S&P/ASX 200 edges 0.29% lower at mid-day but set to post fourth straight weekly gain

Wesfarmers has completed the first phase of its Target review and will convert a number of Target and Target Country stores to Kmart stores.

Archer Materials Ltd - S&P/ASX 200 edges 0.29% lower at mid-day but set to post fourth straight weekly gain
Syrah Resources is up 7% as the graphite miner holds its virtual AGM

S&P/ASX 200 (INDEXASX:XJO) index is down 0.29% to 5,534 at 12.42PM, but the benchmark is set to record gains of over 2% for the week and is on track to post a fourth straight weekly gain.

The index edged lower today morning as escalating US-China tensions outweighed hopes of a speedy recovery for the global economy from coronavirus-led lockdowns.

President Donald Trump warned that Washington would react very strongly if China imposed national security laws on Hong Kong.

Mining stocks gains

Syrah Resources Ltd (ASX:SYR) is up 7% as the graphite miner holds its virtual AGM.

Although Syrah has experienced short term headwinds, it expects significant demand growth for graphite over the longer term as a key component in lithium-ion batteries for electric vehicles.

Today’s top gainers on the ASX include Great Southern Mining Ltd (ASX:GSN) (+13.33%), Engage:BDR Ltd (ASX:EN1) (+10.00%), Kingston Resources Ltd (ASX:KSN) (+11.76%), Whitebark Energy Ltd (ASX:WBE) (+25.00%), Predictive Discovery Ltd (ASX:PDI) (+31.08%), Chase Mining Corporation Ltd (ASX:CML) (+30.77%), Bryah Resources Ltd (ASX:BYH) (+42.86%), Archer Materials Ltd (ASX:AXE) (+15.56%) and European Lithium Ltd (ASX:EUR) (+12.00%).

Proactive news headlines

Bryah Resources surges on discovery of potential direct shipping grade manganese

Bryah Resources Ltd (ASX:BYH) has discovered a new high-grade manganese zone at the Bryah Basin joint venture project in central WA with the grades supporting a near-term direct shipping production strategy. A recent reverse circulation (RC) drilling program has intersected potential direct shipping grades of greater than 30% manganese at shallow depths at the Brumby Creek prospect.

Lithium Australia subsidiary Envirostream trials use of recycled battery products in fertilisers

Lithium Australia NL’s (ASX:LIT) recycling division Envirostream Australia is targeting new markets for its battery products, with the low-value spent alkaline batteries potentially providing micro nutrients for commercial crops. Initial pot trials undertaken in controlled greenhouse conditions indicated that the Envirostream product has potential as a source of micronutrients in fertilisers.

K2fly raises $1.7 million through exercise of listed options

K2fly Ltd (ASX:K2F) has raised $1.719 million from the exercise of 8,596,096 options at 20 cents per option, representing an exercise of 65% of the total options on issue. A total of 3,333,906 listed options have been exercised by option holders between March 2020 and May 2020. In addition, a further 5,262,190 options will be subscribed for in accordance with the terms of an underwriting agreement.

St George Mining begins major Mt Alexander drill campaign testing nickel-copper sulphide targets

St George Mining Ltd (ASX:SGQ) has started a reverse circulation (RC) drilling program at Fish Hook prospect to test nickel-copper sulphide targets at Mt Alexander Project in the north-eastern Goldfields of Western Australia. This marks the first-ever drilling at Fish Hook with targets including a large nickel-copper soil anomaly as well as coincident electromagnetic (EM) and magnetic anomalies.

Argosy Minerals maiden trial cargo of high-quality lithium carbonate product ready for shipment

Argosy Minerals Limited (ASX:AGY) maiden five-tonne preliminary trial cargo of high-quality lithium carbonate product from the Rincon Lithium Project is scheduled for shipment next week. The product with greater than 99.5% purity has been prepared at the industrial-scale pilot plant and delivered to port.

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