At noon, the S&P/ASX 200 is 0.37 per cent higher at 6,798.
The SPI futures are pointing to a rise of 22 points.
Asia-Pacific markets were mixed with markets awaiting monetary policy decisions by the Bank of Japan. The Bank of Japan is expected to finish its policy meeting later today Australian time. The key question on investors minds is the inflation outlook.
Also on Tuesday, China purchasing manager’s index data for October will likely show manufacturing grew at an expansionary pace of 50.2, according to economists polled by Reuters.Japan’s Nikkei 225 dipped 0.34%, while the Topix added 0.22% at open. South Korea’s Kospi gained 0.37%. The Kosdaq edged 0.06% lower.
Futures for Hong Kong’s Hang Seng index stood at 17,393, pointing to a weaker open compared to the HSI’s close of 17,406.36.
Best and worst performers
The best-performing sector is REITs, up 1.5 per cent. The worst-performing sector is Materials, down 0.49 per cent.
The best-performing large cap is Qantas Airways (ASX:QAN), trading 2.6 per cent higher at $4.925. It is followed by shares in Endeavour Group (ASX:EDV) and Whitehaven Coal (ASX:WHC).
The worst-performing large cap is Allkem (ASX:AKE), trading 2.72 per cent lower at $9.66. It is followed by shares in Pilbara Minerals (ASX:PLS) and Northern Star Resources (ASX:NST).
Company News
Chimeric Therapeutics (ASX:CHM), announced that the FDA has cleared the Investigational New Drug application of CHM 2101, Chimeric’s first in class CDH17 CAR T cell therapy for gastrointestinal cancers. Michael R. Bishop, Professor of Medicine and Director at the University of Chicago commented “I am really excited about the planned Phase 1 clinical trial of CHM 2101 and the opportunity to bring a potentially transformative new investigational agent to cancer patients who need them most,” Shares are trading 57.69 per cent higher at 4.1 cents.
Power Minerals Limited (ASX:PNN) has received confirmation the first tranche of Summit Nanotech Corporation’s strategic investment of $3.125 million has been transferred to Power, in agreement to its Binding Term Sheet with Summit. The first tranche will be used for the funding and development of the Incahuasi Salar at Power’s Salta Lithium Project, in the lithium triangle of Argentina. Shares are trading 1.92 per cent higher at 26.5 cents.
James Bay Minerals (ASX:JBY) has discovered spodumene during its maiden field exploration program at the highly prospective Aero Property, which forms part of the Company’s La Grande Project, located in the prolific James Bay district in Quebec, Canada. Senior Field Geologist Mark Fekete, commented: “The discovery of a lithium-bearing mineral at surface on the Warhawk pegmatite within the Aero Property confirms that this pegmatite contains lithium… our focus is to now determine where the highest concentration of lithium is within the Warhawk and other pegmatites dykes on the Property.” Shares are trading 10 per cent higher at 33 cents.
Commodities and the dollar
Gold is trading at US$2004.70 an ounce.
Iron ore is 0.9 per cent higher at US$122.90 a tonne.
One Australian dollar is buying 63.68 US cents.