Energy stocks soared nearly 3% at midday Monday, with Brent crude edging 0.1% higher. US stock futures rose after officials from the US and China said trade talks between the two countries had been constructive and that they agreed to establish a new consultation mechanism for trade and economic issues.

Elixir Energy (ASX:EXR) launched a comprehensive three-phase strategic plan focused on advancing its position in Queensland's Taroom trough in the Brown basin, under which it aims to begin gas production and convert over 150 billion cubic feet of 2C resources into 2P reserves by the end of 2027.

On the flip side, the utilities sector struggled, falling almost 1%, as the sector was hit by profit-taking. US President Donald Trump said he would sign an executive order to cut medicine prices to the level paid by other high-income countries.

Orthocell (ASX:OCC) received a license from the Hong Kong Department of Health's Medical Device Division for its nerve collagen wrap product, Remplir. The company intends to appoint a local on-the-ground specialist distributor to drive sales in Hong Kong.