Australian shares rally in afternoon trade, with the S&P/ASX 200 up 0.8% to 8862 at 2:50pm AEST, as optimism over a possible US-Iran peace agreement lifts global risk sentiment. The local market follows strong gains on Wall Street after reports Washington presented a proposal that could support the gradual reopening of the Strait of Hormuz. Oil briefly falls below US$100 a barrel before stabilising near US$102, while the Australian dollar rises to a four-year high above US72¢.
Materials lead the market higher as iron ore futures climb above US$111 a tonne for the first time since October 2024. BHP, Rio Tinto and Fortescue advance alongside gains in gold producers as bullion extends its rally for a third straight session. Financials are broadly firmer, while energy stocks weaken as softer oil prices weigh on the sector. Tabcorp slumps after AUSTRAC scrutiny reignites anti-money laundering concerns, while Light & Wonder falls after legal costs weigh on earnings. Orica gains after reporting stronger first-half earnings despite supply disruptions.
In other company news,
Hawk Resources advances Detroit deal and unlocks large-scale WA scandium target
Hawk Resources Limited (ASX: HWK) is in focus following the finalisation of an option agreement with Infield Minerals regarding the Detroit Project and recent progress at the Olympus Scandium Project in Western Australia, where access deals have enabled work on a large 7km x 4km anomaly. The company edged marginally higher in thin trade on Thursday, with shares largely flat around 2.7–2.8 cents after a volatile session, reflecting typical low-liquidity movement in the microcap explorer. The stock briefly fluctuated intraday but ended little changed, underscoring subdued sentiment despite fresh corporate activity.
Arovella appoints Nicole Van Der Weerden as acting CEO
Arovella Therapeutics (ASX: ALA) has appointed Dr Nicole Van Der Weerden as Acting Chief Executive Officer following the resignation of former CEO Dr Michael Baker. Dr Van Der Weerden joined Arovella in 2023 as Chief Operating Officer and previously held senior executive roles at Hexima. The company said the appointment comes as it prepares for a Phase I trial of its lead CAR-iNKT therapy candidate, ALA-101, targeting blood cancers.
Atlantic Lithium agrees to $292 million takeover proposal
Atlantic Lithium (ASX: A11) has entered a binding scheme implementation deed with Zhejiang Huayou Cobalt, which will acquire the company in an all-cash deal valuing Atlantic at approximately US$210 million, or A$292 million.The offer of A$0.354 per share represents a 26.6% premium to Atlantic Lithium’s last closing price. The board has unanimously recommended shareholders vote in favour of the scheme, which is expected to be implemented in December 2026 subject to approvals.
Medallion Metals reports further high-grade gold at Lounge Lizard
Medallion Metals (ASX: MM8) has reported additional high-grade historical drilling results from the Lounge Lizard deposit at its Forrestania Gold Project in Western Australia, including intersections of 6 metres at 10.04 grams per tonne gold and 2 metres at 20.5 grams per tonne gold.The company has now commenced reverse circulation drilling at Lounge Lizard and the Teddy Bear stockpiles as it works toward a maiden mineral resource estimate targeted for the third quarter of 2026.
