FINWIRES · TerminalLIVE
FINWIRES

ASX Preview: Australian Shares Set to Rise as Oil Advances, Gold Falls on Strong US Labor Data; Northern Star Resources Increases Estimated Mineral Resources, Ore Reserves

By

Australian shares are poised to rise on Wednesday, tracking higher oil prices after crude climbed to a one-week high amid volatile trading as markets weighed uncertain Iran-US negotiations and ongoing tensions around the Strait of Hormuz.

Market sentiment was also influenced by a softer gold price as stronger-than-expected US labor data reinforced expectations that the Federal Reserve will keep interest rates elevated for longer.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.1%, 0.03%, and 0.5%, respectively.

In the macroeconomy, the Australian national accounts report is due at 11:30 am Sydney time.

In corporate news, Northern Star Resources (ASX:NST) said its estimated mineral resources increased 26% to 88.9 million ounces as of March 31, while its estimated ore reserves jumped 27% to 28.4 million ounces.

Ampol's (ASX:ALD) proposed acquisition of fuel and convenience retailer EG Australia received approval from the Australian Competition and Consumer Commission.

Australia's benchmark index edged down 5 points to close at 8,724.40 on Tuesday.

Related Articles

Asia

Ampol Secures ACCC Nod for Proposed Acquisition of Fuel, Convenience Retailer

Ampol's (ASX:ALD) proposed acquisition of fuel and convenience retailer EG Australia received approval from the Australian Competition and Consumer Commission (ACCC), according to a Wednesday filing with the Australian bourse.The approval is conditional on the company giving an executed court-enforceable undertaking to the ACCC to divest 41 sites to Metro Petroleum and is subject to the expiry of the statutory 14-day review period, the filing said.The acquisition is expected to be completed on June 30, per the filing.

$ASX:ALD
Asia

Cynata Therapeutics Gets Positive European Opinion for Acute Graft Versus Host Disease Trial

Cynata Therapeutics (ASX:CYP) received a positive opinion from the European Medicines Agency's Paediatric Committee for a plan to develop its CYP-001 product candidate for the treatment of acute graft versus host disease, according to a Wednesday filing with the Australian bourse.The committee has agreed to the company's proposed pediatric investigation plan, which is a requirement to start a phase 3 clinical trial in the European Union.CYP-001 is designed for intravenous use to modulate the immune system and improve response rates and survival outcomes in acute graft versus host disease, an often life-threatening complication of bone marrow transplantation and similar procedures, per the filing.Cynata Therapeutics plans to launch a phase 3 clinical trial first in adults, and once the primary analysis of the adult trial is complete, it plans to start a pediatric clinical trial.

$ASX:CYP
Asia

Pacific Edge Completes Over NZ$36 Million Equity Raise; Shares Tumble 5%

Pacific Edge (NZE:PEB, ASX:PEB) completed its NZ$36.1 million equity raising at NZ$0.17 per share, comprising a NZ$25.4 million placement and an oversubscribed retail offer that drew NZ$46 million in applications, with NZ$10.7 million accepted, according to a Wednesday Australia and New Zealand bourse filing.The company raised NZ$10.2 million through a share purchase plan and a further NZ$500,000 under placement capacity from the retail proceeds, per the filing.The company will issue 62.7 million new shares under the retail offer, expected to be allotted and to commence trading on the New Zealand Exchange on Thursday, ranking equally with existing ordinary shares, the filing added.The company's Kiwi shares tumbled 5% in recent Wednesday trade.

$ASX:PEB$NZE:PEB