S&P/ASX 200 gains 1.77% as tech, financial stocks surge

Victoria reported 11 deaths and 439 new COVID-19 cases, with Daniel Andrews announcing tough $5000 on-the-spot fines for isolation breachers.

Fortescue Metals Group - S&P/ASX 200 gains 1.77% as tech, financial stocks surge
The Reserve Bank of Australia’s interest rate decision will be announced today

S&P/ASX 200 (INDEXASX:XJO) gained 1.77% to 6031 points at 12.38 pm with the tech and financial sectors performing strongly, up 3.8% and 2.3% respectively.

Retail sales for June rose 2.7% month-on-month on a seasonally adjusted basis, according to data released today by the Australian Bureau of Statistics.

This was higher than expectations of a 2.4% increase in a Reuters poll.

All-time highs

Shares in iron ore giant Fortescue Metals (ASX:FMG) reached $18.64 - lifting the company's market cap to $57 billion and Twiggy Forrest's stake to $20.8 billion.

Online retailer Kogan (ASX:KGN) lifted its share price to a record high of $19.32 and is still 2.79% higher at $18.76.

Loan deferrals

Australia’s banks and credit unions have given temporary repayment deferrals to $274 billion worth loans.

As of the end of June, 10% of all loans held by authorised deposit-taking institutions (ADIs) were in temporary deferral.

Of housing loans, about 11% or $195 billion are in deferral. However, the rate is much higher among loans to small businesses, with $55 billion or 17% of those in deferral.

Top gainers

Today’s top gainers on the ASX include Twenty Seven Co Ltd (ASX:TSC) (+20.00%), Brookside Energy Ltd (ASX:BRK) (+25.00%), Greenland Minerals Ltd (ASX:GGG) (+10.26%), Rimfire Pacific Mining N L (ASX:RIM) (+20.00%), Latin Resources Ltd (ASX:LRS) (+22.22%) and Walkabout Resources Ltd (ASX:WKT) (+13.79%).

Proactive news headlines:

Great Western Exploration identifies five new gold targets at Golden Corridor Project

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Galena Mining begins extensive drilling campaign at Abra Base Metals Project

Galena Mining Ltd (ASX:G1A) has started a substantial drilling program at Abra Base Metals Project in Western Australia aimed at enhancing the base metals inventory as well as testing new gold-copper targets.

Cirralto sees FY21 as pivotal during repositioning as digital payments service provider to serve relatively untapped market

Cirralto Ltd (ASX:CRO) sees the 2020/21 financial year as being pivotal for the company as it transitions from a SaaS company to a digital payments service provider and experiences a marked step-up in customers using its Spenda suite of payment products.

Aeris Resources Cracow Gold Project ownership "progressing to plan" after first month

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Bellevue Gold $20 million share purchase plan set to close this Friday

Bellevue Gold Ltd (ASX:BGL) will close its share purchase plan (SPP) to raise up to $20 million this Friday, August, at 5pm Perth time.

Mako Gold continues to deliver broad high-grade gold in Tchaga drilling

Mako Gold Ltd (ASX:MKG) has enhanced the golden bounty of its Napié Gold Project in Côte d’Ivoire through broad high-grade results from ongoing drilling at the Tchaga prospect.

High Peak Royalties encouraged by oil & gas developments in Amadeus Basin of Northern Territory

High Peak Royalties Ltd (ASX:HPR) is highly encouraged by developments within the Amadeus Basin, Northern Territory, where the company holds royalties in several oil & gas exploration and production licences.

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