S&P/ASX 200 dips 0.95% following a soft lead from Wall Street

Oil prices fell for a second day today by 0.6% to US$41.03 per barrel amid rising concerns about fuel demand as the COVID-19 pandemic worsens.

Euro Manganese Inc - S&P/ASX 200
Gold rose 0.5% to US$1,889.85 per ounce yesterday, its highest in a week as the dollar weakened

S&P/ASX 200 (INDEXASX:XJO) retreated 0.95% to 5896 by around 12.45 pm and is on track to finish the month in the red, the first monthly decline since March 2020 when the index fell 21%.

Wall Street closed lower overnight, snapping a three-day winning streak as investors stepped back before the first US presidential debate.

All three major US stock indices declined with market leaders Apple (NASDAQ:AAPL), Microsoft Corporation (NASDAQ:MSFT) and Amazon.com (NASDAQ:AMZN) weighing in heavily on the Nasdaq.

Losses across the board

All sectors on the S&P/ASX 200 are in decline with energy falling most. The big four banks fell along with BHP Group (ASX:BHP) (-1.08%) and CSL Ltd (ASX:CSL) (-0.93%).

Global oil prices slumped more than 3% overnight as Europe and the US responded to a second wave of COVID-19 cases.

Woodside (ASX:WPL) and Oil Search (ASX:OSH) fell 2.38% and 2.51% respectively.

Positive manufacturing activity data from China

China’s official manufacturing Purchasing Managers’ Index (PMI) for September came in at 51.5 as compared to 51.0 in August.

Analysts were expecting the PMI to come in at 51.2 in September. PMI readings above 50 signal expansion from the previous month, while those below 50 signal contraction.

Top gainers

Today’s top gainers on the ASX include Euro Manganese Inc CDI (ASX:EMN) (+25.64%), Bryah Resources Ltd (ASX:BYH) (+16.07%), Havilah Resources Ltd (ASX:HAV) (+37.93%), Cellmid Limited (ASX:CDY) (+9.52%) and Pure Minerals Ltd (ASX:PM1) (+9.52%).

Proactive news headlines:

Kingston Resources receives more strong gold results from Livingstone as drilling resumes

Kingston Resources Ltd (ASX:KSN) has received further strong results from the Kingsley prospect which confirm continuity of mineralisation at the Livingstone Gold Project in Western Australia.

Highfield Resources securing key Joy miner bolter for development of Muga Potash Project

Highfield Resources Ltd’s (ASX:HFR) wholly-owned Spanish subsidiary Geoalcali SLU is securing a Joy miner bolter from Komatsu to play a key role in developing the Muga Potash Project in Spain.

GTI Resources buoyed after intersecting quartz vein structures in drilling at Niagara

GTI Resources Ltd (ASX:GTR) has received encouraging indications from recent aircore drilling at Niagara Gold Project in Western Australia with quartz veining intersected in a number of drill holes at predicted positions.

Emyria signs real-world data agreement with Zelira Therapeutics for insomnia drug Zenivol

Emyria Ltd (ASX:EMD), formerly Emerald Clinics Ltd, has signed an agreement with Zelira Therapeutics Ltd (ASX:ZLD) to collect data from patients treated with insomnia drug Zenivol™ through Emyria’s specialist clinical services.

Elementos set to cash in on growing tin demand through Oropesa project in southern Spain

Elementos Ltd (ASX:ELT) (OTCMKTS:ELTLF) (FRA:9EM) is poised to benefit from rising demand for tin as consumer electronics rebound strongly when global economies recover and new and disruptive technologies continue to drive consumption of the metal.

Marvel Gold makes progress with repositioning as Mali-focused gold explorer

Marvel Gold Ltd (ASX:MVL) is making steady progress in its repositioning as a Mali-focused gold explorer after working hard to assemble an attractive exploration portfolio during the 2020 financial year.

Twenty Seven Co's due diligence reveals further strong gold potential at Mt Dimer

Twenty Seven Co Ltd (ASX:TSC) has revealed several areas worthy of follow-up exploration during its due diligence work on potential new projects in WA's Goldfields with the Mt Dimer Gold Project proving particularly encouraging.

Add related topics to MyProactive

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


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...


Trump Vs Biden debate: Market reaction, corporate support and future predictions

Neil Wilson from Markets.com joins Proactive London's Katie Pilbeam following the U.S. President Donald Trump and Democratic rival Joe Biden debate on Thursday night. With 47 million Americans already voted - do the markets even care? Wilson says there was 'no killer blow' which would explain...

2 days, 8 hours ago

4 min read