Australian shares are sharply lower at midday, with the S&P/ASX 200 down 1.3% to 8406.20, as escalating tensions in the Middle East weigh on sentiment. Oil prices are higher, with Brent crude up 3.4% to around US$116 a barrel, following reports of increased military activity and disruption risks to regional energy supply routes. The index is on track for its worst monthly decline since March 2020, reflecting ongoing volatility.
Across the sectors, banks and technology stocks are weaker, with broad declines across the major lenders and falls in names including Xero and WiseTech. Energy stocks are firmer, supported by higher oil prices, while materials are also higher as aluminium prices rise following supply disruptions. In company news, BlueScope Steel appoints a new regional head, AMP announces a $150 million share buyback, Webjet says its chief executive will step down, DroneShield opens a European headquarters, and Reece revises its executive incentive structure.
In other company news,
Minerals 260 reports high-grade gold intercepts at Bullabulling project
Minerals 260 (ASX: MI6) reported further drilling results from its Bullabulling Gold Project in Western Australia, with assays from 22 holes totalling 5,425 metres. Highlights included intercepts of 7 metres at 7.2g/t gold and 28 metres at 1.7g/t gold across the Bacchus and Phoenix deposits. The results supported the continuity of mineralisation within the existing resource and indicated potential for extensions at depth and along strike. Ongoing drilling was focused on both resource expansion and infill, with a maiden ore reserve and updated mineral resource estimate on track for mid-2026.
Sprintex secures South Korea distribution agreement for hydrogen compressors
Sprintex (ASX: SIX) entered an exclusive distribution agreement with ChoisTechnics Corp. for the supply of its fuel cell compressors in South Korea. The agreement included performance-based minimum purchase commitments of US$100,000 in the first year, increasing to US$350,000 by year three. The partnership provides Sprintex with an in-market distributor to support deployment across hydrogen fuel cell applications, including mobility and stationary systems. The company retains direct supply arrangements with existing customers and continues to progress project engagements, including testing with Doosan Corporation.
Cannindah Resources begins diamond drilling at Southern porphyry target
Cannindah Resources (ASX: CAE) commenced diamond drilling at its Southern Porphyry copper-gold target at the Mt Cannindah Project in Queensland. The program will initially target the eastern portion of the 2,000 metre long system, with a planned 10,000 metre drilling campaign. Drilling will extend previous reverse circulation work, including a 28 metre intersection at 1.15% copper equivalent that ended in mineralisation. The program is designed to test depth extensions and assess the scale of a potential porphyry system, with drilling expected to reach depths of up to 1,200 metres.
