S&P/ASX 200 (INDEXASX:XJO) is up 0.70% at 12.27 pm with all sectors except utilities rising in early trade.
The market has ignored today’s COVID-19 update, where Victoria reported a record 723 new cases and 19 new deaths, with masks to be mandatory across the state from Sunday.
State of the economy
One in 10 businesses says they will close once government support measures such as JobKeeper come to an end, according to a special business survey by the Australian Bureau of Statistics released today.
Many firms are dependent on programs including JobKeeper, which the government plans to start winding back from the end of September.
Treasury boss Dr Stephen Kennedy said to the Senate's coronavirus committee today that the federal budget will be in deficit for a number of years with the economy dependent on the spending decisions of the government to get out of the pandemic recession.
Dr Kennedy said the road to economic recovery was "long and unpredictable" with much depending on the health response to the virus.
Fortescue Metals (ASX:FMG) rose +2.6% in early trade to $17.29. The iron ore miner briefly hit a record high of $17.45 on the open.
Today’s top gainers on the ASX include Calima Energy Ltd (ASX:CE1) (+33.33%), VIP Gloves Ltd (ASX:VIP) (+19.05%), Greenland Minerals Ltd (ASX:GGG) (+12.94%), Great Boulder Resources Ltd (ASX:GBR) (+16.00%), Cauldron Energy Ltd (ASX:CXU) (+12.00%) and Whitebark Energy Ltd (ASX:WBE) (+33.33%).
Proactive news headlines:
Nanoveu higher on signing Thai and Malaysian distribution agreements for antiviral protection products
Nanoveu Ltd’s (ASX:NVU) shares have been almost 18% higher to 9 cents after signing distribution agreements for its antiviral protection products for the Thai and Malaysian markets with Sanyo Trading Company Ltd.
Theta Gold Mines takes another step towards gold production at Theta starter pit
Theta Gold Mines Ltd (ASX:TGM) (OTCMKTS:TGMGF) has taken another step towards production at the Starter Theta Pit Gold Project in South Africa with geotechnical drilling and a geophysical survey underway.
Paradigm Biopharmaceuticals higher on reporting 65% pain reduction in OA patients treated under US FDA EAP
Paradigm Biopharmaceuticals Ltd (ASX:PAR) (OTCMKTS:PBIGF) shares have been more than 9% higher in early trade to $3.55 following encouraging results received across 10 patients treated with Zilosul® under the FDA approved Expanded Access Program (EAP) in the US.
Lithium Australia and partners identify nickel and PGE targets for new work near Julimar discovery
Lithium Australia NL (ASX:LIT) and partners Australian Vanadium Ltd (ASX:AVL) (OTCMKTS:ATVVF) and Mercator Metals Pty Ltd have identified first targets for exploration near the recent Julimar nickel, copper and PGE discovery.
Matador Mining begins 12,000-metre diamond drill program at Cape Ray Gold Project in Newfoundland
Matador Mining Ltd (ASX:MZZ) has started its 2020 drilling program at the Cape Ray Gold Project in Newfoundland, Canada, which includes 12,000 metres of diamond drilling as well as an extensive greenfields exploration program.
Ora Banda Mining completes retail component of strongly supported A$15 million entitlement offer
Strategic Elements secures significant Australian Research Council funding for unique printable memory technology project
Strategic Elements Ltd’s (ASX:SOR) collaborative project to develop Printable Memory technology with the University of New South Wales (UNSW) and CSIRO has won significant funding from the Australian Research Council Linkage program.