S&P/ASX 200 (INDEXASX:XJO) surged by 2.1% per cent to 5,575 at 2.30 PM following encouraging phase 1 results for a potential US COVID-19 vaccine.
The index is near a 10-week high after the experimental vaccine from Moderna Inc (NASDAQ:MRNA) showed promising early signs that it can create an immune-system response in the body that could help fend off the new coronavirus.
Last night the Dow Jones surged by close to 4% while Moderna jumped by 20%.
Markets were quick to react to the vaccine news, as it would obviously not only go a long way in dealing with the health crisis, but also create confidence in the economic reopening process.
However, the vaccine excitement may quickly fade as phase 2 trials have only just begun.
Mining stocks gain
Mining majors joined the rally with BHP Group Ltd (ASX:BHP) rising 5.3% and Rio Tinto Limited (ASX:RIO) up 4.5%.
Oil on a roll
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 are trading 54% higher, at 2 cents.
Proactive news headlines:
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.
Emperor Energy skyrockets on signing gas pre-FEED agreement with APA
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Alkane Resources broad gold-copper hits provide further evidence of Boda porphyry potential
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