The Australian sharemarket has rebounded from earlier losses and is now higher after the US House of Representatives passed the debt ceiling bill. The S&P/ASX 200 index, which was initially down by 0.2 per cent, has risen 0.22 per cent higher to 7,107 at noon. In the House vote, 303 members supported the deal negotiated with House Speaker Kevin McCarthy and President Joe Biden, while 112 voted against it and 20 did not vote. The bill will now proceed to the Senate, which has until Monday’s deadline to vote and send it for the President’s approval.
The SPI futures are pointing to a rise of 16 points.
Best and worst performers
The best-performing sector is Information Technology, up 1.48 per cent. The worst-performing sector is Industrials, down 0.11 per cent.
The best-performing large cap is Pro Medicus (ASX:PME), trading 3.1 per cent higher at $61.19. It is followed by shares in Newcrest Mining (ASX:NCM) and Altium (ASX:ALU).
The worst-performing large cap is IDP Education (ASX:IEL), trading 4.63 per cent lower at $20.81. It is followed by shares in Mineral Resources (ASX:MIN) and Liontown Resources (ASX:LTR).
Asian news
Asia-Pacific markets were mostly higher on Thursday as the bill to raise the US debt ceiling was passed in the House of Representatives, advancing the Fiscal Responsibility Act to the Senate just days ahead of the default deadline.
Private surveys for factory activity data for China, Japan, South Korea as well as several Asean countries will be released later today.
In Japan, the Nikkei 225 saw a 0.81 per cent gain after it retreated from the 31,000 mark on Wednesday, with the Topix also up by 0.84 per cent.
South Korea was more mixed. The Kospi was down 0.24 per cent and the Kosdaq was up 0.4 per cent.
Hong Kong’s Hang Seng index rebounded after touching bear market territory, with the HSI rising 0.48 per cent. Mainland Chinese markets were also mixed, with the Shanghai Composite marginally lower and the Shenzhen Component down by 0.52 per cent.
Company news
Redflow (ASX:RFX) announced that their flow batteries have been approved for use in a large-scale solar and storage project in California. CEO and MD Tim Harris said: “This 20 MWh project is one of several large-scale opportunities in our pipeline and represents the start of the next phase of our growth strategy.” Shares are trading 43.2 per cent higher at 26.5 cents.
NRZ (ASX:NRZ) has signed a contract with Meijin Energy Investments to produce Hydrogen in China. NRZ Chairman Justyn Peters said: “The newly formed trading platform will provide NRZ with access to the Chinese hydrogen market, and with a trusted partner with access to a significant revenue stream.” Shares are trading 45.1 per cent higher at 7.4 cents.
Impact Minerals (ASX:IPT) has announced that a large REE soil geochemistry anomaly has been identified at their Arkun Project in WA. MD Dr Mike Jones, said, “The new and exciting Horseshoe Prospect is in a prime location for REE being associated with the contact zone of an intrusion adjacent to a major fault zone.” Shares are trading 8.33 per cent higher at 1.3 cents.
Commodities and the dollar
Gold is trading at US$1976.60 an ounce.
Iron ore is 0.5 per cent higher at US$103.20 a tonne.
Iron ore futures are pointing to a 3.55 per cent rise.
One Australian dollar is buying 65.07 US cents.