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The market is tracking higher in midday trade, up nearly 0.5 per cent.
Economists from the Commonwealth Bank of Australia (CAB) have forecast the chances of Australia going into recession this year are sitting at 50 per cent.
Seven out of 11 sectors are making gains.
Pharmaceutical company Imugene (IMU), has jumped 7.5 per cent after revealing its ready to kick off the fourth stage of a trial evaluating its advanced solid tumour fighting drug.
The fourth stage will see patients dosed with the VAXINIA virus as well as in combination with another drug. The company last traded at 10 cents.
Buy-now-pay-later company, Zip Co (ZIP) is up slightly, after announcing the completion of a $24.7 million equity placement.
The funds were raised through Institutional investors, as part of a liability management exercise to reduce debt and increase value to shareholders. ZIP has gained 2.4 per cent trading at 51.8 cents.
Starpharma’s (SPL) CEO, Jackie Fairely will step down after 16 years at the helm.
The biopharmaceutical company reported that during her tenure, Dr Fairley “transformed” Starpharma from a startup to a “mature organisation.”
Dr Fairley intends to depart during 2024. Company shares were up 1.3 per cent, trading at 37.5 cents.
Car subscription company, Carly Holdings (CL8) has tapped investors for $1.6 million dollars to accelerate business growth.
The oversubscribed placement will see 64 million shares issued at 2.5 cents each, with funds to go towards advancing its electric vehicle strategy. Shares were down 6 per cent, trading at 3.1 cents.
Drug Development company, Nyrada (NYR) has identified a new drug candidate to clinically develop, to support traumatic brain injury survivors.
The drug has a better safety profile and higher potency than a previously drug the company was researching; and will soon progress to preclinical studies.
Company shares were up 11.4 per cent, trading at 8.8 cents.
And exploration company Blaze Minerals (BLZ) will be expanding its North Spirit lithium project in Ontario Canada.
The company has acquired more than 2,500 additional hectares. Blaze shares climbed 10 per cent, trading at 2.2 cents.
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