S&P/ASX 200 falls 1.6% on rising US-China tensions

The ASX 200 gained 4.71% this week, making it a fifth consecutive weekly improvement, while also advancing for a second month in a row.

Alto Metals Ltd - S&P/ASX 200 falls 1.6% on rising US-China tensions
The materials sector was one of only four to see green at the end of the day

S&P/ASX 200 (INDEXASX:XJO) closed 1.6% lower at 5755.70 points today as renewed US-China tensions panicked local and overseas markets.

President Trump said on Thursday that he would hold a news conference ‘on China’ today. Even without any details, this announcement was enough to send markets tumbling.

Still, the ASX 200 gained 4.71% this week, making it a fifth consecutive weekly improvement, while also advancing for a second month in a row.

Materials gain

The financials sector led the losses as the big four gave back some of their weekly winnings.

Westpac (ASX:WBC) fell 6.36%, National Australia Bank (ASX:NAB) lost 5.22% and ANZ (ASX:ANZ) dropped 4.54%.

The materials sector was one of only four to see green at the end of the day. Andrew Forrest's Fortescue Metals (ASX:FMG) gained 2.81%.

Gold stocks are continuing their good run with Northern Star Resources (ASX:NST) gaining 7.64% and Newcrest Mining (ASX:NCM) rising 2.62%.

Proactive news headlines:

Alto Metals surges after fielding improved Goldsea takeover offer with price lifted to 7.5 cents

Alto Metals Ltd (ASX:AME) has traded at two-year highs after receiving an improved takeover offer from Goldsea Australia Mining Pty Ltd that lifts the offer price per share by more than 15% to 7.5 cents from 6.5 cents. The new offer made in a second supplementary bidder's statement also exceeds the 6.6 cents made in a proposal from Habrok (Alto) Pty Limited, although a formal offer for this has yet to be received.

FYI Resources on track to becoming major player in global HPA market

FYI Resources Ltd (ASX:FYI) managing director Roland Hill says that the company is on track to deliver its HPA development objectives and in becoming a major player in the global HPA market. In a presentation at the NWR Virtual Resources Conference this month, Hill said the company was spending time examining options to finance its future activities and development costs which include offtake, joint venture, cornerstone investor, project debt, equity and strategic investor.

Bellevue Gold’s maiden indicated resource expectations grow: Canaccord Genuity

Bellevue Gold Ltd’s (ASX:BGL) recent infill drilling at its namesake project in WA returned up to 1-metre at 1,169 g/t gold from 100 metres with the likelihood of boosting a mid-year resource upgrade at the project. While the 1-metre result was returned from Bellevue North, one of the peripheral lodes, there were also a host of ‘exceptional’ results from the Deacon lode, which accounts for 41,000 ounces at 12.3 g/t gold of the 2.2-million-ounce inferred resource.

THC Global establishes presence in growing cannabidol medicine market

THC Global Group Ltd's (ASX:THC) first Australian-produced medicinal cannabis product has been prescribed to an Australian patient, marking a new milestone for the wholly Australian sourced and produced medicine. The product is a full-spectrum cannabidiol (CBD) medicine and these are highly sought after by patients and prescribers as they include minor cannabinoids, terpenes and flavonoids that may provide different therapeutic outcomes for patients than CBD medicine formulated from isolate.

Trigg Mining to receive infrastructure boost for Lake Throssell SOP Project from road sealing

Trigg Mining Ltd (ASX:TMG) welcomes a WA State Government and Federal Government announcement of the sealing of a 41-kilometre section of the Great Central Road which will benefit the Lake Throssell Sulphate of Potash (SOP) project. This road is a key arterial route that runs from Leonora and Laverton towards Trigg's high-grade project and the $20 million road sealing contract will provide an infrastructure boost to the company.

Euro Manganese surges as it sets out on search for global partner

Euro Manganese Inc (ASX:EMN) (CVE:EMN) (FRA:E06) has launched a process with financial adviser Bacchus Capital Advisers (BCA) to secure a strategic partner to assist with development of Chvaletice Manganese Project in the Czech Republic. ASX shares have surged up to 50% to an intra-day high of A$0.125 cents and are up from 7.2 cents at close on May 8. The global search follows the company receiving expressions of interest from various parties to partner in the development of the important European waste recycling project.

Great Boulder Resources extends mineralisation at Winchester Nickel-Copper Sulphide Project

Great Boulder Resources Ltd (ASX:GBR) has extended sulphide mineralisation 80 metres down plunge at Winchester Copper-Nickel Sulphide Project with results of up to 4.4 metres at 0.8% copper, 4.7 g/t silver, 0.08% nickel and 0.01% cobalt from 201.86 metres. Four holes were drilled at the project, near Laverton in WA, as part of an Exploration Incentive Scheme (EIS) co-funded drilling program by the WA Government.

Anteris Technologies changes name from Admedus Ltd following shareholder approval

Anteris Technologies Ltd (ASX:AVR) has changed its name from Admedus Ltd (ASX:AHZ) following shareholder approval at the company's annual general meeting this month. Anteris is a structural heart company delivering clinically superior solutions that help healthcare professionals create life-changing outcomes for patients.

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