Australian shares are lower at midday, with the S&P/ASX 200 down 0.48% to 8917.8 at 12.20pm AEST, after US President Donald Trump ordered a blockade of the Strait of Hormuz following the collapse of peace talks with Iran. Oil prices are higher, with Brent crude around US$101 a barrel.
Across the sectors, energy stocks are stronger on rising oil prices, while technology stocks lead declines. Materials are mixed, with gains in major miners offset by weakness in gold stocks. In company news, a2 Milk and EML Payments downgraded outlooks, Monash IVF received a revised takeover proposal, Telix Pharmaceuticals announced a strategic collaboration, and Insignia Financial moved closer to a takeover vote outcome.
In other company news,
Cue Energy secures long-term gas agreement to support new Palm Valley wells
Cue Energy (ASX: CUE) executed a binding multi-year gas sales agreement with the Northern Territory Government, contracting up to 3.2PJ (Cue share) through to 2034 under take-or-pay terms with CPI-linked pricing. The agreement underpins a final investment decision to drill two new wells at Palm Valley, with production expected from the second half of 2026, supporting increased output and contracted cashflow visibility.
Rimfire lifts Murga scandium resource, advancing development pathway
Rimfire Pacific (ASX: RIM) reported a 300% increase in the Murga scandium Mineral Resource to 56.1Mt at 138ppm scandium, reinforcing its position within the Fifield district. The resource remains open, with further drilling, infill work and metallurgical studies planned to expand and upgrade the deposit, alongside evaluation of lower-cost processing potential.
SQX Resources reports high-grade gold intercepts at Red Bird project
SQX Resources (ASX: SQX) delivered additional high-grade gold assay results from its maiden drilling program at the Red Bird project in Arizona, with multiple near-surface intercepts including 24.4m at 3.1g/t gold. Mineralisation is confirmed from surface to at least 60 metres depth, supporting the potential for a shallow open-pit system, with further results pending and additional geophysical work planned.
