S&P/ASX 200 (INDEXASX:XJO) is sliding for a fourth consecutive session and has hit a two-week low, with the index down 1.74% to 6,049 at 1.23 pm.
This follows a big decline in share prices overnight in Wall Street as average daily COVID-19 cases hit a record high in the U.S and in many countries across Europe.
Meanwhile, the efforts between Congress and the White House to reach a stimulus deal also appears to have hit a wall.
The S&P 500 fell almost 2%, the Dow Jones Index dropped 2.3% and the technology-laden Nasdaq market dipped 1.6%.
Energy and tech decline
All sectors on the ASX are losing ground at lunch, with energy and tech stocks the biggest decliners, with a 3.21% and 2.72% drop, respectively.
Energy stocks took a beating after oil prices fell more than 3% yesterday, extending last week’s losses.
Consumer confidence in Australia gained 1.6% last week and is now at a six-month high, just below a neutral reading.
ANZ-Roy Morgan Aus Consumer Confidence: is just below neutral and at a 6m high, but still below long run average. People are cautious on the current economic outlook and their current financials but more positive on future economic and financial conditions. #ausecon #auseretail pic.twitter.com/aSks6eUwDr— ANZ_Research (@ANZ_Research) October 26, 2020
Today’s top gainers on the ASX include Engage:BDR Ltd (ASX:EN1) (+16.67%), Arrow Minerals Ltd (ASX:AMD) (+16.67%), Strategic Elements Ltd (ASX:SOR) (+169.23%), Southern Gold Limited (ASX:SAU) (+9.52%) and Carnavale Resources Limited (ASX:CAV) (+7.14%).
Proactive news headlines:
Whitebark Energy increases Wizard Lake position with additional mineral lease
Whitebark Energy Ltd’s (ASX:WBE) Canadian subsidiary Salt Bush Energy (SBE) has renewed the mineral lease over a 256-hectare section of Wizard Lake Oilfield (WLO), which will result in Whitebark’s average interest in WLO oil and gas rights increasing to 87.5% from 84%.
Strategic Elements soars as collaboration aims to develop flexible self-charging battery
Strategic Elements Ltd (ASX:SOR) (ASX:SOR) has almost trebled this morning with subsidiary Australian Advanced Materials (AAM) agreeing to develop a self-charging battery technology in a collaboration with the University of New South Wales (UNSW) and CSIRO.
Marvel Gold encouraged as drilling at Lakanfla Gold Project in Mali confirms karst target
Marvel Gold Ltd (ASX:MVL) has intersected karst horizons in the majority of holes drilled to date at Lakanfla Gold Project in western Mali at various depths and thickness within the first 60 metres from surface.
Theta Gold Mines expects department approval of EA to include open pit mining by end of November
Theta Gold Mines Ltd (ASX:TGM) has received an indication of support from South Africa's Department of Mineral Resources and Energy (DMRE) for its application to amend Mining Right 83 to also permit open pit mining at the Theta Gold Project.
FYI Resources makes positive observations after concluding high purity alumina pilot plant trial
FYI Resources Ltd (ASX:FYI) (FRA:SDL) has completed a detailed high purity alumina (HPA) production trial through the pilot plant in Welshpool, Western Australia, aimed at aligning the company’s product to the specifications required of particular end-users in both the LED and battery directed markets.
Castillo Copper has drill spinning in new campaign at Mt Oxide’s Big One Deposit
Creso Pharma's Canadian subsidiary Mernova receives third purchase order from NSLC
Creso Pharma Limited’s (ASX:CPH) (OTCMKTS:COPHF) (FRA:1X8) wholly-owned Canadian subsidiary, Mernova Medicinal Inc, a licensed producer in Nova Scotia, has received and delivered its third purchase order from the Nova Scotia Liquor Corporation (NSLC).
Zelira Therapeutics launches HOPE™ autism products in Australia through TGA Special Access Scheme
Zelira Therapeutics Ltd’s (ASX:ZLD) (OTCQB: ZLDAF) (FRA:G1G) proprietary cannabinoid medicines, HOPE 1™ and HOPE 2™, are now available by prescription to patients in Australia through the Therapeutic Goods Administration’s (TGA) Special Access Scheme and through authorised prescribers.
Walkabout Resources continues to drive Lindi Jumbo Graphite Project towards development
Walkabout Resources Ltd (ASX:WKT) spent the September quarter actively engaged in developing the fully permitted, 100%-owned high-grade Lindi Jumbo Graphite Project in South-East Tanzania and has progressed negotiations for debt and equity fundraising to secure the capital required for construction.