by Peter Milios
At noon, the S&P/ASX 200 is 0.27 per cent higher at 6,974.10, with all sectors rising except for Energy.
The early boost was attributed to US futures rising 0.6 per cent as US officials were said to be considering expanding an emergency lending program for banks, which could benefit First Republic.
The SPI futures are pointing to a rise of 14 points.
Best and worst performers
The best-performing sector is Utilities, up 1.62 per cent. The worst-performing sector is Energy, down 1.7 per cent.
The best-performing large cap is Endeavour Group (ASX:EDV), trading 3.05 per cent higher at $6.935. It is followed by shares in Sonic Healthcare (ASX:SHL) and Origin Energy (ASX:ORG).
The worst-performing large cap is Mercury NZ (ASX:MCY), trading 3.47 per cent lower at $5.57. It is followed by shares in Pilbara Minerals (ASX:PLS) and Woodside Energy Group (ASX:WDS).
Asian markets
Asia-Pacific markets were mixed on Monday as investors continue to assess the impact of the banking troubles in the US and Europe.
On Friday, Deutsche Bank saw a sel-loff of its US-listed shares, after the German lender’s credit default swaps jumped, without an apparent catalyst.
Japan’s Nikkei 225 opened 0.15 per cent higher and the Topix climbed 0.21 per cent. However, South Korea’s Kospi and Kosdaq were both down, falling by 0.13 per cent and 0.06 per cent respectively. Hong Kong markets were poised to fall, with Hang Seng futures trading at 19,864 points.
Company news
ImpediMed (ASX:IPD) announced that the National Comprehensive Cancer Network (NCCN) released a new version of the NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines) for Survivorship, which now, for the first time, include bioimpedance spectroscopy. In response, Managing Director and CEO, Richard Valencia, commented, “The authors of the NCCN Guidelines are world leaders in global cancer care driven by sound clinical evidence and patients’ best interests.” Shares are trading 62 per cent higher at 9.6 cents.
Alloggio Group (ASX:ALO) today announces that it has entered into a Scheme Implementation Deed with Next Capital, in which Next Capital will acquire 100 per cent of ALO shares for $0.30 per share in cash. Matthew Keen, Independent Non-executive Director of ALO, stated, “After careful consideration, the Independent Board Committee has concluded that the proposal is in the best interests of ALO shareholders and unanimously recommends that shareholders vote in favour of the Scheme.” Shares are trading 47.4 per cent higher at 28 cents.
Great Boulder Resources (ASX:GBR) announced more spectacular RC results from their Mulga Bill prospect in WA. Great Boulder’s Managing Director, Andrew Paterson commented: “These are extremely high-grade results, and the spectacular visible gold intersections have garnered plenty of attention.” Shares are trading 12.1 per cent higher at 9.8 cents.
Commodities and the dollar
Gold is trading at US$1782.70 an ounce.
Iron ore is 0.7 per cent lower at US$121.10 a tonne.
Iron ore futures are pointing to a 0.87 per cent rise.
One Australian dollar is buying 66.45 US cents.
