The Australian sharemarket extended its losses at noon on Monday as investors braced for a potential fifth interest rate rise from the Reserve Bank on Tuesday. The S&P/ASX 200 was down 0.48 per cent to 8,865.30 at 12.15pm AEDT, with technology and mining stocks leading declines amid weakening sentiment towards artificial intelligence. Consumer staples also fell 1.6 per cent, with supermarket giants Woolworths and Coles both dropping more than 2 per cent. The decline followed the Australian market’s strongest weekly gain since August and a sharp sell-off on Wall Street on Friday, where concerns over returns on substantial AI investments weighed on investor sentiment. The Dow Jones Industrial Average fell 1.1 per cent to 51,770.31, while the S&P 500 declined 1.8 per cent and the Nasdaq Composite dropped 2.9 per cent.
In small cap company news,
INOVIQ signs agreement with Sonic Healthcare USA to advance ovarian cancer test
INOVIQ (ASX: IIQ) has signed a validation and licence option agreement with Sonic Healthcare USA to advance its EXO-OC ovarian cancer early detection blood test towards potential commercialisation in the United States. Under the agreement, Sonic will transfer, optimise and validate the test at its certified molecular diagnostics laboratory in New York, with an option to negotiate a future commercial licence. INOVIQ’s updated testing algorithm previously demonstrated 92.3 per cent sensitivity for early-stage ovarian cancer and 92.5 per cent across all stages, at 98 per cent specificity in a retrospective study. These results have not yet been independently validated by Sonic. The company expects the validation program to take approximately 12 to 18 months, targeting early 2028, with commercialisation subject to successful validation and further agreements. Read more about this announcement here.
Skylark Minerals secures $20 million placement to expand gold exploration
Skylark Minerals (ASX: SKM) has received firm commitments to raise $20 million through a two-tranche placement to fund further exploration at its Zaranou Gold Project in Côte d’Ivoire. The raising includes a $5.1 million strategic investment from West African gold producer PDI Gold, which is expected to hold a 9.9 per cent stake following completion. Shares will be issued at 24 cents each, with the second tranche subject to shareholder approval. The funding follows a more than threefold increase in Zaranou’s inferred gold resource to approximately 1.20 million ounces. Skylark plans additional reverse circulation and diamond drilling during 2027 to test extensions to known mineralisation and explore further targets across the project.
Iltani Resources reports 106-metre silver-equivalent intersection at Orient East
Iltani Resources (ASX: ILT) has reported further high-grade drilling results from its Orient Silver-Zinc-Indium Project in North Queensland, including the thickest mineralised intersection recorded at the project to date. Drill hole ORR221 returned 106 metres grading 143 grams per tonne silver equivalent from eight metres, including 22 metres at 384 grams per tonne. Another hole, ORR225, intersected 35 metres at 163 grams per tonne silver equivalent, including one metre at 1,774 grams per tonne. The results come from 15 reverse circulation holes at Orient East and will contribute to an updated Mineral Resource estimate expected in the December quarter. Iltani has completed its initial 110-hole resource drilling program, with a Scoping Study planned for 2027.
KMD Brands enters exclusive takeover discussions with Bluestar Alliance
KMD Brands (ASX: KMD), the owner of Kathmandu, Rip Curl and Oboz, has entered into an exclusivity agreement with US-based consumer brand group Bluestar Alliance as discussions continue over a potential acquisition of the company. The agreement allows Bluestar to undertake confirmatory due diligence and negotiate a possible transaction involving all KMD shares. The exclusivity period may be extended if certain conditions are met, subject to a final date of 23 December 2026. KMD previously disclosed receiving several indicative approaches from external parties during its business review. The company emphasised that no binding proposal has been received, there is no certainty a transaction will proceed, and shareholders are not required to take any action.
hummgroup reports 13.7% growth in first-quarter lending volumes
hummgroup (ASX: HUM) has reported a 13.7 per cent increase in business volumes to $957.7 million for the September quarter, supported by growth across its commercial and consumer finance operations. Commercial volumes rose 12.6 per cent to $381.1 million, while consumer volumes increased 14.4 per cent to $576.6 million. The group’s net interest margin remained steady at 5.3 per cent, while its underlying cost-to-income ratio improved by 3.5 percentage points to 53.5 per cent. Assets under management declined 1.5 per cent to approximately $5.3 billion, partly reflecting adverse currency movements and planned portfolio transitions. hummgroup continues to focus on cost reductions, operational simplification and improvements to its cards platform.
