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S&P/ASX 200 gains 0.61% as consumer confidence lifts for third time in four weeks

Oil prices dropped more than 1% on Monday after earlier hitting their lowest since July as Saudi Arabia made deep monthly price cuts.

Andromeda Metals Ltd - S&P/ASX 200 gains 0.61% as consumer confidence lifts for third time in four weeks
Brent crude was at US$42.21 a barrel, down 45 cents or 1.1%.

S&P/ASX 200 (INDEXASX:XJO) is rising for a second day in a row with the index gaining 0.61% to 5981 at 12.37 pm.

The heavyweight banks, miners, Telstra (ASX:TLS) and Transurban (ASX:TCL) are making the biggest gains as the healthcare sector leads the way.

CSL Ltd (ASX:CSL) rallied 3% after signing two agreements to manufacture and supply a total of 81 million COVID-19 vaccine doses from trials undertaken by the University Of Queensland and Oxford University.

Consumer confidence lifts

The weekly ANZ-Roy Morgan consumer confidence rating increased by 1% to 91.1 (long-run average since 1990 is 112.7).

Notably, confidence has lifted in three of the past four weeks. Sentiment is up by 39.5% since hitting record lows of 65.3 on March 29 (lowest since 1973).

Top gainers

Today’s top gainers on the ASX include Linius Technologies Ltd (ASX:LNU) (+12.50%), Platina Resources Limited (ASX:PGM) (+10.00%), SUDA Pharmaceuticals Ltd (ASX:SUD) (+9.30%), Greenland Minerals Ltd (ASX:GGG) (+13.33%), Andromeda Metals Ltd (ASX:AND) (+13.46%) and Highfield Resources Ltd (ASX:HFR) (+16.25%).

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