S&P/ASX 200 (INDEXASX:XJO) started the week on a positive note rising 56 points or 1.03% to 5460.5 led by miners and energy stocks after prices for the underlying commodities increased in recent days.
Mining stocks witnessed solid gains today. BHP Group Ltd (ASX:BHP) climbed 4.5%, Rio Tinto Limited (ASX:RIO) gained 5.8%, and Fortescue rose 5.8% to close at a record high of $13.28.
Other mining stocks with impressive gains today include Yandal Resources Ltd (ASX:YRL) (+14%), Nelson Resources Ltd (ASX:NES) (+20%), Kin Mining NL (ASX:KIN) (+20%), Matador Mining Ltd (ASX:MZZ) (12.5%), Venus Metals Corporation Limited (ASX:VMC) (9%) and Cassini Resources Ltd (ASX:CZI) (15%).
Energy stocks including Buru Energy Limited (ASX:BRU) are also standing out following a 6.8% lift in oil prices on optimism that the easing of lockdown restrictions could mean more demand for fuel.
Positive news flow with a caveat
Over the last week, iron ore price increased by US$4.80 or 5.4% and the US crude oil Nymex price lifted by 19% last week.
A positive lead from Wall Street and some encouraging remarks from Chinas Foreign Ministry to defuse tensions between Australia and China on trade have also helped the market.
However, risks remain with the concerns of a second wave of COVID-19 infections globally.
Proactive news headlines:
Metro Mining unveils sustainability report for Bauxite Hills Mine
Metro Mining Ltd (ASX:MMI) adopted its positioning statement Good for the Cape – Good for the State shortly after commencing operations at the Bauxite Hills Mine in 2019. The companys sustainability practices align with this slogan and have been detailed in its first Sustainability Report. Mine site rehabilitation is a key component of this as is the effective management of water, waste and energy.
Yojee surges on signing SaaS agreement with Kuehne + Nagel in the Philippines
Yojee Ltd (ASX:YOJ) shares have doubled on news of a new 3-year services agreement with Kuehne + Nagel Logistics Inc to roll out its SaaS logistics platform in the Philippines. This agreement provides the Philippines operation of Kuehne + Nagel, a leading global freight company offering fully integrated supply chain solutions, with access to Yojees cloud-based subscription-based SaaS logistics platform.
Horizon Minerals gains new substantial shareholder in Delphi AG
Horizon Minerals Ltd (ASX:HRZ) has a new substantial shareholder in prominent junior resources investor, German-based Delphi Unternehmensberatung AG, which has accumulated a 6.39% interest. The status was achieved on May 14 with Heidelberg-based Delphi and its subsidiaries now holding almost 29 million shares.
Kin Mining up 25% after hitting more shallow high-grade gold at Cardinia project
Kin Mining Ltd intersected further shallow gold at Cardinia Hill and Helens prospects within the Cardinia Gold Project (CGP) near Leonora in Western Australia. At Cardinia Hill results of up to 7 metres at 2.44 g/t from 117 metres and 5 metres at 1.21 g/t from 13 metres were returned from one reverse circulation (RC) hole while at Helens South the best aircore result was 4 metres at 4.29 g/t from 12 metres. The latest RC and aircore results continue to define new mineralisation at these CGP prospects with assays still pending for more than 3,500 metres of drilling.
Artemis Resources testing targets at Paterson Central near Havieron gold-copper discovery
Artemis Resources Ltd has started a geochemistry program to test targets at its 100%-owned Paterson Central Project, which is next to the world-class Havieron gold-copper discovery in WA's EaRead More – Source