AU Evening Wrap: ASX Rises 0.6%; Liontown, Lake Resources Shares Tumble

The benchmark $S&P/ASX 200(.XJO.AU)$ rose 0.6 per cent, or 43.7 points to 7294.9 at market close.

Health care stocks were the best performing, up 1.9 per cent as shares of $CSL Ltd(CSL.AU)$ rallied 2.4 per cent, rebounding from last week's 9 per cent slump. $Fisher & Paykel Healthcare Corp Ltd(FPH.AU)$ rose 1.9 per cent. $Polynovo Ltd(PNV.AU)$ climbed 4 per cent, and $Cochlear Ltd(COH.AU)$ was 1.2 per cent higher.

$Woolworths Group Ltd(WOW.AU)$ led a strong rally in consumer staples, its shares jumped 2.4 per cent after UBS upgraded the stock to a "buy" rating. $Endeavour Group Ltd(EDV.AU)$ added 1.4 per cent and $Coles Group Ltd(COL.AU)$ was up 1.3 per cent.

Technology stocks also recorded gains, led by $Weebit Nano Ltd(WBT.AU)$ surging 8.7 per cent. $Xero Ltd(XRO.AU)$ rose 1.3 per cent. $Technology One Ltd(TNE.AU)$ added 1.3 per cent. $WiseTech Global Ltd(WTC.AU)$ edged up 0.3 per cent.

Meanwhile, material stocks were among the worst performing. $Liontown Resources Ltd(LTR.AU)$ shares dropped 6 per cent. $Lake Resources NL(LKE.AU)$ tumbled 20 per cent after the company flagged that its Argentina Lithium project would be delayed by six years and would cost significantly more than originally expected. $BHP Group Ltd(BHP.AU)$ shares edged lower 0.7 per cent.