S&P/ASX 200 (INDEXASX:XJO) rose as much as 1.2% to a new nine-month intraday high of 6714.7 at open but has eased to a gain of 0.34% to 6657 by about 1.50 pm.
The material sector has jumped 1.53% today, pushed higher by a surge in iron ore prices to US$145 per tonne.
BHP Group Ltd (ASX:BHP) is up 1.83% as iron ore price hit a 12 March 2013 high thanks to China’s port stockpiles slipping for a third straight week.
Cannabis stocks gain
Cannabis stocks have surged after the US House of Representatives passed the Marijuana Opportunity Reinvestment and Expungement (MORE) Act to decriminalise cannabis for the first time on a national level.
This Act removes cannabis from the US Controlled Substances Act and aims to erase certain federal convictions.
The bill was passed in the lower chamber 228 to 164 on December 4, 2020, and will now move to the Senate for voting.
Creso Pharma co-founder and director Boaz Wachtel said it was a historic ruling that had the potential to create significant growth opportunities in a burgeoning industry with the US cannabis market estimated to be worth around US$130 billion by 2024.
Today’s top gainers on the ASX include MMJ Group Holdings Ltd (ASX:MMJ) (+13.33%), Ironbark Zinc Limited (ASX:IBG) (+18.18%), Lotus Resources Ltd (ASX:LOT) (+17.98%), Whitebark Energy Ltd (ASX:WBE) (+50.00%), Peninsula Energy Ltd (ASX:PEN) (+20.00%) and Cirralto Ltd (ASX:CRO) (+36.67%).
Proactive news headlines:
Latin Resources strongly supported $5 million placement to accelerate exploration at kaolin-halloysite and gold projects
West Wits Mining progresses South African gold project as it awaits environmental appeals process outcome
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GTI Resources has RC drill turning at Niagara Gold Project
Ironbark Zinc granted Citronen exploitation and closure permit by Greenland Government
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Nexus Minerals hits up to 42.59 g/t gold in deep drilling at Crusader within Wallbrook Gold Project
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Roots Sustainable Agricultural Technologies secures new sales contract in northern Israel for RZTO technology as sales pipeline builds
Roots Sustainable Agricultural Technologies Limited (ASX:ROO) has secured a new sales contract for its proprietary Root Zone Temperature Optimisation (RZTO) technology valued at $58,000 from My Green Fields, a medicinal cannabis farm in northern Israel.
MGC Pharmaceuticals to receive full results from ArtemiC Phase II clinical trial for COVID-19 patients in next seven days
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MMJ Group investee Embark Health amended Health Canada licence allows direct sale of cannabis 2.0 products
MMJ Group Holdings Ltd (ASX:MMJ) investee Embark Heath has been granted an amendment to its Health Canada licence allowing direct sales of cannabis extracts, cannabis topicals and edible cannabis products from the Embark Delta Inc facility in Delta, British Columbia.
Creso Pharma to explore near-term US opportunities after lawmakers take first step to decriminalise cannabis on national level
Creso Pharma Ltd (ASX:CPH) (FRA:1X8) is exploring several near-term opportunities to enter the world’s largest recreational and medical cannabis market after the US House of Representatives passed the Marijuana Opportunity Reinvestment and Expungement (MORE) Act to decriminalise cannabis for the first time on a national level.
Latin Resources extending gold holding in heart of prolific Lachlan Fold Belt
Latin Resources Ltd (ASX:LRS) is expanding its presence in the prolific yet underexplored Lachlan Fold Belt of Central West NSW that hosts world-class gold and copper-gold operations through the proposed acquisition of a portion of an historical goldfield.