leadf
logo-loader

S&P/ASX 200 sinks 1.49% following the worst drop for US stocks since June

Brent crude oil price crashed 5.15% to a three-week low of US$39.08 on Wednesday as surging COVID-19 infections in the US and Europe are leading to renewed lockdowns.

archTIS Ltd - S&P/ASX 200
US COVID-19 cases have risen by a record daily average of 71,832 over the past week.

S&P/ASX 200 (INDEXASX:XJO) was down as much as 1.8% within the opening hour of trade but has slightly recovered to a loss of 1.49% to 5967 points at 1.17 pm.

This follows a heavy fall overnight on Wall Street amid concerns over the latest increase in COVID-19 infections and its potential impact on the global economy.

The Dow Jones Industrial Average dropped 3.4% to 26,519.95, posting its fourth straight negative session and its worst day since June 11.

Broad-based decline

Locally, declines have been broad-based with losses led by the IT, materials and energy sectors.

Heavyweight miner BHP Group (ASX:BHP) fell 2.27% while Rio Tinto (RIO) is 1.85% lower.

Gold stocks are also underperforming after the safe have asset dipped 1.7% overnight. Northern Star (ASX:NST) and Saracen (ASX:SAR) are down about 5.7% each.

Fortescue Metals (ASX:FMG) was an exception, rising 0.24% after reporting a record first-quarter iron ore shipment of 44.3 million tonnes, 5% higher compared to last year.

Top gainers

Today’s top gainers on the ASX include Archtis Ltd (ASX:AR9) (+8.33%),  Emyria Ltd(ASX:EMD) (+8.45%)Hexagon Energy Materials Ltd (ASX:HXG) (+12.50%), Platina Resources Limited (ASX:PGM) (+9.30%), Strategic Elements Ltd (ASX:SOR) (+16.67%), Vrx Silica Ltd (ASX:VRX) (+17.65%) and Corazon Mining Ltd (ASX:CZN) (+33.33%).

Proactive news headlines:

Roots Sustainable Agricultural Technologies launches next-generation agricultural solutions featuring heat-exchange probe

Roots Sustainable Agricultural Technologies Limited (ASX:ROO) has launched its next-generation agricultural solution that combines plant irrigation and fertigation functions with its revolutionary heat exchange probe technology.

Platina Resources completes sale of Skaergaard to Canadian-listed Major Precious Metals

Platina Resources Limited (ASX:PGM) has completed the sale of Skaergaard Project in Greenland after been advised by Major Precious Metals Corp (CNSX:SIZE) that the Canadian Securities Exchange (CSE) has allowed it to close the acquisition in escrow pending their final approval.

Oakdale Resources about to begin maiden drilling at South Australian halloysite-kaolin hotspot

Oakdale Resources Ltd (ASX:OAR) (FRA:F1S) is about to begin its maiden drilling program at the Gibraltar Project within South Australia’s halloysite-kaolin hotspot on the Eyre Peninsula.

GTI Resources' aircore results confirm gold anomalism at Niagara Gold Project in WA

GTI Resources Ltd’s (ASX:GTR) assay results from recently completed first pass shallow aircore drilling program at Niagara Gold Project, southwest of Kookynie in Western Australia, has confirmed gold anomalism of up to 2.78 g/t.

Mali Lithium raises A$74 million to support purchase of 80% in Morila gold mine

Mali Lithium Ltd (ASX:MLL) has completed a A$74 million capital raising to support the purchase of an 80% interest in the Morila gold mine in Mali, West Africa.

Matador Mining accelerates Cape Ray Gold Project on identifying 33 new targets

Matador Mining Limited (ASX: MZZ) has accelerated its Cape Ray Gold Project greenfield exploration activities in Newfoundland, Canada, and has identified 33 new gold targets.

Bryah Resources has manganese JV drilling underway ahead of resource estimate in early 2021

Bryah Resources Ltd (ASX:BYH) has begun the next phase of drilling at the Bryah Basin Manganese Joint Venture in Western Australia with OM Manganese Ltd, a wholly-owned subsidiary of OM Holdings Ltd (ASX:OMH).

Euro Manganese closes first tranche of private placement for proceeds of around C$6 million

Euro Manganese Inc.(ASX:EMN) (CVE:EMN) (FRA:E06) has closed the first tranche a private placement, raising total gross proceeds of around C$6,061,000.

archTIS enters Microsoft market with acquisition of global information protection business Nucleus Cyber

archTIS Ltd (ASX:AR9) has entered into a binding term sheet to buy global information protection business Nucleus Cyber Inc for a total potential consideration of up to $9.75 million in shares.

Cobalt Blue makes strong progress in strategy of supplying high-quality cobalt to meet growing global needs

Cobalt Blue Holdings Ltd (ASX:COB) (OTCMKTS:CBBHF) (FRA:COH) continues to make strong progress with its integrated cobalt supply strategy centred on the flagship Broken Hill Cobalt Project (BHCP) with a global sample program set to produce first samples next quarter.

Strategic Elements files patent for ultra-low power printable memory

Strategic Elements Ltd (ASX:SOR) subsidiary Australian Advanced Materials has filed a new patent to further protect the intellectual property of its Nanocube Memory Ink (ReRAM) technology.

Add related topics to MyProactive

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

NO INVESTMENT ADVICE

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...

FOR OUR FULL DISCLAIMER CLICK HERE

Comet Resources says Barraba may host 'multiple VMS deposits'

Comet Resources Limited’s (ASX:CRL) Matt O'Kane tells Proactive's Andrew Scott an initial site investigation of the historical Murchison Copper Mine and Gulf Creek North prospects at the Barraba Copper project has identified extensive surface copper mineralisation. He says widespread evidence of...

1 day, 10 hours ago

4 min read