Australian shares were sharply lower at midday, Australian shares were sharply lower at midday, with theS&P/ASX 200 falling 1.46%, or 128.6 points, to 8,657.1 at 12:20pm AEST, as renewed tensions in the Middle East and concerns over rising iron ore supply weighed on investor sentiment. Markets remained focused on the fragile state of US-Iran ceasefire discussions, while oil prices eased 1.2% after reports of a ceasefire agreement between Israel and Lebanon helped reduce near-term supply concerns. Despite the pullback in crude, geopolitical uncertainty continued to cloud the outlook for global markets.
Materials were the biggest drag on the market after iron ore shipments from Guinea’s Simandou project surged, fuelling concerns about future supply growth. Fortescue, BHP and Rio Tinto all fell sharply, while gold miners also came under pressure, led by Northern Star. Financials weakened, with ANZ, National Australia Bank, Commonwealth Bank and Westpac all trading lower. In contrast, defensive sectors outperformed, with CSL, ResMed and Woolworths posting gains. Endeavour Group was among the strongest performers after a broker upgrade highlighted potential market share gains despite ongoing earnings uncertainty.
In company news:
Immutep reports positive Phase I data for autoimmune candidate IMP761
Immutep (ASX: IMM) reported new clinical data showing treatment with eftilagimod alfa in combination with standard-of-care therapies was associated with statistically significant improvements in overall survival among late-stage cancer patients. The analysis reviewed data from five independent clinical trials involving 592 patients across multiple cancer indications, including non-small cell lung cancer, metastatic breast cancer, melanoma and head and neck cancer. The company said patients receiving eftilagimod alfa alongside standard therapies showed increased circulating absolute lymphocyte count, a blood-based marker of immune activation, with responders demonstrating a median overall survival improvement of 7.7 months compared with non-responders. Immutep said the findings support the link between eftilagimod alfa’s immune activation mechanism and clinical efficacy, with the data set to be presented at the 2026 ASCO Annual Meeting in Chicago. To view full annoucement:
Bayan begins maiden drilling at Desert Star rare earth project
Bayan Mining and Minerals (ASX: BMM) has commenced its maiden reverse circulation drilling program at the Desert Star Rare Earth Project in California. The campaign will test priority targets generated from geological mapping, geophysical surveys and surface sampling, which previously returned results of up to 6.68% total rare earth oxides.The company plans to complete up to 1,000 metres of drilling during the program, with results expected in August. Bayan said the work is designed to assess the scale and continuity of rare earth mineralisation at depth within a project located near the Mountain Pass rare earth mine, one of the largest rare earth operations in the United States.
Racura attracts specialist institutional investor
Racura Oncology (ASX: RAC) has secured approximately $1 million from a specialist institutional investor through a strategic placement, establishing a new institutional shareholding in the company. The placement forms part of a broader funding program that has raised a total of $31.2 million through recent capital initiatives.The company said the funds will support ongoing development of its lead oncology candidate RC220 and provide additional working capital as clinical programs progress. Racura is advancing RC220 across several cancer indications and recently commenced dose escalation activities in its Phase 1 CPACS clinical trial.
Lac Gold hits bonanza-grade gold as Rouyn drilling expands Astoria system
Lac Gold (ASX: LAC) has reported a series of high-grade gold intercepts from its ongoing drilling program at the Astoria deposit within the Rouyn Gold Project in Québec, Canada, including a standout result of 0.5 metres at 1,580g/t gold within a broader intersection of 5.65 metres at 141.29g/t gold. Other notable results included 9.1 metres at 6.31g/t gold, 9.5 metres at 2.25g/t gold and broad mineralised zones extending up to 97.5 metres at 1.04g/t gold. The company said the results continue to confirm the continuity of both broad mineralised halos and high-grade shoots within the deposit. Lac Gold said the latest assays support its interpretation of Astoria as a large structurally controlled orogenic gold system associated with the Cadillac-Larder Lake Break. The company has completed its initial 15,000-metre Phase 1 drilling program and has already commenced a further 15,000-metre Phase 2 campaign aimed at expanding the existing resource and testing additional targets along the Rouyn corridor. Two diamond drill rigs remain active, with a substantial number of assay results still pending. The Rouyn Gold Project currently hosts a JORC-compliant Mineral Resource Estimate of 15.8 million tonnes at 3.28g/t gold for 1.66 million ounces.
