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S&P/ASX 200 dives 1.9% as virus resurgence concerns grow

The Australian dollar eased further against a stronger greenback, now buying 68.6 US cents.

Argonaut Resources NL - S&P/ASX 200 dives 1.9% as virus resurgence concerns grow
Only the healthcare sector is gaining, helped higher by biotech firm CSL Ltd

S&P/ASX 200 (INDEXASX:XJO) has slumped 1.92% to 5851 at 12.25 pm as the increasing number of new COVID-19 cases across the world dampened expectations of an economic recovery.

The Dow Jones Industrial Average (INDEXDJX:.DJI) fell 710.16 points, or 2.7%, to 25,445.94, S&P 500 Index (INDEXSP:.INX) dropped 2.6% to 3,050.33 while the Nasdaq Composite (INDEXNASDAQ:.IXIC) slid 2.2% to 9,909.17.

Wednesday’s sell-off in equities led investors into traditional safe havens such as gold and government bonds.  Gold prices touched their highest levels in nearly eight years, before retreating.

Record drop in job vacancies

The number of job vacancies dropped by a record 43% in the May quarter according to seasonally adjusted figures released by the Australian Bureau of Statistics.

This is the largest quarterly fall in job vacancies over the 40 years of the survey, and well above the previous largest drop of 27% during the 1990s recession.

Qantas recovery plan

Qantas said today it will slash 6000 jobs from its 29,000 workforce and will stand down 15,000 workers for at least the rest of the year as part of its three-year plan to speed recovery from the pandemic.

As part of the plan, Qantas will retire its six remaining Boeing 747s immediately, ground around 100 aircraft including most of its international fleet for up to 12 months and defer deliveries of new Boeing 787 Dreamliners and Airbus A320neos.

Top gainers

Today’s top gainers on the ASX include Opyl Ltd (ASX:OPL) (+10.00%), Volt Resources Ltd (ASX:VRC) (+25.00%), Argonaut Resources NL (ASX:ARE) (+12.50%) and Broken Hill Prospecting Ltd (ASX:BPL) (+11.76%).

Proactive news headlines:

Tietto Minerals at record high after hitting 64.3 g/t gold in diamond drilling at Abujar project

Tietto Minerals Ltd (ASX:TIE) reached a new all-time high of 49 cents after intersecting high-grade gold of up to 64.3 g/t in recent diamond drilling at its Abujar Gold Project in Côte d’Ivoire, West Africa. The results from the AG South deposit demonstrate continued growth of the Abujar-Gludehi (AG) mineralised system within the Abujar project.

Emmerson Resources intersects copper sulphides in Kiola drilling

Emmerson Resources Limited (ASX:ERM) has intersected visible copper sulphides in all holes during the first stage of diamond drilling at Kiola project within the prolific Lachlan Fold Belt of NSW. Four holes for 1,130 metres have just been completed at Kiola, which is one of Emmerson's five projects in NSW.

Bardoc Gold grows Aphrodite with new wide high-grade gold intercepts

Bardoc Gold Ltd’s (ASX:BDC) recent diamond core drilling at the Aphrodite deposit of its Bardoc Gold Project north of Kalgoorlie in WA has intersected further broad zones of gold mineralisation outside the current ore reserves. Best results are 15.1 metres at 6.58 g/t from 418.1 metres including 5.3 metres at 15.86 g/t from 418.1 metres, and 6.7 metres at 3.01 g/t from 402 metres.

Mako Gold opens higher on start of 10,000-metre drill program at Napié Gold Project in Cote d’Ivoire

Mako Gold Ltd (ASX:MKG) has started a 10,000-metre drilling program at the Napié Gold Project in Côte d’Ivoire, comprising 9,000 metres of reverse circulation (RC) drilling and 1,000 metres of diamond drilling. The program has three objectives in advancing towards Mako's goal of delineating multi-million-ounce gold deposits at the project and shares have been more than 7% higher in early trade to 9 cents.

Pantoro has potential to generate strong low-risk cashflow from early Norseman production

Pantoro Ltd has the potential to generate strong low-risk cash flow from early production at Gladstone and Scotia open pits and OK underground mine within the Norseman Gold Project in Western Australia. The gold miner said the simple three to four-year commencement strategy would pave the way for a long-life operation at the Norseman project.

Lake Resources partner Lilac Solutions completes pilot plant commissioning using Kachi lithium brines

Lake Resources Ltd (ASX:LKE) (OTC:LLKKF) technology partner Lilac Solutions has completed commissioning of the direct lithium extraction pilot plant module dedicated to processing of brines from the Kachi project in Argentina. Processing is now underway of 20,000 litres of brine from Kachi at Lilac’s newly upgraded industrial facility in California, USA.

 

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