Australian shares have set a new record high today, with the ASX200 reaching 7,969 points in the late morning before trading sideways during the afternoon. The benchmark index is on track to end the week more than 1.7% higher.
Today’s gains follows reports overnight of falling US inflation that’s fuelled speculation that the Federal Reserve will cut interest rates in September.
The Commonwealth Bank set a new high for a second day in a row to surpass BHP (ASX:BHP) as the most valuable company on the ASX with a market cap of more than $220 billion.
The bank was trading at $131.70, while BHP hit an eight-day low of $43.10, benefiting from a recent strong Australian dollar.
Citi equity strategist Liz Dinh said: "With the banks sector, historical performance has not been due to high USD exposure but our analysts offer the view that when the AUD rallies, money flows into Australia and the bank stocks due to their interest rate exposure.”
Meanwhile, BHP is making headlines after confirming its decision to temporarily suspend its Nickel West operations from October this year.
Glencore (LON:GLEN) is also closely monitoring the nickel market and considering shutting operations at its Murrin Murrin operations as it faces a structural change causing downward pressure on prices.
"The increasing volumes of alternative low cost nickel supply coming out of Asia has led to structural changes in the global nickel market and downward pressure on nickel prices,” said a Glencore spokesperson.
"We will continue to closely monitor the situation and our Murrin Murrin operations in the context of the current market environment."
Glencore and IGO Limited (ASX:IGO), which supplies BHP, are the last of Australia’s nickel producers amid a glut of supply from Chinese-backed producers in Indonesia.
Bioshares Biotech Summit on now
The 18th Bioshares Biotech Summit began today in Fremantle, with Western Australia providing biotech companies with the opportunity to access new retail and institutional investors in WA, and to build closer links with the state’s active biotech industry, which enjoys strong support from the WA State Government.
"This is a very exciting time to be involved with WA's health and medical life sciences sector as we strive and work towards making our state a global centre for medical research, innovation, investment and impact," Acting Medical Research and Innovation and the Digital Economy Minister Paul Papalia said.
"The Cook Government is committed to investing in biotech to help our local industry to grow and support WA companies in solving some of the world's most challenging health and medical issues."
Race Oncology Ltd (ASX:RAC, OTC:RAONF) is one presenter that is helping to solve these issues. Race executive director Dr Pete Smith will present from 5.30 to 5.50pm WST today as part of Session 4: Repurposing Existing Pharmaceuticals. Dr Smith is expected to underscore the importance of cardiovascular toxicity caused by oncology therapies and how it affects patients’ lives post treatment.
Dr Smith will also discuss the clinical history of Race’s lead asset bisantrene, the development of the new RC220 bisantrene formulation and Race’s clinical plans for RC220 bisantrene.
Day one included presentations on new opportunities from Neuren Pharmaceuticals, Cyclopharm, EBR Systems, Aroa Biosurgery, Cosgate, Clinuvel Pharmaceuticals (ASX:CUV) and RoseRx.
Also included was a discussion on finding the next blockbuster drug, featuring presenters from Dimerix, Cynata Therapeutics, Amplia Therapeutics Ltd (ASX:ATX) and PYC Therapeutics.
Day one will end with a discussion about repurposing existing pharmaceuticals and will include Island Pharmaceuticals Ltd, Race Oncology Ltd (ASX:RAC, OTC:RAONF) and Paradigm Biopharmaceuticals.
Day two will focus on new kids on the block, diagnostics and different ways to treat diseases. It will close with an investment panel discussing whether positive sentiment has returned to the global biotech sector and if so how long will it last, the global trends in biotech and best picks.
Presentations to look forward to will come from Genetic Technologies Ltd, Orthocell Ltd (ASX:OCC, OTC:ORHHF), Syntara Ltd (ASX:SNT), Chimeric Therapeutics Ltd (ASX:CHM), LBT Innovations Ltd, Acrux (ASX:ACR) Ltd, Argenica Ltd, Microba Lifesciences Ltd, Tryptamine Therapeutics and more.
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