Daily Special: Chilwa Minerals, DXN, Maggie Beer

Australian shares rebounded at midday, with the S&P/ASX 200 rising 0.4% to 8,771.5 at 12:07pm AEST after weaker-than-expected economic growth data strengthened expectations that the Reserve Bank may leave interest rates unchanged this month. Australia’s economy expanded at a slower pace than forecast, prompting markets to slightly scale back expectations for further monetary tightening. Investors also continued to monitor developments in the Middle East as uncertainty remained around the durability of a ceasefire and prospects for a broader diplomatic agreement. Energy and materials stocks led the market higher as Brent crude climbed to around US$97 a barrel and copper prices continued to strengthen. Santos advanced 1.1%, BHP reached a fresh record high and Rio Tinto gained 2%. In contrast, technology and healthcare stocks were among the weakest sectors, while financials were broadly flat. Commonwealth Bank, Westpac and ANZ posted modest gains, although National Australia Bank edged lower.

Chilwa Minerals (ASX: CHW) has identified a new heavy mineral sands target at Mpyupyu West in southern Malawi, with reconnaissance sampling and interpreted geophysics supporting the commencement of sonic drilling across the prospect. The newly defined target covers about 5 square kilometres and sits close to the company’s existing Mpyupyu Dune and Flats deposits, as well as its Nakombe rare earths and niobium discovery. Resource drilling has now resumed following the wet season, with two sonic rigs active across the project area. The company said Mpyupyu West has the potential to significantly expand its mineral sands footprint and could ultimately link with existing deposits along the western and northern shores of Lake Chilwa. Chilwa is also advancing an updated Mineral Resource Estimate for the Mpyupyu deposits and progressing a scoping study covering its broader heavy mineral sands portfolio. Click here for the full announcement.

DXN (ASX: DXN) has signed an $8.8 million contract with a US-based neo-cloud operator to design, manufacture and commission a 1.36-megawatt AI high-performance computing modular data centre. The project represents DXN’s first major contract in the AI HPC market and will be delivered from its Western Australian manufacturing facility before deployment at the customer’s US site within six months. The contract is structured as a proof-of-concept deployment, with DXN estimating a potential follow-on revenue opportunity exceeding US$200 million if the project is successfully completed. The company said growing demand for AI computing infrastructure and rapid deployment requirements are driving increased interest in modular data centre solutions.

Maggie Beer Holdings (ASX: MBH) has received a non-binding indicative offer to sell its Hampers and Gifts Australia business for up to $10 million. The proposal includes an upfront cash payment of $8 million and a potential additional $2 million earn-out linked to future business performance. The offer follows a strategic review announced earlier this year. The company said the board currently intends to recommend the transaction to shareholders if a binding agreement is reached and no superior proposal emerges. Maggie Beer said the potential sale would strengthen its balance sheet and provide greater flexibility to pursue growth opportunities within its core FMCG division.