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S&P/ASX 200 trades near flat line as energy, materials shares slip

Brent crude fell 2.3% to settle at US$65.11 a barrel on Thursday after diplomats said progress was made toward a deal to lift sanctions on Iran, which could boost crude supply.

9 Spokes International Ltd - S&P/ASX 200
Bitcoin prices slipped after the US Treasury said it is taking steps to crack down on cryptocurrency markets and transactions.

S&P/ASX 200 (INDEXASX:XJO) weakened from a strong start this morning, with the index trading down 0.011% to 7,018.8 by about 1 pm.

This followed strong gains on Wall Street overnight, where indices snapped a three-day losing streak.

Locally, energy is the worst-performing sector, down 2.09%, while materials slipped about 1.4%.

Retail spending rises

Retail spending gained 1.1% in April to $31 billion, exceeding the market’s expectations, according to the seasonally adjusted preliminary retail trade figures released today by the Australian Bureau of Statistics (ABS).

Notably, retail turnover rose 25.1% compared to April 2020. The sharp rise in annual turnover is partly due to the very low levels of turnover recorded in April 2020.

Top gainers

Today’s top gainers on the ASX include 9 Spokes International Ltd (ASX:9SP) (+12.50%), Great Boulder Resources Ltd (ASX:GBR) (+10.87%), Kneomedia Ltd (ASX:KNM) (+14.29%), Perpetual Resources Ltd (ASX:PEC) (+20.00%), Valor Resources Ltd (ASX:VAL) (+14.29%) and Golden State Mining Ltd (ASX:GSM) (+8.00%).

Proactive news headlines:

Proactive Uranium Webinar next Tuesday to showcase three companies on path towards production

Proactive will host a Uranium Webinar next Tuesday, May 25, featuring three ASX-listed companies – Lotus Resources Ltd (ASX:LOT), Peninsula Energy Ltd (ASX:PEN) and Alligator Energy Ltd (ASX:AGE).

Creso Pharma signs letter of intent to enter Polish animal health market

Creso Pharma Ltd (ASX:CPH) (FRA:1X8) has signed a non-binding, non-exclusive Letter of Intent (LOI) with Polish company Polvet to progress a commercial agreement to market and distribute Creso’s cannabis-based animal health products for companion animals and livestock in Poland.

Tietto Minerals hits 1-metre at 174 g/t gold within 3 metres at 58.61 g/t at AG South for inclusion in upcoming Abujar resource update

Tietto Minerals Ltd (ASX:TIE) has hit 3 metres at 58.61 g/t gold including 1-metre at 174.72 g/t at AG South within the Abujar-Gludehi (AG) deposit which is part of its 3.02-million-ounce Abujar Gold Project in Côte d’Ivoire.

Cervantes Corporation raises more than $3.36 million to advance exploration work

Cervantes Corporation Limited (ASX:CVS) has raised more than $3.36 million after completing the capital raisings announced on April 1.

Freehill Mining gets diamond drill spinning at El Dorado Copper-Gold Project in Chile

Freehill Mining Limited (ASX:FHS) has started a three-hole 1,500-metre diamond drill program at its 100%-owned El Dorado Project in Chile.

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