AU Morning Wrap: ASX Rises; PolyNovo Jumps Over 16%

U.S. stocks edged up Tuesday as the $S&P 500 Index(.SPX.US)$ and Nasdaq Composite each clinched fresh closing highs for the year.

The broad stock-market benchmark gained 0.2%, reaching its highest close since last August. The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ rose 0.4% to close at its highest level since April 2022. The $Dow Jones Industrial Average(.DJI.US)$ ticked up less than 0.1%.

The $S&P/ASX 200(.XJO.AU)$ rose 0.4 per cent, or 28.8 points to 7158.4 at market open led buoyed by gains in mining stocks.

$BHP Group Ltd(BHP.AU)$ was among the best performing large caps, its shares rallied 1.3 per cent. $Fortescue Ltd(FMG.AU)$ added 1.3 per cent. $Mineral Resources Ltd(MIN.AU)$ surged 1.7 per cent.

The technology sector also recorded gains, $Xero Ltd(XRO.AU)$ shares were up 1.1 per cent. $WiseTech Global Ltd(WTC.AU)$ added 0.3 per cent. Iress rose 1.9 cent. $Weebit Nano Ltd(WBT.AU)$ surged 3.6 per cent.

Energy stocks were the worst performing. $Beach Energy Ltd(BPT.AU)$ shares dropped 5.7 per cent. $Viva Energy Group Ltd(VEA.AU)$ shed 1.6 per cent after it flagged a loss of up to $35 million per month following an accident involving a crane and damage to a compressor at its Geelong Refinery on Tuesday. $Woodside Energy Group Ltd(WDS.AU)$ lost 0.7 per cent.

$Polynovo Ltd(PNV.AU)$ jumped 16.5 per cent after it was tipped to post an upbeat trading update on Wednesday and boast of more traction in the US market.

$Polynovo Ltd(PNV.AU)$: Burns treatment specialist PolyNovo posted a record monthly sale of $7.2 million in May, led by $5.2 million in the United States. It notes sales in Canada, Hong Kong, India were encouraging and received its first order from the Middle East.

$Champion Iron Ltd(CIA.AU)$: Champion Iron expects "material" delays in sales of its iron ore produced due to the interruption of the railway used to transport high-purity iron ore concentrate from its Bloom Lame mine to the port of Sept-Iles following severe forest fires in the province of Quebec.

$Novonix(NVX.AU)$: Tech company Novonix signed an agreement with LG Energy Solution for a joint research and development of artificial graphite anode material for lithium-ion batteries.

$Viva Energy Group Ltd(VEA.AU)$: Viva Energy Group flagged a loss of up to $35 million per month following a contractor crane accident and damage to a compressor at its Geelong Refinery on Tuesday.