S&P/ASX 200 extends gains after Joe Biden unveils US$1.9 trillion US stimulus plan

Brent crude oil prices edged 0.5% higher to US$56.32 a barrel on Thursday, boosted by a weak dollar and bullish signals from Chinese import data.

Lithium Australia NL - S&P/ASX 200
Spot gold rose 0.2% to US$1,850.36 per ounce after U.S. President-elect Joe Biden unveiled a massive stimulus plan.

S&P/ASX 200 (INDEXASX:XJO) is rising for a third straight day, with the index up 0.31% to 6,736 points by about 1.50 pm.

The market opened after news broke that Joe Biden intends to ask Congress to spend an additional US$1.9 trillion on an economic rescue plan.

This will include new direct payments to Americans, aid for state and local governments and more funding to deal with COVID-19.

Biden's rescue plan follows the US$3 trillion package at the start of the pandemic and US$900 billion in support passed last month.

Locally, BHP Group (ASX:BHP), Afterpay (ASX:APT), the big banks and energy stocks were making strong gains.

COVID-19 update

Queensland recorded three new cases of COVID-19 in the past 24 hours, two in hotel quarantine and a historical case from Cairns.

Premier Annastacia Palaszczuk said she was not “worried” about the latest cases and all 129 people who were transferred from the ill-fated Hotel Grand Chancellor have tested negative.

At least 3,922 new COVID-19 deaths and 230,476 new cases were reported in the US on Wednesday according to a New York Times database.

More than 4,400 deaths were announced in the US on Tuesday, a record. The country is quickly approaching 400,000 total deaths.

Top gainers

Today’s top gainers on the ASX include Lithium Australia NL (ASX:LIT) (+18.99%), Northern Minerals Ltd (ASX:NTU) (+12.50%), Piedmont Lithium Ltd (ASX:PLL) (+16.67%), Strategic Elements Ltd (ASX:SOR) (+17.89%), Arafura Resources Limited (ASX:ARU) (+15.00%), CardieX Ltd (ASX:CDX) (+23.29%) and Tyranna Resources Ltd (ASX:TYX) (+14.29%).

Proactive news headlines:

Peninsula Energy welcomes North American investors as it begins OTC market trading

Peninsula Energy Ltd (ASX:PEN) (OTCMKTS:PENMF) has commenced trading on the US OTC (over-the-counter) Pink Market under the code PKC:PENMF and will apply to upgrade its market tier to the OTCQB venture market after increased North American based investor interest in the company and its 100%-owned Lance Project in Wyoming USA.

Pan Asia Metals completes priority one drill holes at Khao Soon Tungsten Project in Thailand

Pan Asia Metals Ltd (ASX:PAM) has completed drilling priority one holes at Than Pho West (TPW) prospect of Khao Soon Tungsten Project (KSTP) in southern Thailand and has mobilised the rig to Reung Kiet Lithium Project (RKLP) to the west.

WA Kaolin begins stage one building work at Wickepin Kaolin Project

WA Kaolin Ltd (ASX:WAK) has begun stage one building work at its wholly-owned Wickepin Kaolin Project, 220 kilometres southeast of Perth, Western Australia.with the purchase of shares in an on-market transaction.

Kin Mining's new high-grade gold results confirm potential to upgrade and expand Bruno-Lewis deposit in WA

Kin Mining NL’s (ASX:KIN) new assay results from recent reverse circulation (RC) drilling at Bruno-Lewis deposit, one of the cornerstone deposits at its 100%-owned Cardinia Gold Project (CGP) in Western Australia, have confirmed the quality of the deposit.

Blackstone Minerals to spin out non-core gold assets into Codrus Minerals IPO

Blackstone Minerals Ltd (ASX:BSX) will spin-out a number of non-core Western Australian gold assets into a new initial public offering (IPO), Codrus Minerals Ltd.

Euro Manganese Chvaletice Manganese Project moves to next permitting stage after reaching regulatory milestone

Euro Manganese Inc (ASX:EMN) (CVE:EMN) (OTCMKTS:EROMF) can move forward to the next stages of the permitting process for its Chvaletice Manganese Project after concluding the six-month screening of its preliminary Environmental Impact Assessment (EIA) by the Czech Ministry of the Environment.

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