S&P/ASX 200 slips as resource stocks pull back

Brent crude oil price gained 0.28% to US$65.42 a barrel, near to its highest levels since January 2020.

Latin Resources Ltd - S&P/ASX 200
Gold edged 0.3% lower to US$1,803.62 an ounce in choppy trade on Tuesday as the US dollar recovered.

S&P/ASX 200 (INDEXASX:XJO) has retreated after Tuesday’s 0.9% gain, with the index down 0.80% to 6,784 by 1.45 pm.

The major miners were weighing on the index, while information technology and communications stocks also declined.

The market is being held back partly by profit taking from major mining stocks like BHP Ltd (ASX:BHP), Rio Tinto (ASX:RIO), Fortescue Metals (ASX:FMG) and gold producers, which all rose on Monday and Tuesday.

Easy monetary policy is likely to stay in place

US Federal Reserve Chairman Jerome Powell said on Tuesday that inflation and employment remain well below the Federal Reserve’s goals, meaning easy monetary policy is likely to stay in place.

Despite a sharp rise this year in bond yields that has accompanied heightened concern over inflation, Powell said price pressures remain mostly muted and the economic outlook is still highly uncertain.

He added: “The economy is a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved.

“The Fed is committed to using our full range of tools to support the economy and to help ensure that the recovery from this difficult period will be as robust as possible.”

Top gainers

Today’s top gainers on the ASX include Latin Resources Ltd (ASX:LRS) (+20.83%), Rimfire Pacific Mining N L (ASX:RIM) (+11.11%), Aeris Resources Ltd (ASX:AIS) (+20.00%), Anteris Technologies Ltd (ASX:AVR) (+22.28%), Astro Resources N.L. (ASX:ARO) (+25.00%) and Rumble Resources Ltd (ASX:RTR) (+10.00%).

Proactive news headlines:

Corazon Mining raises A$2 million in well-supported placement to advance exploration

Corazon Mining Ltd (ASX:CZN) (OTCMKTS:CRZNF) has received firm commitments for a placement to raise approximately A$2 million from sophisticated, professional and institutional investors.

Galena Mining final broad lead-silver results from 2020 Abra drilling will support mineral resource update

Galena Mining Ltd (ASX:G1A) (FRA:GM6) has returned more broad high-grade lead-silver results in the fifth and final batch of assay results from the 2020 drilling program at Abra Base Metals Project in Western Australia.

Musgrave Minerals hits up to 3 metres at 26.4 g/t gold from White Heat prospect within Cue Project

Musgrave Minerals Ltd (ASX:MGV) (FRA:6MU) has received further strong gold results of up to 3 metres at 26.4 g/t from 32 metres at White Heat prospect within the high-grade Cue Gold Project in Western Australia.

Lotus Resources buoyed by strong demand from institutional investors for A$12.5 million placement

Lotus Resources Ltd (ASX:LOT) has received binding commitments to raise A$12.5 million (before costs) through the placement of 100 million shares at A$0.125 per share to sophisticated and professional investors.

Great Boulder Resources launches $3.1 million capital raising to fund drilling at gold projects

Great Boulder Resources Ltd (ASX:GBR) has launched a $3.1 million capital raising to fund aggressive exploration programs at the Side Well and Whitehead gold projects, both in WA.

Perseus Mining transitions to multi-mine, multi-jurisdictional gold producer with 61% hike in first half group net profit

Perseus Mining Ltd (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) (FRA:P4Q) has recorded a 61% increase in group net profit after tax to A$49.1 million in the first half of FY21 compared to the corresponding period in FY20, reflecting its successful transition to a multi-mine, multi-jurisdictional gold producer.

Argonaut Resources acquires package of three South Australian licences prospective for uranium

Argonaut Resources NL (ASX:ARE) has acquired a package of highly prospective uranium exploration licences known as the Frome Project south of Lake Frome in South Australia.

archTIS signs agreement with Office of the Australian Information Commissioner for information software collaboration solution

archTIS Ltd (ASX:AR9) has entered a 12-month agreement with the Office of the Australian Information Commissioner (OAIC) for the company’s Kojensi SaaS platform.

Aeris Resources higher as net profit surges 260% to $45.9 million following Cracow buy and Constellation deposit discovery

Aeris Resources Ltd (ASX:AIS) is trading higher after recording a 260% year-on-year rise in net profit for the half-year ended December 31, 2020, which incorporated the results of the Cracow Gold Operations, acquired on July 1, 2020.

Latin’s initial tests confirm very high-grade halloysite and ultra-bright white kaolin at Noombenberry Project

Latin Resources Ltd (ASX:LRS) (FRA:XL5) has confirmed very high-grade halloysite, with grades of up to 37% halloysite, and ultra-bright white kaolin in detailed test-work on samples from the company’s 100%-owned Noombenberry Project in WA.

Element 25 closes in on stage-1 commissioning of Butcherbird Manganese Project

Element 25 Ltd (ASX:E25) (FRA:QFP) (OTCMKTS:ELMTF) is making strong progress with the first stage of a planned multi-stage development at Butcherbird Manganese Project with the delivery on-track for next month.

Miramar Resources receives heritage approval to begin gold exploration at Glandore

Miramar Resources Ltd (ASX:M2R) has received heritage approval for exploration at its 100%-owned Glandore Project around 40 kilometres east of Kalgoorlie in the Eastern Goldfields region of Western Australia.

Terrain Minerals achieves 80% ownership milestone at Smokebush JV tenements

Terrain Minerals Ltd’s (ASX:TMX) joint venture partners have confirmed that expenditure commitments of $250,000 have been reached and as result, 80% ownership in the Smokebush JV gold tenement in WA is being transferred to Terrain.

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