S&P/ASX 200 gives up early gains but miners and tech stocks rebound

Spot gold climbed 0.4% to US$1,951.13 per ounce as weak U.S. jobs data and stimulus hopes increased its appeal.

Arafura Resources Ltd - S&P/ASX 200 gives up early gains but miners and tech stocks rebound
Stocks in other Asia-Pacific markets mostly traded higher in Friday morning trade

S&P/ASX 200 (INDEXASX:XJO) surged on the open to an intraday high of +0.65% but has since dropped 5 points or 0.085% to 5878 by 12.40 pm.

This follows a weaker session on Wall Street overnight where tech stocks were again among the major decliners dragging the NASDAQ lower by 1.3%.

However, Australia’s tech sector has rebounded from yesterday’s heavy falls with Afterpay (ASX:APT) up 1.5% while Xero (ASX:XRO) gained 1.4%.

The major miners are also rising despite another drop in iron ore prices overnight with BHP Group (ASX:BHP) gaining 1.39% and Rio Tinto (ASX:RIO) rising 1.79%.

COVID-19 update

The global count of known COVID-19 cases surpassed 30 million on Thursday and global fatalities crept closer to one million, both signs of the virus' continuing global impact.

The WHO said cases are surging again in Europe, with more than half of European countries seeing a 10% or greater increase in cases in the past two weeks.

In Australia, New South Wales recorded six new COVID-19 cases and Victoria recorded 45 cases and five deaths in the past 24 hours.

Top gainers

Today’s top gainers on the ASX include Altech Chemicals Ltd (ASX:ATC) (+17.95%), Netlinkz Ltd (ASX:NET) (+10.14%), Euro Manganese Inc CDI (ASX:EMN) (+8.00%), Cirralto Ltd (ASX:CRO) (+10.34%), Carnavale Resources Limited (ASX:CAV) (+9.09%), Artemis Resources Ltd (ASX:ARV) (+9.52%), PNX Metals Ltd (ASX:PNX) (+11.11%), Ironbark Zinc Limited (ASX:IBG) (+16.67%), Piedmont Lithium Ltd (ASX:PLL) (+15.38%), FYI Resources Ltd (ASX:FYI) (+43.48%), Brookside Energy Ltd (ASX:BRK) (+20.00%) and Lake Resources N.L. (ASX:LKE) (+10.71%).

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