The Australian sharemarket is trading higher in early afternoon as easing oil prices lift sentiment following Monday’s sharp sell-off. The S&P/ASX 200 is up about 1.3 per cent, recovering part of the roughly $90 billion wiped from the market in the previous session. Investor confidence improved after US President Donald Trump suggested the conflict involving Iran may be nearing an end, easing fears of prolonged disruption to global energy markets.
Buyers are returning to the market, with technology stocks and major miners leading the gains while energy shares are weaker as oil retreats from recent highs. In corporate news, Fortescue has completed its acquisition of Alta Copper, securing full ownership of the Canariaco copper project in Peru. CSL plans to invest $2.1 billion to expand plasma manufacturing in the United States, while Orica has launched a $100 million cost reduction program. Air New Zealand has also suspended its full-year earnings guidance amid rising jet fuel costs.
In economic news, the Westpac–Melbourne Institute Consumer Sentiment Index edged higher in March, rising 1.2 per cent, although overall confidence remains weak. While households were slightly less negative about their finances and spending, sentiment deteriorated sharply during the survey period as concerns about escalating tensions in the Middle East intensified.
In other company news,
Telix Pharmaceuticals Phase 3 prostate cancer study meets primary objectives
Telix Pharmaceuticals (ASX: TLX) reported that the first part of its global Phase 3 ProstACT clinical trial met its primary objectives, demonstrating acceptable safety and tolerability for its investigational prostate cancer therapy. The study evaluated the treatment in combination with standard-of-care therapies for patients with metastatic castration-resistant prostate cancer. The trial enrolled 36 patients across three treatment cohorts and found no new safety signals, with most non-hematologic adverse events reported as low grade and manageable. Telix has already advanced the study into the next stage of the trial in several jurisdictions and plans to submit the results to the US Food and Drug Administration as it seeks approval to expand the study in the United States.
ABx Group identifies new high-extraction rare earth zones in Tasmania
ABx Group (ASX: ABX) has identified several new zones of ionic clay rare earth mineralisation with high extraction rates at its Deep Leads project in northern Tasmania, strengthening the project’s development potential. The discoveries were made through recent leach testing of drill samples conducted at the company’s research laboratory in Launceston. The results have prompted ABx to move the project into the development stage, targeting production of mixed rare earth carbonate within months of project approval. Ionic clay deposits are typically lower cost to process than hard-rock rare earth sources, and the company says the discovery could support supply into Western rare earth supply chains for technologies including electric vehicles, wind turbines and electronics.
Chariot Resources secures approval for Nigerian lithium licence transfers
Chariot Resources (ASX: CC9) has received approval from Nigeria’s Mining Cadastre Office for the transfer of six lithium licences to C&C Minerals, a joint venture formed between Chariot and Continental Lithium. The approvals include exploration licences at the Fonlo and Gbugbu projects as well as small-scale mining licences at the Saki project. The transfer approvals represent a key regulatory milestone for Chariot’s planned acquisition of a 66.7 per cent interest in the Nigerian lithium portfolio. Once administrative processes are completed, the company plans to begin exploration programs at the undrilled Fonlo and Gbugbu projects and progress development of small-scale mining operations at Saki.
