ASX 200 (XJO) builds on 6,000 point milestone

The ASX 200 (ASX: XJO) has risen by almost 1% as it consolidates above the 6,000 point level which it hadn’t seen for almost a month after reaching it again yesterday.

What’s happening on the ASX?

At the top of the ASX 200 board is Cochlear (ASX: COH). The Cochlear share price is up 6%.

The hearing device business has obtained US Food and Drug Administration (FDA) approval for four new products.

Those products are: Nucleus Kanso 2 Sound Processor, Nucleus 7 Sound Processor for Nucleus 22 implant recipients, Custom Sound Pro fitting software and the Nucleus SmartNav system.

These four new products will be commercially released in the US and Western Europe in the next few months, subject to local approvals.

The Nucleus Kanso 2 Sound Processor is reportedly the world’s smallest off-the-ear cochlear implant sound processor with proven hearing performance technologies. The Nucleus SmartNav helps supports surgeons in optimising electrode placement during cochlear implant surgery.

Rio Tinto (ASX: RIO) share price drops

Rio Tinto shares are down 0.4% after making an announcement about a mine.

The Oyu Tolgoi mine has completed its updated feasibility study and is going to submit that to the Mongolian Government. It includes a new mine design for Panel 0 of the Hugo Dummett North underground mine at Oyu Tolgoi.

The new design also confirms that the caving method of mining remains valid and that the underground schedule and costs remain within the ranges previously disclosed.

The ranges include a delay of 21 to 29 months for sustainable production compared to the initial study in 2016 and an increase of $1.3 billion to $1.8 billion on the original $5.3 billion development capital. Detailed work is ongoing to support the definitive estimate to develop the orebody, which remains due in the second half of 2020. COVID-19 may also cause delays in increased costs.

Pointsbet (ASX: PBH) wins a MLB team

The betting business has announced a multi-year deal to become a gaming partner of the Detroit Tigers MLB team.

Sports betting was legalised in Michigan in 2019. This is the first sports betting partnership for a professional sports team within Michigan and is also the first for any MLB franchise. The deal begins for the upcoming 2020 Tigers season.

Pointsbet will have television broadcast-visible branding at Comerica Park and will also be on Detroit Tigers Radio Network. Pointsbet will also have a sponsored presence on digital platforms.

This deal is possible because Pointsbet was recently designated as an authorised gaming operator of the MLB.

The Pointsbet share price is up almost 7% in reaction.

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