TMH Market Close: ASX closes higher on US debt ceiling bill

The ASX 200 finished the day higher, up 0.2 per cent at 7,110.8 points, after the United States’ house of representatives passed a bill to suspend the $31.4 trillion debt ceiling until 2025.

Asian markets also fared well, with the Nikkei gaining 0.8 per cent.

In the Green

Clean energy storage company, Redflow (RFX) closed the day 35.1 per cent higher after revealing it will supply 2,000 batteries for an energy project in California, in its biggest single sale to date.

The $18.4 million dollar project will supply energy to a Native American nation and is being funded by the California Energy Commission.

Meanwhile, trucking and freight company, K&S corporation (KSC) gained 18 per cent.

The company has been tracking up since May 30, when it updated its profit guidance to nearly $20 million more than last year, at $43 million.

And Uranium miner Paladin Energy (PDN) also had a win today, gaining 11 per cent after dismissing rumours the Namibian Government was planning on buying a minority interest in mining companies in Namibia.

Paladin holds a 75 per cent stake in the Langer Heinrich Mine in the country.

In the Red

Clinical stage immuno-oncology company, Imugene (IMU) failed to impress investors with an update on its PD1 VAXX trial.

Imugene reported it had dosed the first combination patient in the trial which is testing the safety and efficacy of the drug on its own or in combination, on patients with non-small cell lung cancer. Company shares dropped 9.09 per cent to trade at 10 cents.

And pharmaceutical company, Zelira Therapeutics (ZLD), began its decent back to earth after its whopping gain of nearly 225 per cent yesterday.

The company reported its cannabinoid diabetic nerve pain treatment outperformed a pharmaceutical giant’s multi-billion-dollar drug in a clinical trial. Today, it dropped 24.6 per cent to settle at $2.30.