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S&P/ASX 200 runs out of steam but adds to the week’s gain of 1.6%

Retailers Adairs and Nick Scali rallied as both retailers provided positive sales updates.

Australian Mines Ltd - S&P/ASX 200 runs out of steam but adds to the week’s gain of 1.6%
Australian retail sales jumped by a record 16.3% in May

S&P/ASX 200 (INDEXASX:XJO) failed to hold onto its early gain of 1.1% by closing 6 points or 0.1% higher at 5,942 47.

Today’s small rise added to the week’s advance of 1.6% but fell short of regaining the 2.5% loss from the week before.

Three of the four major banks ended the day in the red, with ANZ Bank (ASX:ANZ) down 1.7%.

Major miners BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) weighed in with declines of 1.91% and 1.36% respectively.

Top gainers

Top gainers on the ASX today include 9 Spokes International Ltd (ASX:9SP) (+25.00%), Moho Resources Ltd (ASX:MOH) (+14.29%), Ioneer Ltd (ASX:INR) (+9.52%) and Archtis Ltd (ASX:AR9) (+48.21%).

Proactive news headlines:

Whitebark Energy set to increase production from Rex-3 well after installing new subsurface pump

Whitebark Energy Ltd (ASX:WBE) will recommence production from Rex-3 well following the installation of a subsurface pump in the well. The well has flowed to surface unaided for five months, illustrating the quality of the reservoir, but now requires the assistance of a subsurface pump to increase production. The work is expected to commence over the weekend and require seven to ten days to be completed.

Chase Mining's strongly supported share purchase plan results in scale-back

Chase Mining Corporation Ltd (ASX:CML) has raised $750,000 through its share purchase plan with the strong interest received requiring applications to be scaled back. Eligible shareholders were entitled to be issued up to $30,000 worth of shares in the company at the SPP issue price of 1.25 cents per share.

Venus Metals encouraged by progress at Youanmi regional joint venture gold projects

Venus Metals Corporation Ltd (ASX:VMC) is encouraged by the progress being made with exploration at the Youanmi regional gold joint venture projects in Western Australia. These are held in various joint ventures with Rox Resources Ltd with the partners preparing for reverse circulation (RC) and aircore (AC) drilling at Penny West Deep South prospect within the wider Youanmi exploration project.Australian Mines completes cobalt and nickel offtake sample production runs from Sconi ore

Australian Mines completes cobalt and nickel offtake sample production runs from Sconi ore

Australian Mines Limited (ASX:AUZ) (OTCMKTS:AMSLF) (FRA:MJH) has completed demonstration plant production runs to supply battery-grade cobalt sulphate and nickel sulphate to potential offtake partners. These runs at the plant in Perth processed ore from the company’s Sconi Cobalt-Nickel-Scandium Project in North Queensland to create high purity on-spec nickel sulphate and cobalt sulphate crystals. These samples will now also be tested by each of the individual potential offtake partners.

Predictive Discovery strengthens Guinea gold position with grant of Saman exploration permit

Predictive Discovery Ltd (ASX:PDI) has been granted an exploration permit over the Saman Gold Project, strengthening its land position in Guinea’s Siguiri Basin. The new permit is adjacent to Predictive’s Kaninko permit and may contain a possible northern extension to the northern-most mineralised power auger hole in the NE Bankan gold mineralised zone, which returned 16 metres at 6.82 g/t gold.

Strategic Elements autonomous security vehicle collaboration draws strong attention

Strategic Elements Ltd (ASX:SOR) subsidiary Stealth Technologies is attracting strong attention globally as it collaborates with US Fortune 100 company Honeywell International Inc (NYSE:HON) (LON:HON) to create a fully autonomous security vehicle (ASV) for Eastern Goldfields Regional Prison in Western Australia. The breakthrough partnership is well advanced with the ASV and this week representatives of Stealth, Honeywell Building Technologies (HBT) and the WA Department of Justice made a presentation to a global Honeywell Virtual Technology Conference.

Cardinal Resources fields cash takeover offer from Shandong Gold at A$0.60 per share

Cardinal Resources Ltd (ASX:CDV) has received a cash takeover offer from Shandong Gold Mining Co Ltd (HKG:1787) at A$0.60 per share, which represents a 75.5% premium to its 20-day unaffected volume-weighted average price. The bid implementation agreement (BIA) has sparked a 29% surge in Cardinal's shares in early trading to a new 12-month high of 60 cents.

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