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The ASX is tracking higher following the signing of the US debt ceiling deal.
The Senate passed the bill, averting a catastrophic default, which was subsequently signed into law by President Joe Biden.
Back on home soil, the sectors also rallied, with all but technology in the green. Consumer stocks came out on top, trading nearly 2 per cent higher at midday.
Amongst the gainers was retail giant, Myer (MYR), which saw a boost to its shares after announcing the retirement of its CEO and Managing Director, John King.
Mr King has been with Myer for five years and will step down in the second half of 2024. A search for his replacement is now underway. The company was last trading at 67.8 cents.
Healthcare stocks were also on the rise. Doctor Care Anywhere Group (DOC) announced the sale of its Australian subsidiary, GP2U Telehealth, for $3 million.
The company reported the sale formed part of the company’s vision to focus on its UK growth moving forward. Doctor Care was last trading at 4.9 cents.
Meanwhile, fellow health stock Starpharma (SPL) has secured regulatory approval for its antiviral nasal spray, VIRALEZE, in Malaysia.
The registration of VIRALEZE in Malaysia will allow Starpharma and its commercial partners to sell the product throughout the country, targeting a population of over 33 million.
The company’s spray registrations now span more than 35 countries, including Europe and the UK. The company was trading at 38.5 cents.
Turning to the materials sector, and Magnum Mining and Exploration (MGU) has climbed nearly 4 per cent. The company has wrapped up an extensive outcrop sampling campaign of massive magnetite outcrops at its Buena Vista iron project in Nevada.
Magnum collected 32 samples, which have been sent to the lab for full analysis. The company was trading at 2.7 cents.
Voltaic Strategic Resources (VSR) has jumped 7 per cent after launching a phase two drilling campaign at its Ti Tree lithium project in Western Australia’s Gascoyne region.
The program will include up to 30 holes drilled for around 3000 metres, targeting lithium-caesium-tantalum pegmatites. VSR was trading at 9.2 cents.
And finally, Dreadnought Resources (DRE) has appointed Debbie Fullarton as its Chief Financial Officer.
Ms Fullerton will begin in her new role from June 12. Dreadnought gained 6 per cent on the news, to 5.4 cents.
