S&P/ASX 200 surges 1.2% to its best level in two months

Gold prices fell 0.2% to US$2,030.26 per ounce after hitting an all-time high last week.

Andromeda Metals Ltd - S&P/ASX 200 surges 1.2% to its best level in two months
Investors are awaiting an agreement on the US relief bill to help the pandemic-hit economy

S&P/ASX 200 (INDEXASX:XJO) surged 1.2% to 6183 by noon - a two-month high with the banks, miners, and property stocks lifting strongly.

The market has added more than 36% since the COVID-19 crash in March 2020 and is now just 14% off its all-time record close reached in February 2020.

Westpac (ASX:WBC) led the gains for the big four banks, rising 3%, National Australia Bank Ltd (ASX:NAB) gained 2.8%, ANZ (ASX:ANZ) is up 2.42% and Commonwealth Bank (ASX:CBA) rose 2.5%.

Economic indicators

According to Commonwealth Bank, credit and debit card spending in the week to August 7 was up 8.4% on a year ago, compared to a 3.2% lift for the week ended July 31.

Online spending surged 20.8% (previous week: up 5.8%) and in-store spending was up 2.9% over the period (previous week: also up 2.9%).

The Kepler index of retail sales activity reported that aggregate sales fell by 7.9% last week (August 9) to be down 24.9% on the year. Sales were down 45.3% in Victoria.

89% of Victorian retail stores were closed in the past week compared with 32% for all of Australia.

Australian restaurant reservations were down 27.5% on August 9 from a year earlier, according to OpenTable.

COVID-19 update

Victoria has recorded 331 new COVID-19 cases and 19 deaths in the past 24 hours.

The US death toll from COVID-19 fell 16% to about 7,200 people last week, the first decline in deaths after four weeks of increases, according to a Reuters tally.

The country recorded more than 376,000 new COVID-19 cases for the week ended August 9, or an average of roughly 53,000 per day.

Top gainers

Today’s top gainers on the ASX include Calima Energy Ltd (ASX:CE1) (+40.00%), FYI Resources Ltd (ASX:FYI) (+14.29%), Creso Pharma Ltd (ASX:CPH) (+15.62%), Domacom Australia Ltd (ASX:DCL) (+23.33%), Ansila Energy NL (ASX:ANA) (+22.73%) and Mako Gold Ltd (ASX:MKG) (+20.00%).

Proactive news headlines:

TNT Mines sampling produces more high-grade uranium and vanadium at Bonanza workings in US

TNT Mines Ltd (ASX:TIN) has received further high-grade uranium and vanadium results from sampling at the Bonanza workings of the 100%-owned East Canyon Uranium-Vanadium Project, in southeast Utah, USA.

Mako Gold hits 13 metres averaging 20.82 g/t gold in shallow drilling at Napié in Côte d’Ivoire, shares up

Mako Gold Ltd (ASX:MKG) has received further high-grade results of up to 13 metres averaging 20.82 g/t gold that demonstrate thick and high-grade mineralisation within 50 vertical metres of surface at Tchaga prospect within the Napié Gold Project in Côte d’Ivoire.

XTEK joins government-funded program to demonstrate its technology for the Australian Army

XTEK Ltd (ASX:XTE) has joined along with 16 other companies in the government-funded C4 (Command Control Communications and Computing) EDGE Program demonstration for the Australian Army.

Calima Energy buoyed by growing interest of large players in Montney Formation oil & gas

Calima Energy Ltd (ASX:CE1) (FRA:R1Y) is encouraged by strong and continuing interest by large oil & gas companies in the Montney Formation in northeast British Columbia, Canada, in which it holds a highly prospective position.

Andromeda Metals boosts kaolin inventory with upgraded Mount Hope resource

Andromeda Metals Ltd (ASX:ADN) has increased its kaolin inventory in South Australia with an upgraded resource estimate for its Mount Hope Kaolin Project, which represents a 47% increase on the previous non-JORC resource.

Castillo Copper at 2-year high as pre-drilling site visit confirms visible copper at Mt Oxide Pillar

Castillo Copper Ltd (ASX:CCZ) is fully funded to ramp-up exploration efforts around the Big One deposit and Arya prospect at Mt Oxide Pillar within the Mt Isa copper-belt in Queensland

Paradigm Biopharmaceuticals receives critical approvals and feedback from agencies to progress MPS

Paradigm Biopharmaceuticals Ltd (ASX:PAR) has achieved a number of key approvals required to progress investigation into the use of its core drug Pentosan Polysulfate Sodium (PPS) in the treatment of the rare disease mucopolysaccharidosis (MPS).


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...


Sipa Resources focused on northern Pilbara resources hotspot

Sipa Resources Ltd (ASX:SRI) managing director Pip Darvall outlined the company’s busy work program in the northern Pilbara of Western Australia, encompassing the Paterson Province, during this week’s Proactive Resources Webinar. A primary focus is the Warralong Gold Project that is...

22 hours, 32 minutes ago

4 min read