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ASX up 0.66% at noon as ASIC proposes advisory group for CHESS

ASIC plans to establish a stakeholder advisory group to oversee ASX’s troubled CHESS replacement project, which ASX supports and sees as a means to enhance transparency and stakeholder engagement in the development of critical clearing and settlement changes.

At noon, the S&P/ASX 200 is 0.66 per cent higher at 7,294.80.

The SPI futures are pointing to a rise of 39 points.

Best and worst performers

The best-performing sector is Information Technology, up 2.09 per cent. The worst-performing sector is Health Care, down 0.36 per cent.

The best-performing large cap is Meridian Energy (ASX:MEZ), trading 2.83 per cent higher at $5.09. It is followed by shares in Xero (ASX:XRO) and WiseTech Global (ASX:WTC).

The worst-performing large cap is ResMed (ASX:RMD), trading 1.3 per cent lower at $31.95. It is followed by shares in Qantas Airways (ASX:QAN) and Allkem (ASX:AKE).

Asian markets

In Japan, the Nikkei 225 reversed earlier gains and fell 0.3%, while the Topix was down 0.5% ahead of its industrial production release for May. South Korea’s Kospi rose 0.78% while the Kosdaq inched lower.

Hong Kong’s Hang Seng index gained 0.95% in its first hour of trade, continuing the rally seen on Thursday. In mainland China, the Shanghai Composite fell fractionally and the Shenzhen Component rose 0.12%.

Singapore’s economy grew in the second quarter of the year, avoiding a technical recession. The Straits Times index rose 0.5%.

Company news

Neuren Pharmaceuticals (ASX:NEU) announced the expansion of its partnership with Acadia Pharmaceuticals (NASDAQ:ACAD). Neuren is set to receive US$100 million up-front, plus additional potential milestone payments of up to US$427 million, plus royalties. Shares are trading 16.5 per cent higher at $13.56.

Green Technology Metals (ASX:GT1) has announced that their assay results at their Root Bay lithium project have been received and continue to demonstrate the consistency of high-grade mineralisation. CEO Luke Cox stated, “we currently have two drill rigs operating non-stop at Root Bay with the preliminary results continuing to instil confidence in our resource.” Shares are trading 5.04 per cent higher at 73 cents.

One Click Group (ASX:1CG) surpasses 90,000 registered users on its fast-growing fintech platform, a massive increase of around 12% in the last week alone. Managing Director Mark Waller commented, “A substantial amount of work has been put into our marketing strategy and product improvements, which are generating a significant growth in user numbers for the One Click Life Platform.” Shares are trading 77.9 per cent higher at 1.6 cents.

Commodities and the dollar

Gold is trading at US$1966.60 an ounce.

Iron ore is 1.1 per cent higher at US$111.75 a tonne.

Iron ore futures are pointing to a 1.57 per cent rise.

One Australian dollar is buying 68.91 US cents.