day for lithium miners saw $Pilbara Minerals Ltd(PLS.AU)$ add 3.49 per cent, $Mineral Resources Ltd(MIN.AU)$ 2.43 per cent and $Allkem Ltd(AKE.AU)$ 1.79 per cent.

Hedge fund sponsor $Regal Partners Ltd(RPL.AU)$ rallied 3.14 per cent after winning a mandate worth more than $420 million from a large domestic superannuation fund. The mandate will expand the firm's $5 billion in funds under management as of August 31.

$Link Administration Holdings Ltd(LNK.AU)$ eased 2.02 per cent to a three-month low after rejecting the latest revised offer from Dye & Durham. The Canadian firm revised its acquisition proposal to $3.81 per share with fresh conditions after the UK regulator warned a Link subsidiary could face heavy fines relating to a collapsed fund. The Link board said it was unable to recommend the new proposal.

$Infomedia Ltd(IFM.AU)$ fell 4.41 per cent after reporting it had not received acceptable binding offers from either of two parties competing to acquire the automotive tech firm. The company said it would close its virtual data room on September 30 in the absence of an acceptable binding proposal.

$Origin Energy Ltd(ORG.AU)$ will divest its gas interest in the Beetaloo Basin in the Northern Territory as part of a shift towards greener energy. $Tamboran Resources Corp(TBN.AU)$ will raise $133 million to buy the interest. Origin's share price eased 0.86 per cent. Shares in Tamboran were placed in a trading halt.

Rival $AGL Energy Ltd(AGL.AU)$ lost 1.97 per cent after announcing management and boardroom reshuffles. CEO Graeme Hunt and Chair Peter Botten will both stand down.