Australia

S&P/ASX 200 lifts strongly for a third day; market near 10-week high

S&P/ASX 200 (INDEXASX:XJO) closed 1.81% higher at 5559.5 today on hopes for a COVID-19 vaccine.

The index is near a 10-week high after the experimental vaccine from Moderna Inc (NASDAQ:MRNA) showed promising early signs.

Resources sector shines


Improving commodity prices helped the resources sector to strong gains for a second day as iron ore hit the $US96-a-tonne mark, up 3%.

Fortescue Metals Group Limited (ASX:FMG) is at an all-time high, rising 4.4% to $13.87.

BHP Group Ltd (ASX:BHP) rose 5.6% to $35.05 and Rio Tinto is up 4.7% to $94.52.

Australian explorers with a price increase today include Element 25 Ltd (ASX:E25) (+100%), Anson Resources Ltd (ASX:ASN) (+30%), Tempus Resources Ltd (ASX:TMR) (+7%), Legend Mining Limited (ASX:LEG) (+11%), Salt Lake Potash Ltd (ASX:SO4) (+9%) and Pensana Rare Earths Plc (ASX:PM8) (+13%).

Oil continues to rise


Emperor Energy Ltd (ASX:EMP) shares doubled and Carnarvon Petroleum Limited (ASX:CVN) rose 7% as energy stocks are continuing to stand out for a second day thanks to solid gains in oil prices.

The price of oil surged 8.1% last night to US$31.82 per barrel on optimism that the easing of lockdown restrictions would boost oil demand.

Security software solutions provider Cipherpoint Ltds (ASX:CPT) shares closed 23% higher and Paradigm Biopharmaceuticals Ltd (ASX:PAR) ended the day 7% higher.

Proactive news headlines:

PNX Metals high-grade gold results confirm potential upside at Fountain Head


PNX Metals Ltd (ASX:PNX) has received additional high-grade gold hits from reverse circulation (RC) drilling which confirm further continuity of high-grade mineralised zones at Fountain Head Gold Project in the Northern Territory. All assays from the 59-hole RC program have been received with results of up to 2 metres at 4.46 g/t gold from 114 metres, 2 metres at 6.62 g/t from 144 metres and 1-metre at 12.54 g/t from 64 metres.

Archer Materials will begin US pilot plant tests next month on bulk halloysite-kaolin sample


Archer Materials Ltd (ASX:AXE) has taken another step towards commercialising the Franklyn Halloysite-Kaolin Project in South Australia with a bulk sample arriving in the US for tests by a leading kaolin minerals industry laboratory. This sample collected from drilling at the Franklin project has been received and prepared with pilot plant processing trials due to start in mid-June and results expected by June 30. Resulting halloysite and kaolin samples will then be sent to potential downstream customers for product testing and verification purposes.

PolarX plans follow‐up drilling for gold-copper at Zackly East in Alaska


Polarx Ltd (ASX:PXX) intends to start a substantial drilling program in July to follow-up previous high‐grade gold and copper intersections at Zackly East prospect within its Alaska Range Project. A small, initial drilling program returned hits grading up to 3.1 g/t gold and 0.6% copper. PolarX managing director Frazer Tabeart said there was immense potential to grow the overall Zackly resource.

Admedus begins anti-calcification comparison study for ADAPT®


Admedus Ltd (ASX:AHZ) has begun a preclinical study which will compare anti-calcification properties of its proprietary ADAPT® treated tissue with other bovine and porcine tissues used in commercially available SAVR and TAVR valves. Calcification plays a significant role in the failure of bioprosthetic and other tissue heart valve substitutes.

Element 25 shares jump 95% after Butcherbird PFS highlights robust, short lead time opportunity


Element 25 Ltd released a pre-feasibility (PFS) for its Butcherbird Manganese Project in Pilbara, WA which highlights a robust, short lead time start-up opportunity. The PFS contemplates the export and sale of manganese concentrate from the project over a long mine life and delivers outstanding economic metrics further confirming the potential for the project to be Australias next significant manganese mine.

EmpeRead More – Source