S&P/ASX 200 (INDEXASX:XJO) dived 0.82% to 5907 even as Australia's unemployment rate dropped to 6.8% in August, an improvement from the previous month.
This was a positive surprise as most experts were predicting a rise from the 7.5% unemployment rate in July due to stricter measures to limit the spread of COVID-19 weighing on businesses, particularly in Victoria.
Iron ore price drops
The ASX fell at open today after Wall Street pulled back overnight as the US Fed vowed to keep interest rates near zero until at least 2023 to help core inflation reach 2% on a sustained basis.
Iron ore prices took a hit overnight, dropping 3.4% to $US124.20 a tonne.
New COVID-19 infections appear to be dropping in Victoria with just 28 new cases picked up in the last 24 hours, but unfortunately, there have been a further eight deaths added to the state’s tally.
Five new cases of COVID-19 were diagnosed in New South Wales, bringing the total number of cases in the state to 4001.
India’s total COVID-19 cases passed a grim milestone of 5 million on Wednesday, with its latest million cases recorded in just 11 days. Only the US has more number of cases, with 6.59 million.
Today’s top gainers on the ASX include Opyl Ltd (ASX:OPL) (+8.57%), Australian Strategic Materials (ASX:ASM) (+8.13%), Lake Resources N.L. (ASX:LKE) (+14.58%), Element 25 Ltd (ASX:E25) (+8.73%), Artemis Resources Ltd (ASX:ARV) (+11.69%), Piedmont Lithium Ltd (ASX:PLL) (+10.00%) and Cauldron Energy Ltd(ASX:CXU) (+10.00%).
Proactive news headlines:
Predictive Discovery strengthens Guinea gold landholding with new permits
Predictive Discovery Ltd (ASX:PDI) is strengthening its landholding within the prolific Siguiri Basin in Guinea with the acquisition of Argo exploration permit and granting of the Bokoro exploration permit.
Mako Gold extends gold mineralisation 250 metres along strike at Tchaga in Côte d’Ivoire
Mako Gold Ltd (ASX:MKG) has extended gold mineralisation 250 metres along strike at Tchaga prospect within the Napié Gold Project in Côte d’Ivoire where reverse circulation and diamond drilling is ongoing.
Carnarvon Petroleum vastly improves confidence in targets near Dorado oil & gas discovery
Carnarvon Petroleum Limited’s (ASX:CVN) interpretation of new 3D seismic data has provided a higher level of confidence over the Apus, Petrus and Kepler targets near the Dorado discovery within the Bedout sub-basin on Western Australia’s North West Shelf.
Highfield Resources granted high voltage power supply authorisation for Muga Potash Project
Highfield Resources Ltd (ASX:HFR) has been granted administrative authorisation for construction of key sections of the high voltage electrical supply line needed to build its Muga Potash Mine in Spain.
Orthocell at forefront of growing market opportunity in regenerative musculoskeletal treatment
Auroch Minerals leveraged to nickel super-cycle of growing export volumes and recovering prices
Auroch Minerals Ltd (ASX:AOU) is leveraged to the expected nickel super-cycle with Australia’s nickel export earnings forecast to strengthen on the back of growing export volumes and recovering prices.
GTI Resources progressing fast to maiden gold drilling at Niagara Gold Project in Western Australia
GTI Resources Ltd (ASX:GTR) is moving fast towards its maiden gold drilling at Niagara Gold Project, southwest of Kookynie in Western Australia, with the company on track for September and October drilling.