The ASX 200 added 0.6% today, as commodities rebounded on news that China is considering a stimulus program involving the sale of 1.5 trillian yuan in special bonds to boost growth over the coming year.
This news, which should have been pleasing to trading partner Japan, was shouldered out of the way by the shocking news that long-serving prime minister Shinzo Abe had been shot, and the Nikkei suffered losses shortly after.
The yen, however, gained as investors looked to a safe bet, trading 0.4% higher at 135.50 per US dollar at midday in Tokyo.
“The stock market does not like uncertainty and there is a psychological reaction occurring,” said Tetsuo Seshimo, head of the multi-manager investment division at Saison Asset Management.
What made news today?
Bojo’s exit bounce
Very different news about another leader on another continent had a positive impact on European markets, which seemed as elated as the revellers outside 10 Downing Street as the news broke.
The pound moved higher against the US dollar after Boris Johnson formally resigned, trading at $1.1999, up 0.6% just before close of business in the UK.
As he prepared to leave, the FTSE 100 rallied 80 points to 7188, with miners and banks leading the charge – Anglo American was up 105 points to 2735, while Standard Chartered moved 22 points to 600.
The pan-European STOXX 600 index gained 1.9%, Germany’s DAX rose 2% and Britain's FTSE added 1.1%.
Back home, there were some big small-cap winners today, including explorer Elementos Ltd (ASX:ELT, OTC:ELTLF), which soared 30.56%, mining-AI company SensOre Ltd (ASX:S3N), which added 27%, and medtech business Artrya Ltd (ASX:AYA) (25.37%), which is making progress towards early detection of coronary artery disease, again using AI.
Chalice Mining Ltd (ASX:CHN, OTCQB:CGMLF) also made gains after posting drill results this morning, climbing 6.7% on the back of news of a new nickel-copper-sulphide zone at the Dampier Target – its best daily increase in a week and a half.
Here’s a look at five of today's top small-cap stories.
Chalice Mining boosts indicated resource at Julimar to 70% with further extensional drilling
“The work we have completed since publishing our maiden resource in November last year continues to demonstrate the world-class endowment, scale and quality of the Gonneville deposit," MD and CEO Alex Dorsch said.
Magmatic Resources hits 12.9 g/t gold at Bodangora’s historic Dicks Reward; shares up 23.33%
Magmatic Resources Ltd (ASX:MAG) (Magmatic Resources Ltd (ASX:MAG)) has recorded strong and shallow gold at the Dicks Reward historic mine in the Bodangora prospect in New South Wales, giving the company's shares a 23.33% boost this afternoon.
MGC Pharmaceuticals secures South African ethics approval for CimetrA™ dose-finding study in patients with COVID-19
Small pharma company MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) has received study approvals and an import permit from the South African Health Products Regulatory Authority for a Phase 2b CimetrA™ dose-finding study in patients diagnosed with COVID-19.
Hawsons Iron appoints experienced mining executive to lead project team
Hawsons has strengthened its leadership team with the appointment of Andre du Preez, who will lead the Hawsons Iron Project, overseeing successful completion of the bankable feasibility study (BFS), along with construction and operation of the mine.
Kingston Resources strategic vision looks at increasing shareholder value
Andrew Corbett speaks with Proactive’s Elisha Newell about the strategic vision for the company’s Mineral Hill asset and its Misima Project. The company recently kicked off its development and expansion strategy at Mineral Hill with a $10 million debt facility from PURE Asset Management (Resources Fund), which will enable the acceleration of the work programs required to restart mining.
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