The Australian sharemarket is trading sharply lower in early afternoon, hitting a four-month low as escalating attacks on Middle Eastern energy infrastructure push oil prices higher and weigh on investor sentiment. The S&P/ASX 200 is down 134.5 points, or 1.56 per cent, to 8506 at 12.30pm AEDT, with only a handful of sectors in positive territory. Oil is trading above US$110 a barrel amid ongoing conflict, intensifying inflation concerns and adding to market volatility.
Australian labour market data is also shaping sentiment, with the unemployment rate rising to 4.3 per cent in February, according to the Australian Bureau of Statistics. The number of unemployed people increased by 35,000, while employment rose by 49,000, driven by a lift in part-time roles and a decline in full-time jobs. The data reinforces expectations that interest rates may remain higher for longer. Energy and coal stocks are leading gains on stronger commodity prices, while materials are under pressure following a sharp drop in gold. Rate-sensitive sectors including technology and real estate are also weaker.
Immutep reports positive Phase I progress for autoimmune therapy
Immutep (ASX: IMM) reported positive progress from its Phase I clinical trial evaluating its LAG-3 agonist therapy for autoimmune diseases, marking an important step in expanding its immunotherapy pipeline. The company completed the single ascending dose portion of the study, with the therapy well tolerated across all dose levels and no safety concerns observed. The trial is now advancing into the multiple ascending dose phase, with results expected later this year. Immutep said early findings demonstrate a clear immunosuppressive effect, supporting the potential for a novel approach to treating autoimmune conditions by selectively targeting pathogenic T-cell responses.
EV Resources secures plant to fast-track antimony production
EV Resources (ASX: EVR) has secured a restructured agreement to acquire the Tecomatlán processing plant, establishing a fast-tracked pathway to near-term antimony production. The updated deal introduces a milestone-based payment structure, aligning capital outlay with permitting and operational progress while reducing upfront risk. Refurbishment of the plant is already underway, with the company targeting rapid commissioning and production. EV Resources said the agreement marks a transition toward becoming a near-term producer, supported by strong metallurgical recoveries and a scalable processing model designed to generate early cash flow.
Hazer signs first graphite offtake deal with Green Steel of WA
Hazer Group (ASX: HZR) has entered a non-binding agreement with Green Steel of WA for the supply of graphite, marking its first commercial offtake arrangement in the steel sector. The proposed agreement covers up to 85,000 tonnes over a 10-year period and supports the use of Hazer’s low-emissions graphite in steelmaking applications. The deal represents a key step in monetising the company’s technology, which produces hydrogen and graphite with a lower carbon footprint. Hazer said the agreement validates growing industry demand for its products and highlights its role in decarbonising steel production, with supply expected to commence later this decade.
