S&P/ASX 200 snaps seven-day winning streak as gold shares take a beating

Boris Johnson and Ursula von der Leyen agreed after three hours of negotiations on Wednesday night that a Brexit deal must be sealed by Sunday or there will be no deal.

Euro Manganese Inc - S&P/ASX 200
Airbnb sold shares in its IPO at US$68, pricing the shares above its range and valuing the company at US$47 billion.

S&P/ASX 200 (INDEXASX:XJO) snapped its seven-day winning streak following weakness on Wall Street overnight and was trading 0.55% down at 6691 points by 1.50 pm.

Despite today’s loss, the Aussie market is still marginally ahead for the year, up about 0.10% in 2020. The ASX 200 had fell by about 35% at its lows in March.

Gold prices drop

The gold price fell 2% to US$1832.43 an ounce overnight after investors were encouraged by the prospect of vaccine roll-outs and fresh hopes for a US stimulus deal.

Northern Star (ASX:NST) declined 4.85% and Saracen (ASX:SAR) slipped 5.3% after the companies said a vote among Saracen shareholders on the proposed merger between the two companies would take place on January 15.

Evolution Mining (ASX:EVN) dropped 4.5% after announcing today that it acquired the Crush Creek project southeast of the Mt Carlton Operation in Queensland.

Road to recovery

The Australian economy entered a recession in the March quarter for the first time in 28 years as a fallout of the COVID-19 pandemic, drought, bushfires and storms.

In the June quarter, the economy contracted by 7% but a recovery is underway with the economy growing by 3.3% in the September quarter – the biggest lift since March 1976.

Top gainers

Today’s top gainers on the ASX include Euro Manganese Inc (ASX:EMN) (+8.70%), Andromeda Metals Ltd (ASX:AND) (+8.00%), Brookside Energy Ltd (ASX:BRK) (+14.29%), Cauldron Energy Ltd (ASX:CXU) (+8.57%) and Roots Sustainable Agricultural Techn Ltd (ASX:ROO) (+11.11%).

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