Australian shares are higher in early afternoon trade, with the S&P/ASX 200 up 1.02% to 8754.4 at 12.45pm AEST, driven by a broad-based rally led by materials as oil prices ease from recent highs. The market is on track to snap an eight-day losing streak, although the index remains down around 0.4% for the week.
Materials are the standout, with major miners and gold stocks advancing on stronger commodity prices, while industrials also gain. Energy is weaker as oil pulls back, and in company news, Coles rises after in-line results, ANZ falls despite a profit increase, and SkyCity and ResMed decline following weaker updates and management changes.
In other company news,
Sierra Nevada Gold (ASX: SNX) cleared to drill at As Safra following licence grant
Sierra Nevada Gold received full exploration licence approval by Royal Decree for its As Safra Project in Saudi Arabia, enabling immediate commencement of drilling. The approval represents the highest level of regulatory endorsement and allows the company to transition from targeting to execution, with three drill rigs already mobilised.The project spans a district-scale copper–gold system with strong surface mineralisation and multiple high-priority drill targets defined through geophysical and geochemical programs, positioning the company for near-term exploration results.
LTR Pharma (ASX: LTP) reports rapid onset in Phase II interim data
LTR Pharma reported interim Phase II data for its SPONTAN® nasal spray, demonstrating a median time to peak concentration of 10 minutes, significantly faster than oral alternatives. The study also confirmed a consistent safety profile with no serious adverse events or treatment discontinuations.The results address key FDA Pre-IND requirements, including consistent pharmacokinetics across adult and older populations, supporting the company’s planned 505(b)(2) regulatory pathway ahead of final results expected in Q3 2026.
NH3 Clean Energy (ASX: NH3) highlights $7.3bn GDP impact from WAH2 project
NH3 Clean Energy reported an independent assessment forecasting significant public benefits from its WAH2 clean ammonia project, including a $7.3 billion contribution to Australia’s GDP and $6.2 billion increase in real income over the project life.The report also outlined emissions reduction of 13.5 million tonnes of CO₂ equivalent and a benefit-cost ratio of 3.07, supporting the company’s financing applications with government-backed institutions.
