Australian shares traded lower at midday, with the S&P/ASX 200 down 47.3 points, or 0.5 per cent, to 8,791.7 at 12.20pm AEST. Renewed tensions between the US and Iran pushed oil above US$100 a barrel, lifting energy stocks but weighing on broader market sentiment as investors also reacted to ongoing concerns over artificial intelligence spending following a sell-off in US technology stocks.
Technology and mining stocks led the declines, with WiseTech Global, Xero and TechnologyOne retreating alongside BHP, Rio Tinto and Fortescue. Gold miners also weakened as rising oil prices fuelled inflation concerns and expectations of tighter US monetary policy. In contrast, Woodside Energy and Santos gained as higher crude prices boosted the energy sector.
In small cap company news:
Immutep to present Phase II trial data at ESMO 2026
Immutep (ASX: IMM) has announced that an abstract from its investigator-initiated EFTISARC-NEO Phase II trial has been accepted for presentation at the European Society for Medical Oncology (ESMO) Congress 2026 in Madrid. The presentation will highlight health-related quality of life data for patients receiving eftilagimod alfa, pembrolizumab and radiotherapy for soft tissue sarcoma. The abstract will be published on the ESMO website on 19 October, with the presentation to follow during the congress from 23 to 27 October. The company said the acceptance highlights continued clinical progress for its lead immunotherapy candidate, eftilagimod alfa. For the full announcement click here.
X2M Connect raises $2m to accelerate AI strategy
X2M Connect (ASX: X2M) has secured firm commitments to raise $2 million through a placement to accelerate its expansion into data centre energy management and AI infrastructure. The funds will support platform enhancements, sensor integration and battery energy management systems, with a fully underwritten $1 million share purchase plan to follow. The company said it entered FY27 with around $3 million in contracted revenue and is targeting a role in Australia’s growing data centre market, where it aims to reduce energy costs by 10 to 20 per cent using its AI-enabled platform.
Resouro Strategic Metals advances Novo Mundo permitting
Resouro Strategic Metals (ASX: RAU) has lodged a Mining Concession Application for its Novo Mundo Gold Project in Brazil, marking a key step towards securing approval for long-term commercial mining. The application covers approximately 930 hectares and follows ongoing trial mining activities at the project. The company said the milestone supports its strategy to develop Novo Mundo into a long-term producing asset and strengthens its position in Brazil’s Alta Floresta Gold Province.
Prominence Energy outlines path to 2027 drilling
Prominence Energy (ASX: PRM) has outlined a capital-efficient strategy to advance its South Australian helium and natural hydrogen portfolio towards drilling in mid-2027. The program includes geophysical studies, prospective resource reviews and updated drilling plans over the coming months. The company said the staged approach is designed to build technical confidence while limiting capital expenditure ahead of drilling, with existing cash expected to fund the 2026 work program.
Axtec signs strategic partnership with MRI Software
Axtec (ASX: AXI) has signed a three-year partnership with MRI Software to integrate its AI, payments and workflow products into one of Australia’s largest real estate software platforms. The agreement provides access to established agency networks and transaction workflows across the property sector. The rollout will begin with Axtec’s PaySure product before expanding across its broader software suite. The company said the partnership creates a scalable distribution channel that supports recurring revenue growth.
