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S&P/ASX 200 dips 0.17% following a weak lead from Wall Street

Gold prices edged up by 0.3% to US$1,906.15 per ounce after US President Donald Trump reignited hopes of a COVID-19 stimulus package before the November elections.

Chase Mining Corporation Ltd - S&P/ASX 200
Brent futures fell 0.6% to US$43.06 per barrel as new COVID-19 restrictions increased uncertainty over a recovery in fuel demand

S&P/ASX 200 (INDEXASX:XJO) retreated 0.17% to 6200 by about 1.13 pm weighed by declines in major mining and healthcare share prices.

Wall Street's major indices fell overnight amid a rise in weekly jobless claims, surging number of COVID-19 cases and uncertainties surrounding an economic stimulus package before the US election.

Healthcare and miners tumble

Biotech giant CSL Ltd (ASX:CSL), which is the largest listed stock on the ASX by market cap, is down 0.46% while Mesoblast (ASX:MSB) dropped 2.49%

Major miners fell after iron ore prices retreated for a fourth consecutive session on supply concerns with BHP Group (ASX:BHP) 0.7% lower and Rio Tinto (ASX:RIO) down 0.5%.

Rio full-year guidance unchanged

For the quarter ended 30 September, Rio reported Pilbara iron ore shipments of 82.1 million tonnes, which is a 5% decline on the prior quarter and slightly lower than expectations.

However, the company’s iron ore production was strong at 86.4 million tonnes, a 4% lift on second-quarter production.

Rio left its full-year guidance unchanged, even though planned maintenance in the Pilbara will continue over the next three months.

Top gainers

Today’s top gainers on the ASX include RPM Automotive Group Ltd (ASX:RPM) (+9.52%), Carnavale Resources Limited (ASX:CAV) (+30.77%), Vrx Silica Ltd (ASX:VRX) (+8.33%), Zelira Therapeutics Ltd (ASX:ZLD) (+12.50%), St George Mining Ltd (ASX:SGQ) (+8.70%) and Fe Limited (ASX:FEL) (+8.33%).

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