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The Australian share market has been holding in the green, holding just around the 7200 mark.
The materials sector has fallen nearly half a per cent into the red, with some gold stocks rattled by the precious metal’s fast price retreat from recent all-time highs. Newmont Corporation (ASX:NEM) has been trading down close to a per cent at $59.14.
The trading floor will be keeping a close eye on the news Sigma Healthcare (ASX:SIG) plans to merge with Chemist Warehouse. What could soon be an $8.8 billion healthcare giant, renamed MergeCo, would appoint Chemist Warehouse founders Mario Verrocchi and Jack Gance to the Board, with shareholders taking 85.75 per cent of the new entity. Sigma is raising $400 million at 70 cents. However, the planned merger requires regulatory and shareholder approval. Sigma last traded at 76 cents.
Biopharmaceutical company LTR Pharma (ASX:LTP) has spiked more than 75 per cent on its ASX debut this morning. The company is developing a nasal spray for treating erectile dysfunction (ED). The company raised $7 million from 20 cent shares.
LTR Pharma, trading under the ticker code LTP, is up to around 36.5 cents.
South Australian gold explorer Barton Gold Holdings (ASX:BGD) has been trading up this morning after the company announced a 20 per cent increase in its Tunkillia JORC mineral resource to 1.38 million ounces of gold. Barton Gold has recently drilled some 15,200 metres at its 223 deposit, adding 224,000 ounces of gold..
BGD shares has been trading at 25 cents.
Explorer Dreadnought Resources (ASX:DRE) has gained nearly 6.5 per cent on results from first-pass drilling at the Star of Mangaroon gold mine. The company reported assays from 10 shallow reverse circulation holes for a total of 903 metres, returning thick, high-grade gold, including seven metres at 23 grams per tonne gold.
The company has been trading at 3.3 cents.
And Zimbabwe-based gas explorer Invictus Energy (ASX:IVZ) has reported another update on its Mukuyu-2 well, with a downhole total depth of 3360 metres now complete. Last week the company posted further evidence that gas-bearing underground geology is potentially commercial in scale.
Invictus has been trading at 20.5 cents.
