The Australian sharemarket has edged lower on Monday as investors held back ahead of Tuesday’s Reserve Bank interest rate decision, with the S&P/ASX 200 down 0.3 per cent at midday. Caution dominated despite a modest gain on Wall Street, where the S&P 500 lifted 0.2 per cent after US inflation data met expectations. The RBA is expected to keep rates on hold, though governor Michele Bullock may strike a firmer tone on inflation, with bond markets now pricing in the possibility of two hikes next year. Global attention also turns to policy meetings at the Federal Reserve, Bank of Canada and Swiss National Bank. Locally, gold stocks weakened as bullion slipped, while lithium names outperformed, with Liontown up 8.3 per cent and Pilbara Minerals 4.3 per cent following an upbeat UBS sector upgrade.
National Storage REIT (ASX:NSR)
National Storage REIT has entered into a Scheme Implementation Deed under which a Brookfield–GIC consortium will acquire the company for $2.86 cash per stapled security, valuing the business at about $4bn and the group at $6.7bn including debt. The offer represents a 26.5 per cent premium to NSR’s closing price before the bid emerged. The board has unanimously recommended the scheme, subject to no superior offer and a favourable independent expert’s report. Completion is expected in the June quarter of 2026, pending Court, securityholder and regulatory approvals. Shares are trading 2.01% higher at $2.78.
Telix Pharmaceuticals has dosed the first patient in Part 2 of its ProstACT Global phase 3 trial evaluating TLX591 for metastatic castration-resistant prostate cancer. The expansion phase will recruit around 490 patients across Australia, New Zealand and Canada, with further global sites to be activated once the company submits Part 1 data to the US FDA. The study is the first phase 3 trial to combine a PSMA-targeted radio-antibody drug conjugate with standard treatments, and Telix said the milestone strengthens its late-stage prostate cancer portfolio as it advances regulatory discussions. Shares are trading 1.08% lower at $14.65.
Beach Energy has achieved first sales gas from the Waitsia Gas Plant, marking the project’s key “first gas export” milestone. Following completion of certification procedures, gas is now flowing into the pipeline network, and the plant is undertaking planned emergency restart testing ahead of production ramp-up. Beach said it is working with Waitsia joint-venture operator Mitsui E&P Australia to support Mitsui’s ramp-up profile as the facility moves toward full output. Shares are trading 0.68% lower at $1.16.
