Australian shares recovered from sharp morning losses in the afternoon, with the S&P/ASX 200 falling 0.5% to 8,578.4 at 12:25pm AEST after earlier falling as much as 1.5%. Sentiment improved and markets steadied after a stronger-than-expected US jobs report on Friday eased geopolitical tensions in the Middle East, triggering a global sell-off and dampening expectations of a US interest rate cut. Brent crude fell 0.5 percent to $93.75 a barrel as investors reacted to signs of easing tensions between Israel and Iran. Materials remained the weakest sector as gold fell to around $4,320 an ounce and iron ore remained close to $100 a tonne. Newmont, Northern Star, Bellevue Gold, BHP, Fortescue and Rio Tinto all traded lower. Technology stocks recovered some early losses, with MegaPort returning to positive territory, while WiseTech remained weak. Financials also improved during the session, with the Commonwealth Bank rising and losses at major banks narrowing. Investors rotated into defensive sectors, picking up Coles, Woolworths, CSL and Cochlear as market uncertainty continued to support healthcare and consumer staples.
In other company news,
Pilbara Gold has launched its largest ever drilling campaign at Mt York
Pilbara Gold (ASX: PGL) has completed 5,680 meters of diamond drilling at its Mount York Gold Project in Western Australia as part of a planned 50,000 meter exploration campaign aimed at expanding the project’s 2.1 million ounces of gold resource. Three diamond rigs are operating on double shifts, with two additional RC rigs due this month, while preliminary test results are expected from July. The company said drilling is targeting mineralization at the Main Hull, Main Hull Extension, Breccia Hull and Gosan Hull, with several holes intersecting altered banded iron formations associated with gold mineralization. Pilbara Gold also reported encouraging visual observations from four holes drilled at the Gilt Dragon prospect, where veins and hydrothermal alteration were correlated prior to assay results. In addition, the company is planning an airborne electromagnetic survey of approximately 200 square kilometers of Greater Mount York to identify potential sulfide-bearing gold systems. Management believes that the current resource is open at depth and that the drilling program may support future mineral resource estimate upgrades.
Livium formalizes battery recycling partnership with CATL
Livium (ASX: LIT) has signed a new battery recycling framework agreement with CATL Hong Kong, a subsidiary of the world’s largest lithium-ion battery manufacturer, formalizing the existing commercial relationship. Under the agreement, Livium’s wholly-owned subsidiary Envirostream will provide battery collection, logistics, recycling, certification and reporting services across Australia, with potential expansion into New Zealand. The framework agreement runs through May 2029 and establishes a streamlined process for future service orders. The contract does not include minimum volume commitments, with individual projects to be agreed upon on a purchase order basis. Livium said the deal strengthens its position within the battery recycling supply chain and supports its strategy of partnering with global battery manufacturers as demand for battery end-of-life management continues to grow across the region.
Imugene receives FDA Fast Track status for blood cancer treatment.
Imugene (ASX: IMU) has received US Food and Drug Administration fast-track designation for its allogeneic CAR T-cell therapy azer-cel in two blood cancer indications: relapsed or refractory chronic lymphocytic leukemia/small lymphocytic lymphoma and marginal zone lymphoma. The purpose of this position is to accelerate the development and regulatory review of therapies that address serious conditions with unmet medical needs and provide opportunities for close engagement with the FDA. This designation follows positive Phase 1b clinical data, which demonstrated a 100% overall response rate in CAR T-naive CLL/SLL patients and an 83% overall margin rate, including a complete response rate in response to four. Imugene said azer-cel’s off-the-shelf design enables treatment within days, offering a potential advantage over traditional CAR T therapies that take weeks to prepare.
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