leadf
logo-loader

S&P/ASX 200 drops 1% as retail spending suffers record fall; gold soars past US$2,000 for the first time in history

Victoria has seen its deadliest 24 hours of the COVID-19 pandemic with a record 725 new cases and 15 deaths, including a man in his 30s.

Archer Materials Ltd - S&P/ASX 200 drops 1% as retail spending suffers record fall; gold soars past US$2,000 for the first time in history
Oil price fell as mounting COVID-19 cases worldwide undercut confidence in a pickup in fuel demand

S&P/ASX 200 (INDEXASX:XJO) fell 0.96% to 5980 points at 12.26 pm after inflation-adjusted retail trade fell by 3.4% in the June quarter – the biggest quarterly fall since the introduction of the GST 20 years ago.

For the financial year ended June 30 2020, inflation-adjusted retail trade fell by a record 0.3% (35 years of data) while nominal spending rose by 2.9%.

Change in consumer behaviour

Unpublished data from the Australian Bureau of Statistics show that COVID-19 caused big changes in consumer behaviour over the past year.

Australians bought more alcohol, electrical goods, toys, games and hardware items.

But people made fewer visits to cafes, restaurants, clothing and shoe stores and bought fewer newspapers and books.

Spot gold crosses US$2000 for the first time in history

Spot gold touched a new record US$2025 an ounce this morning and remains above US$2000 amid safe-haven demand, falling US treasury bond yields and a weakening US dollar.

Gold miners Newcrest Mining Limited (ASX:NCM), Northern Star Resources Ltd (ASX:NST) and Evolution Mining Ltd (ASX:EVN) are all up more than 2%.

Top gainers

Today’s top gainers on the ASX include Australian Vanadium Ltd (ASX:AVL) (+10.00%), Aeris Resources Ltd (ASX:AIS) (+9.43%), Ansila Energy NL (ASX:ANA) (+11.76%), Latin Resources Ltd (ASX:LRS) (+11.11%) and Mako Gold Ltd (ASX:MKG) (+12.50%).

Proactive news headlines:

TNT Mines returns high-grade uranium and vanadium in samples from None Such

TNT Mines Limited (ASX:TIN) has delineated high-grade uranium and vanadium in samples gathered from the None Such workings within the 100%-owned East Canyon Project in Utah, USA.

Core Lithium receives $5 million concessional finance facility from NT Government for Finniss development

Core Lithium Ltd (ASX:CXO) has received a non-binding indicative term sheet from the Northern Territory Government's Local Jobs Fund (LJF) for a $5 million concessional finance facility to help fund development of the Finniss Lithium Project.

Meteoric Resources mobilising to Palm Springs Gold Project with drilling to kick-off this month

Meteoric Resources Ltd (ASX:MEI) is this week mobilising its exploration team to the Palm Springs Gold Project in WA's Kimberley region for the start this month of stage-1 drilling.

Horizon Minerals will kick-off resource growth drilling programs when first gold revenue lands

Horizon Minerals Ltd’s (ASX:HRZ) next round of resource growth and reserve conversion drilling programs will begin at its suite of gold projects near Kalgoorlie-Boulder in WA's Goldfields following positive cash flow generation from the newly producing Boorara Gold Mine later this year.

Archer Materials to showcase quantum technology during Virtual Trade Mission to London Tech Week

Archer Materials Ltd (ASX:AXE) has been invited by the British Consulate-General Department for International Trade to attend and participate in the Virtual Trade Mission to London Tech Week 2020.

Castillo Copper completes dual listing with shares now trading on London Stock Exchange

Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) has completed its dual listing process with shares now trading on the main market for listed securities of the London Stock Exchange plc (LSE).

Galena Mining well-funded as Abra Base Metals Project development progresses

Galena Mining Ltd (ASX:G1A) is well-funded and on track with development activities for its world-class Abra Base Metals Project in Western Australia.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Orthocell 'in exciting regulatory phase' as it looks to drive its...

Orthocell Ltd's (ASX:OCC) Paul Anderson says the company's in an exciting regulatory phase having validated its technologies in the clinic and defining pathways to market through the US FDA process. ''We have some significant milestones ahead of us - we have an application within the FDA at the...

1 day ago

3 min read