The ASX200 has been up around 0.6% of a percent at 8,198 points in early afternoon trade.
The labour day holiday in some states has seen the bourse trading in lower volumes, as investors continue to digest the unfolding conflict in the Middle East.
The sectors are a mixed bag, and both Financials and IT have been leading the market higher – both up 1.35%, followed by Materials up 0.65%.
Company News
Mining giant Rio Tinto (ASX:RIO) has been down 1.5% on news it has made a takeover approach to Arcadium Lithium (ASX:LTM). Rio has confirmed the potential acquisition, but has underscored there is no guarantee the takeover will go ahead. The company says it will update the market when appropriate.
Rio has been trading at $122.05 and Arcadium Lithium has been up 43% at $6.00.
Evolution Mining (ASX:EVN) has been down around 2% after broker Jefferies downgraded the gold miner to a hold rating. However, the broker lifted its price target by 6.4% to $5.00 amid broad weakness in the gold sector.
Evolution Mining has been $4.53.
Neuren Pharmaceuticals (ASX:NEU) has been up 2.3% after taking a step closer to FDA approval for its Phase 3 trial to treat children with Phelan-McDermid Syndrome (PMS).
Neuren Pharmaceuticals has been $14.37.