The Australian sharemarket is trading sharply lower by midday, with the S&P/ASX 200 down 1.3%, to 8316 at 12.20pm AEDT, putting the benchmark on track for its lowest close since May 2025 and nearing a technical correction. The index has now fallen around 9.6% from its recent peak, wiping roughly $320 billion from market value as escalating tensions in the Middle East rattle investor confidence. Oil prices remain elevated near US$111 a barrel despite some volatility, as markets assess the risk of further disruption around the Strait of Hormuz.
Selling is broad-based, with major banks and miners leading declines, while defensive healthcare stocks are attracting support. Gold has come under significant pressure, falling sharply to around US$4340 an ounce after posting its biggest weekly drop in decades, weighing heavily on gold producers. Energy stocks are mixed as oil stabilises, while investors continue to rotate toward defensive sectors amid heightened geopolitical risk and uncertainty around the interest rate outlook.
In company news:
Amplia Therapeutics reports improved survival in pancreatic cancer trial
Amplia Therapeutics (ASX: ATX) reported updated data from its ACCENT trial, showing five complete responses and a median overall survival of 11.1 months in advanced pancreatic cancer patients. The results represent a two-month improvement over standard chemotherapy, with no additional safety concerns observed. The company will present the data at the upcoming AACR conference, highlighting the growing clinical potential of its lead drug narmafotinib.
Cyclopharm secures multi-site US hospital agreement
Cyclopharm (ASX: CYC) secured a multi-site agreement with the University of Pennsylvania Health System, covering 11 clinical locations. The agreement provides for two immediate Technegas® installations, with a further nine sites to be rolled out over time, alongside an initial three-year contract term. Revenue will be generated through installation fees, recurring consumables per patient procedure, and ongoing service and support agreements. The deal marks a key milestone in Cyclopharm’s US commercial rollout and strengthens its presence within a major healthcare network.
LCL Resources secures Rio Tinto earn-in at Ono Project
LCL Resources (ASX: LCL) entered a binding earn-in and joint venture agreement with Rio Tinto over its Ono copper-gold project in Papua New Guinea, marking a transformational step for the company. Rio Tinto can earn up to an 80% interest by funding up to A$48 million in exploration, including an initial A$8 million program and drilling commitment. The deal validates the project’s prospectivity and provides substantial funding and technical capability to accelerate exploration.
