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S&P/ASX 200 bounces back with a 1% gain; oil surges 2.5%

Brent crude oil prices hit US$67.30 a barrel, its highest since January 8, 2020 as U.S. government data showed a drop in crude output after a deep freeze disrupted production last week.

MGC Pharmaceuticals Ltd - S&P/ASX 200
Gold prices fell 0.3% to US$1,798.71 per ounce on Thursday as higher US Treasury yields dented the metal’s appeal.

S&P/ASX 200 (INDEXASX:XJO) has rallied 0.99% to 6,845 points by 1.51 pm, helped by gains for the energy, financial, materials and healthcare sectors.

Oil stocks are climbing higher after a 2.5% jump in global oil prices overnight to fresh 13-month highs.

The rise was aided by a big drop in US crude oil production last week because of the Texas snowstorm.

Qantas (ASX:QAN) has reported a first-half loss of $1.03 billion amid the ongoing COVID-19 global pandemic which has decimated the global aviation industry.

The airline said the results were a result of international border closures, as well as domestic travel restrictions and state lockdowns.

Top gainers

Today’s top gainers on the ASX include MGC Pharmaceuticals Ltd (ASX:MXC) (+10.34%), Piedmont Lithium Ltd (ASX:PLL) (+12.23%), Great Boulder Resources Ltd (ASX:GBR) (+34.15%), Cobalt Blue Holdings Ltd (ASX:COB) (+16.28%), Rimfire Pacific Mining N L (ASX:RIM) (+11.11%), Havilah Resources Ltd (ASX:HAV) (+9.30%) and Titanium Sands Ltd (ASX:TSL) (+10.71%).

Proactive news headlines:

Great Boulder Resources surges after hitting shallow high-grade gold at Mulga Bill within Side Well Project

Great Boulder Resources Ltd (ASX:GBR) has surged 75 per cent after receiving shallow high-grade gold results of up to 4 metres at 17.71 g/t gold from Mulga Bill prospect which forms part of the Side Well Gold Project near Meekatharra in Western Australia.

Auroch Minerals investigates lithium potential at Nepean Nickel Project

Auroch Minerals Ltd (ASX:AOU) (FRA:T59) has begun an investigation into the potential for lithium mineralisation at the high-grade Nepean Nickel Project in Western Australia.

Blackstone Minerals strikes new nickel sulphide mineralisation in Taipan Discovery Zone at Ta Cuong

Blackstone Minerals Ltd (ASX:BSX) (OTCMKTS:BLSTF) (FRA:B9S) has discovered significant new sulphide mineralisation in a previously untested zone within the Ta Cuong Prospect in Vietnam.

Latin Resources emphasises potential scale of Noombenberry Project on identifying more high-grade halloysite and ultra-bright kaolin

Latin Resources Ltd’s (ASX:LRS) (FRA:XL5) results from four float samples collected from dam walls have confirmed bright white and ultra-bright white kaolin, emphasising the potential scale of its 100%-owned Noombenberry Project in Western Australia.

Galileo Mining begins priority diamond drilling at Fraser Range Nickel Project

Galileo Mining Ltd (ASX:GAL) has the drill spinning in its first diamond drilling program for 2021 at Lantern East prospect within the Fraser Range Nickel Belt in Western Australia.

MMJ Group sees 182% jump in half-year revenues and narrows losses as it seeks to broaden investments in sectors outside cannabis

MMJ Group Holdings Ltd (ASX:MMJ) (OTCMKTS:MMJJF) (FRA:2P9) has recorded a 182% hike in revenues from ordinary activities to A$192,000 in the six months to December 31, 2020.

AVZ Minerals awards FEED study to Mincore to progress Manono Lithium and Tin Project

AVZ Minerals Ltd (ASX:AVZ) (FRA:3A2) (OTCMKTS:AZZVF) has awarded a 12-week Front End Engineering and Design (FEED) contract for the Manono Lithium and Tin Project in the DRC to Melbourne-based engineering company, Mincore Pty Ltd.

Archer Materials on path towards commercialising 12CQ® quantum computing chip and A1 Biochip™

Archer Materials Ltd (ASX:AXE) (OTCMKTS:ARRXF) (FRA:38A) enjoyed a productive second half of 2020, progressing the development of its 12CQ® quantum computing qubit processor chip and A1 Biochip™ lab-on-a-chip technology.

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