The materials sector soared over 2% at midday Friday after iron ore futures in Singapore jumped 1.4% to $94.65 per tonne.
On Wall Street, the S&P 500 was just 0.05% below its all-time closing high. The Nasdaq rose 1% and the Dow Jones Industrial Average climbed almost 1%.
New World Resources (ASX:NWC), shares of which surged over 10% in recent trading, said that Central Asia Metals proposed an increase to the cash consideration payable under its takeover offer and scheme of arrangement for the company to AU$0.062 per New World share from AU$0.055. Central Asia Metals bought around 253 million New World shares after market close on Thursday, or around a 7.1% stake, at AU$0.062 per New World share. Following the purchase, Central Asia Metals owns a stake of around 12.1% in the firm.
On the flip side, the healthcare sector struggled, shedding more than 1%.
PYC Therapeutics (ASX:PYC) said it is developing a drug candidate, PYC-002, for Phelan-McDermid Syndrome, a neurodevelopmental disorder, and the program is expected to advance into clinical trials in around 12 months' time. It is currently progressing through the final pharmacokinetic and dose-range finding studies.
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