Stocks of the Hour: Mayne Pharma, Rio Tinto, Monadelphous Group & Mineral Resources

Company News

by Michael Luu

Specialty pharmaceutical company Mayne Pharma (ASX:MYX) has successfully received approval from the US Food and Drug Administration (FDA) for its product NEXTSTELLIS. NEXTSTELLIS is a novel contraceptive pill containing a new estrogen - Esterol (E4). This is the first new estrogen introduced in the US for contraceptive use in nearly half a century and has the potential to reduce environmental impact. The company has scheduled the commercial launch of the oral contraceptive for June this year. Shares in Mayne Pharma (ASX:MYX) are trading 10.87 per cent higher at 51 cents

Rio Tinto (AX:RIO) has agreed to a confidential out-of-court settlement with Industrial engineering services provider Monadelphous Group (ASX:MND) over a $500 million dispute in Western Australia.  Rio Tinto wanted to claim compensation for damages sustained in a fire incident at Rio’s Cape Lambert iron ore processing operations. The miner’s lawyers highlighted Monadelphous’ violation of a maintenance contract as the cause of the blaze in January last year. Monadelphous (ASX:MND)  stated that the costs of the settlement are “covered by the proceeds of insurance". The parties "consider the matter has now been concluded”. Monadelphous shares are trading 3.8 per cent higher at $11.20

Western Australia- focused miner Mineral Resources (ASX:MIN) has suffered from logistical difficulty associated with coronavirus-induced border closures. The state’s tight border arrangement has taken its toll on the company’s supply of truck drivers. Mineral Resouces shares are trading 4.38 per cent lower at $43.20

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