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S&P/ASX 200 rebounds 1% as big miners and tech stocks rise

Gold soared past the technical $1,800 threshold on Wednesday, scaling its highest since September 2011, as investors bolted for safety as the COVID-19 pandemic rages on.

Archer Materials Ltd - S&P/ASX 200 rebounds 1% as big miners and tech stocks rise
Treasury Wine Estates is expecting a 21% fall in full-year earnings

S&P/ASX 200 (INDEXASX:XJO) has surged 1.04% to 5982 at 12.43 pm chasing Wall Street's tech-fuelled overnight rally.

The NASDAQ rose to a record high yesterday helped by advances for Apple Inc. (NASDAQ:AAPL) and Amazon.com, Inc. (NASDAQ:AMZN).

Australian Tech stocks are rallying today with Afterpay Ltd (ASX:APT) rising to a fresh all-time high of $73.48.

Mining shares rise

Local miners are also surging thanks to elevated prices for both bulk and precious metals with iron ore reaching a 2020 high of $US106.50 yesterday.

BHP Group Ltd (ASX:BHP) is up 2.27%, Rio Tinto Limited (ASX:RIO) gained 3.27% and Evolution Mining Ltd (ASX:EVN) rose 4.46%.

The value of new home loans in Australia fell by 11.6% or $2.2 billion in May, the largest fall in the history of the series.

Australian Bureau of Statistics said the worse-than-expected fall was driven by a strong drop in the value of loan commitments for housing in NSW and Victoria.

COVID-19 update

Experts have warned NSW could be locked down again if it fails to stem COVID-19 cases arriving from Victoria.

World Health Organisation advisor Mary-Louise McLaws said there is a large increase in active cases that would see health authorities in NSW too overwhelmed to conduct effective contact tracing.

The US set another record for new COVID-19 cases on Wednesday, with more than 59,000 infections announced and some states’ final numbers still unreported.

It was the fifth national record set in nine days.

Top gainers

Today’s top gainers on the ASX include Nelson Resources Ltd (ASX:NES) (+11.11%), Sensen Networks Ltd (ASX:SNS) (+17.28%), White Rock Minerals Ltd (ASX:WRM) (+9.09%), Cobalt Blue Holdings Ltd (ASX:COB) (+10.00%) and Artemis Resources Ltd (ASX:ARV) (+14.52%).

Proactive news headlines:

Chase Mining 50% higher after Lorraine drilling delivers visible gold

Chase Mining Corporation Ltd (ASX:CML) has surged 50% on news of intersecting visible gold during diamond drilling at the Lorraine Mine Gold Project in Quebec, Canada. Fine-grained visible gold has been recorded at 462 metres in an intense silica-carbonate alteration zone in hole CM-20-02.

De Grey Mining high recovery rates from initial tests a key step along the gold-lined path to production

De Grey Mining Limited's (ASX:DEG) initial metallurgical test-work from the Hemi gold deposit, in Western Australia, has returned impressive results with high gold recoveries. Tests on mineralisation at Brolga prospect achieved excellent gold recoveries with 93% in oxide based on CIL leach and 96.3% in fresh based on sulphide flotation, oxidation and CIL leach.

Salt Lake Potash procurement on schedule for March 2021 Lake Way SOP production

Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) (OTCMKTS:WHELF) has procured 90% of all major long-lead items for its process plant and non-process infrastructure in line with or ahead of schedule for its Lake Way Project. The project in the Goldfields region of Western Australia remains on track for first SOP sales in the March 2021 quarter.

DomaCom acquires first property for new Rent-to-Own product

DomaCom Ltd (ASX:DCL) has acquired the first property for its new, innovative Rent-to-Own product in the Melbourne suburb of Moonee Ponds. The one-bedroom apartment in the Mason Square development was acquired for $447,000 with the property manager now seeking a suitable tenant.

Archer Materials marches towards first major technological milestone with quantum computing chip

Archer Materials Ltd (ASX:AXE) has started a significant phase in its technology development as part of the commercial roadmap to build the 12CQ room-temperature quantum computing qubit processor. Quantum control measurements on Archer’s unique qubit components will be performed at world-class institutes in Sydney over the next six months as part of the overall fabrication process roadmap.

Australian Vanadium drives down costs as it innovatively optimises flagship project

Australian Vanadium Ltd's (ASX:AVL) advanced pilot test-work at the Metso pyrometallurgical testing facilities in the US is scheduled to be completed in September 2020. The use of well-established Grate Kiln technology has demonstrated energy efficiency and adaptability for vanadium roasting.

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