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S&P/ASX 200 slumps 1.40% amid global concerns about new COVID-19 variant

Published: 13:15 09 Jul 2021 AEST

OAR Resources Ltd - S&P/ASX 200

S&P/ASX 200 (INDEXASX:XJO) fell 1.40% to 7,238 points by about 12.55 pm after a rise in COVID-19 cases overnight forced Premier Gladys Berejiklian to tighten restrictions in greater Sydney.

NSW recorded another 44 cases on Friday, the highest daily increase since the latest outbreak began after yesterday’s record of 38.

Berejiklian announced tougher restrictions including further limits on outdoor exercise, shopping and funerals, as she warned the lockdown may be extended.

Panoramic teams with Perenti

Mining services firm Perenti Global (ASX:PRN) has finalised a $280 million contract with Panoramic Resources (ASX:PAN) for the Savannah Nickel Project in Western Australia.

Perenti has secured a four-year term for Savannah, with production works to ramp-up over the coming six months to achieve full run rate of revenue early in the third quarter of FY22.

Asian markets slip

Shares in Asia-Pacific slumped in Friday’s trade as COVID-19 worries resurfaced in the region.

Japan’s Nikkei 225 led losses among the region’s major markets as it fell 2.30% while the South Korea’s Kospi slipped 1.80%.

Olympics organisers will ban spectators from the summer games in Tokyo, after a state of emergency for the city was declared by Japan on Thursday as the country sees rising COVID-19 cases.

Top gainers

Today’s top gainers on the ASX include OAR Resources Ltd (ASX:OAR) (+7.14%), Rimfire Pacific Mining N L (ASX:RIM) (+11.11%), Valor Resources Ltd (ASX:VAL) (+11.11%), Yandal Resources Ltd (ASX:YRL) (+13.21%) and TNT Mines Ltd (ASX:TIN) (+6.45%).

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