S&P/ASX 200 slips as investors fear a COVID-19 resurgence

Brent crude gained 0.6% to US$69.00 a barrel on Tuesday after slumping around 7% in the previous session.

Polymetals Resources Ltd - S&P/ASX 200
Dow Jones index in the US tumbled 700 points on Monday for its worst drop since October.

S&P/ASX 200 (INDEXASX:XJO) has slipped for a second day, with the index easing by 0.12% to 7,277 points by about 1.15 pm.

This follows a significant 1.6% tumble for the S&P500 overnight on Wall Street as the spread of the COVID-19 Delta strain and lockdown uncertainty continues to keep markets on edge.

Oil price tumbles

Locally, energy stocks were the hardest hit following ~7.5% in oil prices overnight as COVID-19 infections surged and OPEC+ agreed to gradually ramp up oil production through to September 2022.

Oil Search (ASX:SOH) was an exception, rising by ~4.5% on news that Santos (ASX:STO) has launched an ~$8.8 billion proposal to merge with the PNG focused energy stock.

Santos’s ~$4.25 per share offer for Oil Search is ~16% above its closing price on Monday.


Australia’s COVID-19 worries remain with Victoria’s five-day lockdown extended for a further seven days.

Greater Sydney is now in week four of lockdowns with NSW identifying 78 cases over the past day.

South Australia will begin a lockdown from 6 pm tonight.

Top gainers

Today’s top gainers on the ASX include Polymetals Resources Ltd (ASX:POL) (+3.33%), Antipa Minerals Ltd (ASX:AZY) (+6.38%), Oklo Resources Ltd (ASX:OKU) (+4.00%), Skyfii Ltd (ASX:SKF) (+4.35%) and West Wits Mining Limited (ASX:WWI) (+11.25%).

Proactive news headlines:

Aldoro Resources about to begin diamond drilling at Narndee Igneous Complex

Aldoro Resources Ltd (ASX:ARN) is about to begin a nickel exploration diamond drilling program at the Narndee Igneous Complex (NIC) in Western Australia.

Meteoric Resources hits further copper sulphides at Juruena and appoints director to oversee Brazilian operations

Meteoric Resources NL (ASX:MEI) has hit further copper sulphides at the Juruena Project in Brazil and has appointed Dr Marcelo De Carvalho as a new director to oversee the Brazilian operations.

West Wits Mining up 31% following “milestone” mining right grant for Witwatersrand Basin project

West Wits Mining Limited (ASX:WWI) has secured a crucial approval, establishing its right to mine at the Witwatersrand Basin Gold Project in South Africa.

Moho Resources outlines interim East Sampson Dam gold resource of 21,600 ounces with strong growth potential

Moho Resources Ltd (ASX:MOH) has released an interim mineral resource estimate for the wholly-owned East Sampson Dam prospect of 264,000 tonnes at 2.5 grams per tonne (g/t) of gold for 21,600 ounces at a cut-off grade of 0.5 g/t.

Walkabout Resources appoints chief financial officer as it advances Lindi Jumbo Graphite Mine towards production

Walkabout Resources Ltd (ASX:WKT) has appointed Tony Allen to the role of chief financial officer, effective from July 19, coinciding with the company completing companion equity requirements to enable the drawdown of its US$20 million project debt with CRDB.

Fenix Resources managing director shows faith in company with early exercise of options

Fenix Resources Ltd (ASX:FEX) managing director Robert Brierley is the latest director to demonstrate his confidence in the company’s iron ore production growth plan with the early exercising of options.

Antipa Minerals uncovers more high-grade gold, copper at Minyari deposit

Antipa Minerals Ltd (ASX:AZY) has discovered further high-grade gold and copper mineralisation at its 100%-owned Minyari Dome Project.

Great Boulder Resources begins diamond drilling five high-grade gold targets at Mulga Bill

Great Boulder Resources Ltd (ASX:GBR) has diamond drilling underway across five high-grade gold targets at Mulga Bill, within the wider Side Well Project in Western Australia.

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