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S&P/ASX 200 pulls back from a strong start; on track for double-digit growth for the month

Treasury Wine Estates will divert hundreds of thousands of cases of China-bound wine to other countries to avoid hefty tariffs.

Creso Pharma Ltd - S&P/ASX 200
Gold prices slipped today as optimism over a COVID-19 vaccine-led economic rebound fueled equities

S&P/ASX 200 (INDEXASX:XJO) was off to a good start on the final session of the month but has slipped 0.76% to 6,551 by about 2.12 pm with most sectors in the red.

Although this is the third straight session of losses for the index, it is still up by more than 10% for the month as promising vaccine developments boosted confidence of a smooth economic reopening across the world.

In the US, the Dow Jones Index has risen 12.9% so far this month, on pace for its best monthly performance since January 1987.

Coal producers and winemakers suffer

Coal producers in Australia are struggling after China increased its coal import quotas for 2020 by about 20 million tonnes but is very likely to exclude Australia.

Whitehaven (ASX:WHC) dipped 8.4% while New Hope (ASX:NHC) is down 5.4%.

Treasury Wine Estates (ASX:TWE) shares crashed 8% today after the company said it would divert hundreds of thousands of cases of China-bound wine to other countries to avoid hefty tariffs.

This follows a move by Beijing to impose a 169.3% mark-up on Treasury Wine’s products as part of an industry-wide anti-dumping investigation.

China’s move took the world’s largest listed winemaker by surprise as a 5-year-old free trade agreement between the countries — which had eliminated wine tariffs — gave way to strained diplomatic relations.

Top gainers

Today’s top gainers on the ASX include Creso Pharma Ltd (ASX:CPH) (+17.14%), Core Lithium Ltd (ASX:CXO) (+19.05%), Vrx Silica Ltd (ASX:VRX) (+12.50%), Fenix Resources Ltd (ASX:FEX) (+12.90%), Lake Resources N.L. (ASX:LKE) (+15.07%), Brookside Energy Ltd (ASX:BRK) (+14.29%) and Southern Gold Limited (ASX:SAU) (+17.35%).

Proactive news headlines:

Horizon Minerals enters development joint venture with Orminex for Penny’s Find Gold Project

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Aeris Resources set to boost Tritton copper bounty after intersecting sulphides in first Anomaly K hole

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Meteoric Resources hits multiple broad, high-grade gold intersections in Southern Extension at Palm Springs

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FYI Resources fields strong support in placement raising $6 million to progress HPA project

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Southern Gold sale price tag for Gubong and Kochang JV with Bluebird Merchant Ventures set at US$9.945 million

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PNX Metals raising up to $6.67 million to progress NT gold and zinc-gold-silver projects

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Creso Pharma set to capitalise on Court of Justice of the European Union ruling on sales of CBD products in EU

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Lake Resources gains flexibility after extending standby capital facility by A$5.5 million

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Castillo Copper confirms Big One potential with shallow copper assays of up to 4.14%

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Platina Resources to ramp-up gold exploration after completing A$13.7 million sale of Skaergaard project in Greenland

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VIP Gloves nitrile gloves sales orders full to end of 2021 as it pushes ahead with new production lines

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