Australian shares rebounded from a seven-week low around midday, with the S&P/ASX 200 up 0.75% to 8,569.20 at 12:24pm AEST, as signs of easing tensions between the US and Iran improved global risk sentiment. Brent crude fell 2.3% to around US$109.5 a barrel after US President Donald Trump said plans for further strikes on Iran had been paused while negotiations continued. Nine of the 11 sectors traded higher, with investors also monitoring bond markets after Monday’s sharp equity sell-off linked to rising yields and inflation concerns.
Consumer staples led gains after Woolworths rallied following a broker upgrade, while Coles also moved higher. Real estate stocks recovered from the previous session’s bond-driven weakness, with Goodman Group, Scentre Group and GPT Group all advancing. Financials were firmer across the board, led by gains in Westpac, NAB, ANZ and Commonwealth Bank, while insurer QBE also strengthened. Energy stocks held modest gains despite lower oil prices, but materials lagged as iron ore and copper softened, with BHP, Rio Tinto and Fortescue all trading lower.
In other company news
Chilwa extends niobium mineralisation at Malawi project
Chilwa Minerals (ASX: CHW) reported another strong drilling result from its Mpyupyu project in Malawi, intersecting 385 metres of niobium mineralisation from surface. The result extended the known mineralised footprint by 180 metres as drilling continues across the target area.
Parkway signs Hitachi collaboration for brine technology
Parkway Corporate (ASX: PWN) has signed a strategic collaboration agreement with Hitachi to develop ultra-high brine concentration systems for industrial water treatment applications. The companies plan to work together on modular processing systems for Parkway’s proposed Queensland Brine Management Complex and other international markets.
Amplia launches new pancreatic cancer drug trial
Amplia Therapeutics (ASX: ATX) said it is launching a new Phase 2b trial for its pancreatic cancer drug narmafotinib. The study will test a daily dosing schedule in combination with standard chemotherapy treatment, with patient enrolment expected to begin later this year.
