ASX Preview: Australian Shares to Rise as Oil Climbs on US-Iran Tensions; Ramelius Resources to Sell Western Australia Gold Hub to Forrestania for AU$300 Million

MT Newswires Live

Jun 29

Australian shares are poised to rise on Monday, tracking firmer oil prices after renewed US-Iran strikes and escalating tensions in the Middle East disrupted shipping through the Strait of Hormuz and prompted traders to reassess the risk of supply constraints.

On June 26, the S&P 500 and the Dow Jones Industrial Average each fell 0.1%, while the Nasdaq Composite declined 0.2%.

In the macroeconomy, investors are eyeing the Reserve Bank of Australia's June monetary policy board meeting minutes on Tuesday.

In corporate news, Ramelius Resources (ASX:RMS) agreed to sell its Edna May Gold Hub, including processing infrastructure and surrounding satellite tenements, to Forrestania Resources (ASX:FRS) for AU$300 million under a binding share and asset purchase agreement.

Greatland Gold (ASX:GGP) said its group ore reserve estimate grew 62% to 5 million ounces.

Australia's benchmark index rose 0.2% or 15.5 points to close at 8,764.20 on June 26.

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