Join our daily newsletter At The Bell to receive exclusive market insights
The ASX200 has hit a fresh record high and is up 0.4% to 8,123 points in early afternoon trade. US interest rate news coupled with a strong night on Wall Street propelled the ASX to chart new territory.
The US Federal Reserve held interest rates on hold overnight, boosting confidence in a September rate cut.
At home, Australia’s trade surplus climbed in June, just short of $5.6 billion versus expectations of $5 billion.
The ASX200 dipped only slightly on release of the news as export prices fell 6% in Q2, and steelmaking exports dipped 13% including iron ore and coking coal.
Company News
DroneShield (ASX:DRO) has been down 14.5% after closing its $120 million capital raise, with domestic and international institutions picking up most of the stock. Fundsraised will be used to fund Artificial Intelligence R&D into new counterdrone products.
Droneshield has been trading at $1.19.
Invictus Energy (ASXIVZ) has dipped more than 2% after completing a $10 million USD placement with a vehicle in Zimbabwe. The funds raised will go towards a listing on the Victoria Falls Stock Exchange tomorrow.
Invictus Energy is swapping hands at 8.8 cents.
In agritech, Namoi Cotton (ASX:NAM) is up 6% on news it will be acquired by French conglomerate Louis Dreyfus Company BV (LDC), after the Australian Competition and Consumer Commission (ACCC) conditionally approved the deal.
The regulator was originally strongly opposed to the deal.
Namoi Cotton has been trading at 72 cents.
Finally, Cokal (ASX:CKA) is up 13% on news it has signed an agreement with Indonesian mining services firm Petrosea. The deal facilitates the ramp-up of production from Cokal’s metallurgical coal mine in Indonesia.
Cokal is swapping hands at 9.6 cents.
