The Australian Securities Exchange (ASX) experienced a rally, buoyed by positive sentiment stemming from China’s hinted economic stimulus and a surge in tech stocks. This upward trend mirrors gains observed in US and European markets. However, not all news was positive. Telix Pharmaceuticals faced a setback with the US Food & Drug Administration (FDA) rejecting its application for marketing approval of its brain cancer diagnostic, impacting investor confidence.
Meanwhile, Australian miners have largely welcomed the government’s proposed $1.2 billion critical minerals stockpile plan, viewing it as a positive step towards securing the nation’s resource independence. Some industry participants suggest that the stockpile should include an even broader range of minerals to maximize its effectiveness. In corporate news, Alkane Resources and Mandalay Resources have announced a merger, creating a significant player in the gold-antimony sector. Dart Mining divested non-core Victorian assets to Infinity Lithium for $3.4 million, allowing it to sharpen its focus on core projects.