S&P/ASX 200 (INDEXASX:XJO) is on track for a second weekly improvement in a row after rising 1.23% to 5948 by about 2.05 pm, easily leading the Asia Pacific markets.
The big move was led by the financials, and in particular, the big four banks in the wake of the federal government's intent to wind back responsible lending laws.
Change in lending laws
Treasurer Josh Frydenberg today unveiled "the most significant reforms to Australia's credit framework in a decade" in a bid to reduce red tape for lenders and increase the flow of credit to consumers and businesses amid the COVID-19 pandemic.
The changes mean the Australian Securities and Investments Commission (ASIC) will be removed from policing responsible lending laws for banks, with the Australian Prudential Regulation Authority to enforce lending standards.
Consumer groups warned the move could unwind important consumer protections built up over many years.
Banks and miners gain
The big miners were also strong, with BHP Group Ltd (ASX:BHP) up 2% and Rio Tinto (ASX:RIO) up 1.03%.
The Australian dollar remains around 70.5 US cents, down 3.3% this week.
Today’s top gainers on the ASX include Netlinkz Ltd (ASX:NET) (+11.11%), FYI Resources Ltd (ASX:FYI) (+12.50%), Altech Chemicals Ltd (ASX:ATC) (+12.77%), TNT Mines Ltd (ASX:TIN) (+15.79%), Roots Sustainable Agricultural Techn Ltd (ASX:ROO) (+13.64%), Macarthur Minerals Ord Shs (ASX:MIO) (+17.02%), Andromeda Metals Ltd (ASX:AND) (+20.83%), Jindalee Resources Limited (ASX:JRL) (+54.55%) and Ironbark Zinc Limited (ASX:IBG) (+16.67%).
Proactive news headlines:
Red River Resources hits up to 32.3 g/t gold in Eleanora drilling at Hillgrove project in NSW
Red River Resources Ltd (ASX:RVR) has intersected broad intervals of gold-antimony mineralisation with results of up to 32.3 g/t gold and 6.9% antimony from maiden drilling targeting the Eleanora Lode at Hillgrove Gold Project in NSW.
Australian Vanadium fields strong placement demand with $5 million raised to advance projects
Australian Vanadium Ltd (ASX:AVL) has received strong demand for a placement which has raised $5 million with funds to be used to advance the company's vertically integrated battery metals strategy, including a bankable feasibility study at its namesake vanadium project.
Arrow Minerals encouraged by results that extend Dassa gold discovery
Arrow Minerals Ltd (ASX:AMD) is encouraged by results returned from recently completed reverse circulation (RC) drilling that extends Dassa gold discovery within the Divole West project in western Burkina Faso.
Galileo Mining accelerates exploration across Fraser Range Nickel Joint Venture Project
Galileo Mining Ltd (ASX:GAL) has accelerated exploration across its Fraser Range Nickel Joint Venture Project in Western Australia in what is described as a ‘pivotal’ year for the base metals explorer.
Predictive Discovery growing NE Bankan gold potential with results up to 55 metres at 3.3 g/t
Predictive Discovery Ltd (ASX:PDI) continues to enhance the potential of NE Bankan deposit within the Bankan Gold Project in Guinea with drilling returning results of up to 55 metres at 3.3 g/t gold from 4 metres.
Australian Potash on schedule for final investment decision for Lake Wells Project in Q1 2021
Australian Potash Ltd (ASX:APC) is on schedule to make a final investment decision (FID) for the Lake Wells Sulphate of Potash Project (LSOP) in Western Australia in the first quarter of 2021 as work programs progress.
Arrow Minerals well placed to expand on discoveries and explore new opportunities
Arrow Minerals Ltd (ASX:AMD) is well placed to expand on its new discoveries and explore new opportunities after a short hiatus due to the COVID-19 related restrictions.
Animoca Brands acquires NinjaStickers™ securing additional MotoGP™ assets
Animoca Brands Corporation Ltd has acquired the business and trade name of NinjaStickers™, which provides MotoGP™, Moto2™ and Moto3™ non-fungible token (NFT) collectable stickers.