Lithium miners extend rally, Imugene soars on positive data: ASX up 1.7% at noon

Market Reports

by Lauren Evans

The Australian sharemarket has rallied this morning with all eleven sectors in the green. Materials are leading the pack, up 2.6 per cent, followed by energy, up 2.4 per cent. The sector with the fewest gains is real estate investment trusts, up 0.5 per cent.

At noon, the S&P/ASX 200 is 1.7 per cent or 111.10 points higher at 6689.80.

The SPI futures are pointing to a rise of 117 points.

The best performer in the S&P/ASX 200 is Imugene (ASX:IMU), trading 37.9 per cent higher at 23 cents after posting positive overall survival data from its phase 2 study of its HER-Vaxx for patients with advanced gastric cancer. This was followed by Core Lithium (ASX:CXO), up 12.6 per cent to $1.03 and PointsBet (ASX:PBH), up 8.8 per cent to $2.71.

The worst performer in the S&P/ASX 200 is Evolution Mining (ASX:EVN), trading 18.6 per cent lower at $2.75 after lowering its production guidance for the 2023 financial year. This was followed by Northern Star Resources (ASX:NST), down 8.6 per cent to $7.30 and Zip Co (ASX:ZIP), down 5.6 per cent to 50 cents.

Lithium stocks are among the rally as they extend their recovery from this month’s sell-off. Lake Resources (ASX:LKE) has risen 8 per cent to 87 cents, Liontown Resources (ASX:LTR) has added 8.2 per cent to $1.06 and Pilbara Minerals (ASX:PLS) is trading 4.7 per cent higher at $2.34. 

Fortescue Metals (ASX:FMG) is leading heavyweight miners, up 4.2 per cent to $18.00. BHP (ASX:BHP) has advanced 3.7 per cent to $41.48 and Rio Tinto (ASX:RIO) is trading 2.9 per cent higher at $104.35.

Across the resources space, energy players like Woodside Petroleum (ASX:WDS) is up 2.2 per cent to $31.29, while Santos (ASX:STO) is up 2.6 per cent to $7.40.

Meanwhile, major banks are higher. ANZ (ASX:ANZ) has added 2.2 per cent to $22.40, NAB (ASX:NAB) has lifted 2.1 per cent to $27.59, Commonwealth (ASX:CBA) is up 2 per cent to $92.01 and Westpac (ASX:WBC) is trading 1.8 per cent higher at $19.82.

Company news

Fleetwood (ASX:FWD) is facing project delays after being hit with poor weather on the east coast as well as labour and material shortages, which has resulted in lower than expected progress across projects in NSW, Victoria, and Western Australia during the second half of FY22. Shares are trading 17.4 per cent lower at $1.42.

Metcash (ASX:MTS) has reported continued financial growth for the year ending April 30 despite external challenges like supply chain issues, flooding and Covid. Shares are trading 4.5 per cent higher at $4.32.

Centrepoint Alliance (ASX:CAF) has received a non-binding takeover offer from listed financial services company Diverger, which continues the consolidation within the financial advice industry. Shares are trading 22.7 per cent higher at 27 cents.

Tamboran Resources (ASX:TBN) has signed a binding agreement with Jemena which secures access to Jemena’s Northern Gas Pipeline. Shares are trading 4.6 per cent higher at 23 cents.

Nuix (ASX:NXL) has confirmed that the trial of the legal proceedings brought by its former chief executive, Edward Sheehy, commences in the Federal Court of Australia today. Shares are trading 4.4 per cent higher at 82 cents.

Software provider RPM Global (ASX:RUL) has flagged that the total contract value of software license sales has reached $50.3 million inFY22, which is up $3.2 million from two weeks ago. Shares are trading 4 per cent higher at $1.70.

Charter Hall Social Infrastructure REIT (ASX:CQE) had 361 independent valuations completed for the period ending 30 June 2022, representing 100 per cent of the property portfolio by gross asset value. Shares are trading 0.3 per cent higher at $3.49.

Carsales.com (ASX:CAR) has requested its shares be placed in a trading halt pending an announcement in connection with a capital raising to be undertaken by way of a pro-rata accelerated non-renounceable entitlement offer.

OZ Minerals (ASX:OZL) has lowered its copper production guidance to reflect a soft start to the year and further material handling system and equipment availability issues at Carrapateena. Shares are trading 1.4 per cent lower at $18.92.

Starpharma (ASX:SPL) has signed an expanded DEP® research agreement with Genentech, a member of the Roche Group, to evaluate additional DEP® drug conjugates. Shares are trading 4.2 per cent lower at 69 cents.

Commodities and the dollar

Gold is trading at US$1834.88 an ounce.
Iron ore futures are pointing to a rise of 3.48 per cent.
One Australian dollar is buying 69.20 US cents.
 

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