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S&P/ASX 200 gains 0.84% as GDP growth beats forecasts

Brent crude futures gained 2.7% to US$71.17 a barrel on Tuesday, as OPEC and its non-OPEC partners agreed to gradually ease production cuts.

Alta Zinc Ltd - S&P/ASX 200
Gold prices on Wednesday eased from a near five-month high to US$1,898.58 per ounce.

S&P/ASX 200 (INDEXASX:XJO) has gained 0.84% to 7,202 by 12.55 pm as Australia’s economy grew by 1.8% in the first three months of 2021 compared to the final three months of 2020.

This was ahead of a 1.5% growth that economists were expecting.

Annual growth was expected to be 0.7%, but the Australian Bureau of Statistics reported that GDP has increased by 1.1% over the past 12 months.

Acting Premier James Merlino has extended the lockdown in Melbourne with only five reasons to leave home for another week: shopping for food and supplies, authorised work and study, care and caregiving, exercise and getting vaccinated.

Restrictions in regional Victoria will be eased from tomorrow night, with the five reasons to leave home to be removed.

Top gainers

Today’s top gainers on the ASX include Alta Zinc Ltd (ASX:AZI) (+1,383.33%), Argonaut Resources NL (ASX:ARE) (+12.50%), Astro Resources N.L. (ASX:ARO) (+25.00%), Carnavale Resources Limited (ASX:CAV) (+14.29%), Emperor Energy Ltd (ASX:EMP) (+16.13%), Ioneer Ltd (ASX:INR) (+14.49%) and Montem Resources Corp (ASX:MR1) (+11.11%).

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