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S&P/ASX 200 gains 0.50% as gold miners shine

Gold prices have bounced back due to a weaker US dollar and growth concerns linked to the ongoing spread of COVID‑19.

Wiluna Mining Corporation Ltd - S&P/ASX 200 gains 0.50% as gold miners shine
Oil prices eased on Thursday after the International Energy Agency lowered its 2020 oil demand forecast

S&P/ASX 200 (INDEXASX:XJO) has gained 0.50% to 6,121.6 by 12.40 pm after the precious metal rebounded overnight above US$1950 an ounce, helping local gold stocks shine.

Gold miner Perseus Mining Limited (ASX:PRU) gained 6.38%, Evolution Mining Ltd (ASX:EVN) rose 5.24% and Saracen Mineral Holdings Limited (ASX:SAR) increased 3.69%.

Australian economy

Reserve Bank Governor Philip Lowe spoke today about the state of Australia’s economy to the House of Representatives Economics Committee.

He said: “We do not yet have the GDP data for the June quarter, but it will show the biggest economic contraction in many decades, likely to be around 7%.

“If there is any good news to be found here, it is that this decline is not as large as initially feared.

“The recovery is also likely to be more drawn out than was initially expected despite the downturn being less severe than expected.

“There are a few factors at work here. The most obvious is the outbreak in Victoria.

“We are expecting the published unemployment rate to decline gradually from 10%, but to still be around 7% in a few years' time.”

COVID-19 update

Victoria confirmed 372 new COVID-19 infections and 14 deaths in the last 24 hours – which includes Australia's youngest COVID-19 death of a man in his 20s.

On Wednesday, the US reported its highest number of COVID-19 deaths in a single day since mid-May, at nearly 1,500.

The US has now seen its seven-day average of newly reported deaths remain above 1,000 for 17 consecutive days.

Top gainers

Today’s top gainers on the ASX include Australian Potash Ltd (ASX:APC) (+11.11%), Twenty Seven Co Ltd (ASX:TSC) (20.00%), FYI Resources Ltd (ASX:FYI) (+10.00%), Latin Resources Ltd (ASX:LRS) (+22.22%), Linius Technologies Ltd (ASX:LNU) (+11.11%) and Legend Mining Limited (ASX:LEG) (+12.59%).

Proactive news headlines:

Emerald Clinics soars on plans to change name in line with global ambitions and expanded offerings

Emerald Clinics Ltd (ASX:EMD) has been as much as 40% higher this morning on news that it intends to change its name to Emyria Limited as part of a rebranding consistent with its global ambitions and expanded offerings.

Legend Mining up after intersecting 24.65 metres of nickel-copper sulphides at Mawson

Legend Mining Limited (ASX:LEG) is higher after intersecting a total of 24.65 metres of nickel-copper sulphides in a diamond hole at Mawson prospect within the Rockford Project on WA’s Fraser Range.

Cirralto raises $2.7 million to grow its Spenda business payments service

Cirralto Ltd (ASX:CRO) has raised $2.7 million through an oversubscribed placement to institutional and sophisticated investors, designed to grow the Spenda business payments service in line with CRO's transition to a digital payments company.

Australian Potash on path to development of flagship Lake Wells SOP Project

Australian Potash Ltd (ASX:APC) is progressing with the development of its Lake Wells Sulphate of Potash (SOP) Project (LSOP) in Western Australia, having recently finalised offtake agreements for 85% of the definitive feasibility study projected output.

Wiluna Mining completes key financing step towards executing stage-1 gold expansion strategy

Wiluna Mining Corporation Ltd (ASX:WMX) has completed all documentation for a gold prepaid swap financing facility and gold hedging facility, a key finance step towards executing the company’s Stage-1 Expansion at the Wiluna Mining Centre.

FYI Resources raises $2.7 million to advance high purity alumina project

FYI Resources Ltd (ASX:FYI) has received firm commitments to raise up to $2.7 million through a two-tranche placement to sophisticated and professional investors at 6 cents per share.

Bryah Resources completes 2,315 metres of manganese drilling at Bryah Basin JV

Bryah Resources Ltd (ASX:BYH) has completed 2,315 metres of drilling at the Bryah Basin JV project with four locations, including Brumby Creek, Black Hill, Cheval and Black Beauty, ticked off the list.

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