S&P/ASX 200 jumps 2.08%; RBA Governor says ‘Economy is doing better than earlier feared’

Global markets gained along with rising investor optimism as economies reopen and begin the post lockdown economic recovery.

Archer Materials Ltd - S&P/ASX 200 jumps 2.08%; RBA Governor says ‘Economy is doing better than earlier feared’
Financials are leading the charge on the ASX

S&P/ASX 200 (INDEXASX:XJO) surged 120 points or 2.08% to 5895 at 12.51 PM making it the third day this week with a gain in triple digits.

The benchmark index breached the 5,900 point barrier following a strong session on Wall Street with the Dow Jones Industrial Average (INDEXDJX:.DJ) climbing 2.2%.

Global markets gained along with rising investor optimism as economies reopen and begin the post lockdown economic recovery.

Reserve Bank governor Philip Lowe said today the hit to the economy from the coronavirus pandemic was not as bad as first feared.

Financials leading the charge

On the ASX, gains were across the board with every sector advancing.

Financials are leading the charge with the big four banks continue to gain ground.

ANZ Bank (ASX:ANZ) has gained the most with a 6.8% rise. National Bank (ASX:NAB) is following closely with 6.6%. Commonwealth Bank (ASX:CBA) is up 4%.

Top gainers on the ASX today include Cape Lambert Resources Limited (ASX:CFE) (+50.00%), Cardiex Ltd (ASX:CDX) (+13.64%), Lake Resources N.L. (ASX:LKE) (+11.43%), Xtek Ltd (ASX:XTE) (+11.50%), Paradigm Biopharmaceuticals Ltd (ASX:PAR) (+10.82%), Ansila Energy NL (ASX:ANA) (+33.33%), Bryah Resources Ltd (ASX:BYH) (+13.46%) and Highfield Resources Ltd (ASX:HFR) (+11.90%).

Proactive news headlines:

Cassini Resources at 12-month high after intersecting nickel-copper-sulphide in first Yarrawindah Brook holes

Cassini Resources Ltd (ASX:CZI) has intersected nickel-copper sulphide in the first two drill holes at Yarrawindah Brook Project 100 kilometres northeast of Perth, Western Australia. The first two drill holes of a diamond drilling program at Ovis and Ovis down-plunge extension prospects have been completed and a third hole, testing a new electromagnetic (EM) anomaly 1 kilometre along strike to the north of Ovis, is in progress. Cassini believes the intersections are ‘visually encouraging’ having intersected nickel-copper sulphide over a 10-metre zone in hole YAD0010 at Ovis.

Mako Gold's strongly supported placement raises A$3.25 million to fund Napié gold exploration

Mako Gold Ltd (ASX:MKG) has received binding commitments for a two tranche placement to raise A$3.25 million before costs, funding further exploration at the Napié Gold Project in Côte d’Ivoire, West Africa. The placement was strongly supported by existing shareholders and introduced several new, high-quality domestic and international investors to the Mako share register, further validating the Napié project and Mako’s tier-1 exploration team. A strong indication of the demand came with the receipt of firm commitments for in excess of A$6.4 million.

Chase Mining raising up to A$1.396 million with aim of extending Canadian drill plans

Chase Mining Corporation Ltd (ASX:CML) has embarked on a capital raising exercise to boost its bank balance by up to A$1.396 million to allow for additional drilling at its highly prospective Canadian projects. The company has received firm and binding commitments from sophisticated and professional investors to raise A$646,756 in a private placement.

Archer Materials raising up to $3 million to accelerate work programs

Archer Materials Ltd (ASX:AXE) is offering shareholders an opportunity to participate in a share purchase plan (SPP) to raise up to $3 million at an issue price of 60 cents per share. Funds raised will be used to accelerate work programs in the advanced materials and mineral exploration business components as well as to start hiring additional staff to do this work.

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