Materials stocks rose almost 2% at midday Wednesday, leading a rally on the Australian bourse. Higher iron ore prices buoyed mining stocks after China announced retaliatory tariffs on US goods.
Rio Tinto Group (ASX:RIO) is grappling with further iron ore shipment delays after Cyclones Taliah and Vince caused high seas off its Western Australian ports, according to multiple media reports, citing a company spokesperson. The company moved iron ore ships from Cape Lambert and Dampier ports to avoid dangerous wave conditions.
On the flip side, healthcare was the only sector trading in the red, shedding a little over 1%.
BlinkLab (ASX:BB1) said PriMED Clinical Research in Ohio became the first site to join the initial phase of the firm's US-based autism diagnostic registrational trial. Its shares rose 10% in recent trading.
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