The Australian sharemarket is rallying on Thursday, following a strong Wall Street session after Democrats secured control of both houses of Congress in the US midterm elections. At 12.20pm AEDT, the S&P/ASX 200 is up 167.1 points to 9,001.6, with eight of the 11 sectors trading higher. Technology stocks are leading gains, rising 7.9 per cent, with Xero, WiseTech and TechnologyOne all trading higher. Miners are also up 5.7 per cent, with BHP and Rio Tinto leading gains, while Northern Star is also stronger. Overnight, the Dow Jones surged more than 1,300 points, while the S&P 500 recorded its strongest session in months.
However, energy stocks are down 5 per cent as oil prices plunge more than 8 per cent, after US President Donald Trump ruled out further strikes on Iran. Woodside is down 6.4 per cent following plans to cut more than 500 jobs, while Santos is also trading lower. Banks are weaker, with NAB falling 6.2 per cent following disappointing full-year results.The bank expects savings of between 250 and 300 million dollars this financial year from plans to cut 2,500 jobs, including 1,500 by the end of January. Westpac and ANZ are also lower, while Commonwealth Bank is edging higher. Meanwhile, NextDC has surged 44.4 per cent following unusual after-hours trading, while REA Group is up 8.8 per cent after reporting an 11 per cent increase in first-quarter revenue.
In small cap company news:
Aureka secures production licence for Comstock gold and silver project
Aureka (ASX: AKA) has secured a seven-year Prospecting Licence for its Comstock Gold and Silver Project near St Arnaud in Victoria, marking a step towards restarting mining at the site for the first time since 1995. The licence covers approximately 4.5 hectares of previously disturbed land, including the Walkers Zone and the main Comstock Shear. Comstock hosts an inferred Mineral Resource of 56,500 ounces of gold and 100,000 ounces of silver. Aureka plans to process potential future ore at its wholly owned Wedderburn Gold Processing Mill, located approximately 45 kilometres away. Before mining can commence, the company must complete further resource definition, metallurgical testing and mine planning, alongside securing work plan approval, landowner consent and completing stakeholder consultation. No decision to mine has yet been made.
St Barbara restarts gold processing at Touquoy in Nova Scotia
St Barbara (ASX: SBM) has restarted ore processing at its Touquoy Gold Project in Nova Scotia, Canada, with the first ore passing through the processing plant on 3 November. The company expects operations to reach full processing capacity by the end of December, with first gold doré production targeted for January 2027. St Barbara has issued FY27 production guidance of between 17,000 and 21,000 ounces of gold, at all-in sustaining costs ranging from A$2,070 to A$2,560 per ounce. The restart involves processing existing low- and medium-grade stockpiles and supports approximately 200 local jobs. The company has also forecast growth capital expenditure of A$40 million to A$50 million across Touquoy and its 15-Mile Processing Hub Project, subject to permitting timelines.
Neuren Pharmaceuticals upgrades 2026 income guidance to US$91–93 million
Neuren Pharmaceuticals (ASX: NEU) has upgraded its 2026 income guidance from trofinetide to between US$91 million and US$93 million, following stronger sales of DAYBUE and a milestone payment from its European launch. Commercial partner Acadia Pharmaceuticals reported third-quarter DAYBUE net sales of US$140 million, up 39 per cent from a year earlier, while Neuren’s quarterly royalty income increased 51 per cent to US$16.4 million. The launch of DAYBU in Germany during October triggered a US$35 million milestone payment for Neuren. Acadia also lifted its full-year global sales guidance to US$505 million to US$520 million. Neuren expects full-year royalty income of US$56 million to US$58 million, with a regulatory submission in Japan planned for 2027 following supportive Phase 3 trial results.
Metal Powder Works secures US nuclear and defence powder orders
Metal Powder Works (ASX: MPW) has secured firm purchase orders worth US$114,000, approximately A$162,000, for its Zircaloy-4 powder from three US nuclear and defence organisations. The customers include Oak Ridge National Laboratory, the US Army Research Laboratory and an unnamed US defence industry company. The orders mark the first purchases of Zircaloy-4 by these customers, although all three have previously purchased other metal powders from the company. Zircaloy-4 is a zirconium alloy used in nuclear fuel cladding and reactor components, with additional defence applications. The Oak Ridge order accounts for US$60,000 of the total, while the remaining orders are valued at US$54,000. Delivery is expected in the first quarter of 2027, with the materials intended for evaluation and qualification rather than confirmed ongoing production supply.
American West Metals outlines 11-year mine life for Storm Copper Project
American West Metals (ASX: AW1) has completed a Pre-Feasibility Study for its Storm Copper Project in Nunavut, Canada, outlining an initial 11-year mine life with average annual copper production of approximately 10,000 tonnes. The study establishes a maiden Ore Reserve of 12.58 million tonnes grading 1.2 per cent copper and 3.7 grams per tonne silver, containing 151,000 tonnes of copper. Initial development capital is estimated at US$81 million, with a post-tax net present value of US$119 million and an internal rate of return of 32.8 per cent under the base case. American West is targeting a final investment decision in early 2028 and first copper production in 2030, subject to funding and approvals.
