At noon, the S&P/ASX 200 is 1.67 per cent higher at 7,306.50.
All sectors are currently trading higher. Miners, spanning gold, lithium, and iron ore, clearly stood out as the top performers.
The SPI futures are pointing to a rise of 113 points.
Best and worst performers
All sectors are in the black. The best-performing sector is Materials, up 2.65 per cent. The sector with the fewest gains is Health Care, up 0.6 per cent.
The best-performing large cap is Fortescue Metals Group (ASX:FMG), trading 4.41 per cent higher at $21.31. It is followed by shares in BHP Group (ASX:BHP) and Rio Tinto Group (ASX:RIO).
The worst-performing large cap is Mercury NZ (ASX:MCY), trading 3.56 per cent lower at $5.42. It is followed by shares in Meridian Energy (ASX:MEZ) and Infratil (ASX:IFT).
Asian news
Asia-Pacific markets climbed ahead of key economic data out of China, which could give clues on the trajectory of the world’s second largest economy.
China will release August data for its house prices, unemployment rate and retail sales, as well as urban investment.
Hong Kong’s Hang Seng index fell marginally, but mainland markets rose, with the CSI 300 inching up 0.19%.
Japan’s Nikkei 225 climbed 0.94%, while the Topix continued to push new 33-year highs and gained 0.97%. Most notably, shares of investment holding company Softbank surged over 3% after shares in Arm, the chip design firm it controls, advanced almost 25% on its Nasdaq debut.
South Korea’s Kospi advanced 0.83%, while the Kosdaq was marginally down.
Company news
NOVONIX (ASX:NVX) has demonstrated successful production with the Company’s Generation 3 Furnaces meeting design targets, including throughput, cost, and sustainability targets. The Company has also doubled production capacity target to up to 20,000 tonnes per annum for Tennessee facility. In response, Dr. Chris Burns, CEO of NOVONIX, commented, “The results of our ongoing production campaigns clearly demonstrate NOVONIX’s path to profitable production through our first-in-the-world graphitization furnace technology.”
OzAurum Resources (ASX:OZM) has entered into a binding term sheet to acquire the “Linopolis Jaime” hard rock Lithium project in Brazil. In response, CEO and Managing Director, Andrew Pumphrey, commented: “the advanced Jaime Linopolis lithium Project with a +7m wide spodumene zone offers an immediate drill target and potential for a new lithium discovery.”
Future Battery Minerals (ASX:FBM) has raised $7.6 million under a placement, to accelerate the exploration at the Kangaroo Hills and Nevada Lithium projects. In response, FBM Executive Chairman Mike Edwards commented: “We are extremely pleased with the strong support received from both new and existing professional, sophisticated and institutional investors, and we welcome Hancock Prospecting to our register.”
Commodities and the dollar
Gold is trading at US$1936.50 an ounce.
Iron ore is 1.2 per cent higher at US$123.95 a tonne.
Iron ore futures are pointing to a 1.62 per cent rise.
One Australian dollar is buying 64.62 US cents.