by Peter Milios
At noon, the S&P/ASX 200 is 0.22 per cent lower at 7,318.50, due to weakness in the industrials and consumer staples sectors. Qantas shares (ASX:QAN) were among the decliners, dropping by 2.5 per cent after the announcement that Vanessa Hudson will replace Alan Joyce as CEO of the company after its annual general meeting.
The SPI futures are pointing to a fall of 22 points.
Best and worst performers
The best-performing sector is Information Technology, up 0.77 per cent. The worst-performing sector is Industrials, down 0.87 per cent.
The best-performing large cap is Cleanaway Waste Management (ASX:CWY), trading 4.75 per cent higher at $2.535. It is followed by shares in Qube Holdings (ASX:QUB) and Liontown Resources (ASX:LTR).
The worst-performing large cap is Computershare (ASX:CPU), trading 6.35 per cent lower at $21.10. It is followed by shares in Endeavour Group (ASX:EDV) and Qantas Airways (ASX:QAN).
Company news
MGC Pharmaceuticals (ASX:MXC) announced that their Malta production facility has been granted formal EU-Good Manufacturing Practice (GMP) certification. In response, Roby Zomer, Managing Director and CEO commented, “[this] further enhances the MGC production capabilities for its future expansion, guaranteeing its ability to supply large volumes of its products to its customers and distribution partners.” Shares are trading 12.5 per cent higher at 0.9 cents.
Vitura Health (ASX:VIT) and Canadian-based PharmAla Biotech (CSE:MDMA) have established a 50:50 joint venture, called Cortexa, which aims to become the leading supplier of psychedelics for research and therapeutic use in Australia. In announcing the Joint Venture, Vitura CEO, Rodney Cocks, said: “Vitura is proud that one of the world’s leading players in the Psychedelic space has joined forces with us with the objective to establish Cortexa as the leading MDMA and Psilocybin supplier in the Australian market.” Shares are trading 9.46 per cent higher at 40.5 cents.
Labyrinth Resources (ASX:LRL) announced very highgrade assays from its first drilling program at its 51% owned Comet Vale gold project in WA. Labyrinth Chief Executive Matt Nixon said: “The mineralisation is open in all directions and we are very eager to test for down dip extensions in the next round of drilling.” Shares are trading 12.5 per cent higher at 1.4 cents.
Commodities and the dollar
Gold is trading at US$1991.80 an ounce.
One Australian dollar is buying 66.34 US cents.
