S&P/ASX 200 eases after hitting nine-month high of 6714.7

Brent crude oil price gained 1.11% to settle at US$49.25 per barrel on Friday after hitting its highest level since early March at US$49.92.

Creso Pharma Ltd - S&P/ASX 200
Gold price gained about 2.6% last week to US$1,834.92 per ounce.

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.

Cannabis biotech player Creso Pharma (ASX:CPH) jumped 22% and Bod Australia (ASX:BDA) gained 4.55%.

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.

Top gainers

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

Latin Resources Ltd (ASX:LRS) (FRA:XL5) has received firm commitments to raise $5 million via a placement of more than 166 million shares at an issue price of 0.3 cents per share.

West Wits Mining progresses South African gold project as it awaits environmental appeals process outcome

West Wits Mining Ltd (ASX:WWI) continues to progress its Witwatersrand Basin Gold Project in the Central Rand Goldfields in South Africa as it awaits the outcome of the appeals process for the project’s environmental approval.

GTI Resources has RC drill turning at Niagara Gold Project

GTI Resources Ltd (ASX:GTR) has started reverse circulation (RC) drilling at the Niagara Gold Project near Kookynie in the Eastern Goldfields of Western Australia.

Ironbark Zinc granted Citronen exploitation and closure permit by Greenland Government

Ironbark Zinc Limited (ASX:IBG) has welcomed the receipt of its Section 19-43 Permit from the Government of Greenland setting out the exploitation plan and closure requirements for the Citronen Project.

Nexus Minerals hits up to 42.59 g/t gold in deep drilling at Crusader within Wallbrook Gold Project

Nexus Minerals Ltd (ASX:NXM) (FRA:YAK) has hit gold grades of up to 1-metre at 42.59 g/t during deeper drilling beneath the existing Crusader resource at Wallbrook Gold Project in the Eastern Goldfields of Western Australia.

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

MGC Pharmaceuticals Ltd’s (ASX:MXC) (OTCMKTS:MGCLF) (FRA:MGC) independent statistical verification of the results of its 50-patient Phase II double-blind, placebo-controlled clinical trial to evaluate the safety and efficacy of the natural anti-inflammatory formulation ArtemiC on patients diagnosed with COVID-19 are nearly complete.

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.

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