S&P/ASX 200 seesaws between gains and losses as iron price rises

S&P/ASX 200 (INDEXASX:XJO) slipped 0.037% to 7058 points by 1.12 pm after moving between narrow gains and losses in the morning session. Fortescue Metals (ASX:FMG) rose 2.6% to $22.25 after iron ore prices lifted on Friday. The bulk metal price advanced 1.4% to US$186.25 a tonne to remain near historic highs. Inflation outlook A potential market-moving event on Wednesday is the release of Australia’s quarterly consumer price index. The inflation outlook is a key component of the central bank’s decision whether or not to raise the cash rate. Analysts polled by Bloomberg expect headline inflation to be around 0.9%, which is well below the RBA's target range of 2% -3%.  Australia’s quarterly earnings season has entered its last week with highlights expected from South32 and Northern Star (Tuesday); Coles (Wednesday); and Fortescue Metals and Newcrest (Thursday) among others. Top gainers Today’s top gainers on the ASX include Alta Zinc Ltd (ASX:AZI) (+16.67), Black Dragon Gold Corp. CDI (ASX:BDG) (+10.45%), Elementos Limited (ASX:ELT) (+14.29%), GTI Resources Ltd (ASX:GTR) (+14.29%), Kneomedia Ltd (ASX:KNM) (+10.00%), Tempus Resources Ltd (ASX:TMR) (+24.24%) and Venture Minerals Limited (ASX:VMS) (+19.72%). Proactive news headlines: Aurumin has RC drill spinning at Mt Palmer historical high-grade gold mine Aurumin Ltd (ASX:AUN) has started reverse circulation (RC) drilling at its 100%-owned Mt Palmer Project, about 40 kilometres east-southeast of Southern Cross in Western Australia’s Goldfields. Kazia Therapeutics’ EVT801 deal secures price target of A$2.60 from Corporate Connect and BUY rating from HC Wainwright Kazia Therapeutics Ltd (ASX:KZA) (NASDAQ:KZIA) (FRA:NV9) recently announced an agreement with Evotec SE (FRA:EVT) to in-license the global rights to EVT801, a novel inhibitor of vascular endothelial growth factor receptor 3 (VEGFR3). Australian Strategic Materials directors show confidence in metals technology strategy by entitlement offer participation Australian Strategic Materials Ltd (ASX:ASM) directors have demonstrated their confidence in the company’s rare earth metals technology strategy by participating in a one for 14 pro-rata non-renounceable entitlement offer. Fe Limited closer to production at JWD Iron Ore Project Fe Limited (ASX:FEL) is progressing its JWD West Wiluna Iron Ore Project in Western Australia, having begun work this week to refurbish offices and other infrastructure at the existing exploration camp with the goal to begin early site works by the end of the month. Paradigm Biopharmaceuticals progresses IND application with US FDA for knee OA treatment Paradigm Biopharmaceuticals Ltd (ASX:PAR) is making headway with its investigational new drug (IND) application for its proposed pivotal clinical trial treating subjects with Zilosul® for pain associated with knee osteoarthritis (OA). Fenix Resources makes strong start as iron ore producer with shipments totalling 220,000 tonnes Fenix Resources Ltd (ASX:FEX) shipped a total of 220,000 tonnes of iron ore from the Iron Ridge Project at an average price of US$156/tonne during the March quarter with the ramp-up now complete. Matador Mining listing on multiple international platforms Matador Mining Ltd (ASX:MZZ) (FRA:MA3) is seeking to broaden its investor base by listing on multiple international platforms to complement its Australian Securities Exchange listing.