The Australian sharemarket has rebounded over 1 per cent, set to snap a seven-day losing streak led by big banks and resource stocks. The SPI futures are pointing to a rise of 56 points.
Investors are relieved after learning that RBA governor Philip Lowe said in his speech that he does not see a local recession, dampening the prospect of a 75 basis point hike in July.
The relief-rally has seen the ASX 200 continue to march higher with 8 winners to 3 losers. Energy stocks is the best performer, up 3 per cent while healthcare, utilities and property are the worst.
In company news, ResApp’s (ASX:RAP) tool which aims to diagnose Covid-19 through the sound of a cough didn’t reach the sensitivity results from its pilot study in March this year. ResApp’s share price is lower because the data is below the minimum thresholds required for Pfizer’s reviewed take-over bid. As a result, the take-over price offered by Pfizer is set to be reduced to 14.6 cents from 20.7 cents. Shares are lower by 28.6 per cent to 13 cents.
Radiopharm Theranostics (ASX:RAD), a developer of products for cancer treatment has appointed Dr Susann Brady-Kalnay to the company’s scientific advisory board. Shares are trading flat at 14 cents.
Reece Pharmaceuticals (ASX:RCE), the developer of synthetic anti-infectives has unveiled that its 327 candidate has a good safety and tolerability profile among 10 healthy male subjects. The phase 1 clinical trial on its sixth cohort was dosed at an 80-fold increase on the first cohort’s. Share surged 23.9 per cent to 70 cents.