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S&P/ASX 200 trades near flat line as Victoria confirms 10 new local COVID-19 cases

Spot gold prices have hit a 4-1/2-month high of US$1,899.11 per ounce on Wednesday.

Argonaut Resources NL - S&P/ASX 200
The US dollar was trading near a 4-1/2-month low against its rivals.

S&P/ASX 200 (INDEXASX:XJO) was trading near the flat line, up 0.16% to 7126 points by 1 pm, as Victoria reported 10 new local COVID-19 cases in the past 24 hours to midnight.

Acting Premier James Merlino said on Wednesday that he was “very concerned” about the spike in cases, prompting fears that Melbourne could be sent into a snap lockdown.

New restrictions were introduced across Greater Melbourne on Tuesday, including mandatory mask-wearing and limits on private and public gatherings.

Merlino added: “It’s fair to say for the next 24 hours are going to be particularly critical so the message this morning is, it’s good that everyone is linked at the stage, but we are concerned about the number, and also about the kind of exposure sites, and the next 24 hours are going to be pretty critical if we’re going to make any further changes beyond the changes that we announced yesterday.”

New Zealand monetary policy

The Reserve Bank of New Zealand confirmed on Wednesday that the current stimulatory level of monetary settings will be maintained to meet its consumer price inflation and employment objectives.

New Zealand’s official cash rate will stay at 0.25% and the Large Scale Asset Purchase & Funding for Lending programs will remain unchanged.

Top gainers

Today’s top gainers on the ASX include Argonaut Resources NL (ASX:ARE) (+12.50%), Carnavale Resources Limited (ASX:CAV) (+14.29%), Golden Rim Resources Ltd. (ASX:GMR)(+10.00%), Kneomedia Ltd (ASX:KNM) (+14.29%), Matador Mining Ltd (ASX:MZZ) (+15.70%), Tyranna Resources Ltd (ASX:TYX) (+16.67%) and WA Kaolin Ltd (ASX:WAK) (+13.51%).

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