Australia

S&P/ASX 200 snaps 4-day winning streak; energy stocks continue to rise

S&P/ASX 200 (INDEXASX:XJO) failed to hold on to this mornings gains of 0.7%, with the index falling by 0.4% or 22.6 points to 5,550.

However, the index remains on track to record its fourth straight weekly advance.

Energy stocks stood out after the price of oil rose 4.8% (up ~30% in one week).

DroneShield (ASX:DRO) shares surged 62% after its DroneGun Tactical product was selected by the European Union police forces.

Afterpay (ASX:APT) shares hit a new all-time high this morning and closed at $44.

Other Australian stocks with solid price increases today include Technology Metals Australia Ltd (ASX:TMT) (+25%), Great Southern Mining Ltd (ASX:GSN) (+10%), THC Global Group Ltd (ASX:THC) (+16.67%), Kingwest Resources Ltd (ASX:KWR) (+19%), Volt Resources Ltd (ASX:VRC) (+20%), Musgrave Minerals Ltd (ASX:MGV) (+13%), Eclipse Metals Ltd (ASX:EPM) (+14.29%), Black Rock Mining Ltd (ASX:BKT) (+15%), Cobalt Blue Holdings Ltd (ASX:COB) (+14%), Bryah Resources Ltd (ASX:BYH) (+24%) and Argonaut Resources NL (ASX:ARE) (+25.00%).

Proactive news headlines

Volt Resources higher on news of potential purchase of second African gold project


Volt Resources Ltd (ASX:VRC) has entered a binding term sheet to conditionally acquire an 85% interest in the Luiri Hill Gold Project in south-central Zambia, 120 kilometres from the capital Lusaka. Together with the proposed acquisition of a gold project in Guinea announced last week, purchasing the Luiri project will further diversify Volt's asset base with the precious metal, which has been proving its strength in difficult market conditions.

Salt Lake Potash paleochannel bore at Lake Way exhibits strong flow rates and high grades


Salt Lake Potash Ltds (ASX:SO4) (LON:SO4) pumping of initial brine extraction drilled into the paleochannel at Lake Way SOP Project in Western Australia has delivered flow rates of 18 litres per second with a consistent potassium grade of 7,100mg per litre. The results, which were sustained over a 17-day delivery, are above the average flow rates used in the companys bankable feasibility study (BFS) which demonstrated 8 litres per second and average brine grades of 6,100mg per litre. Investors have responded positively with ASX shares up as much as 10% to A$0.50 intra-day and have risen from 30 cents at close on March 19.

Greenland Minerals completes key step toward securing mining licence for rare earth project


Greenland Minerals Ltd (ASX:GML) has lodged an updated Environmental Impact Assessment (EIA) of the Kvanefjeld rare earth project with Greenlands Environmental Agency for Mineral Resource Activities (EAMRA). EAMRA has provided an indicative period of eight weeks to conduct the review process. Once EAMRA is satisfied, the Ministry for Mineral Resources and Labour will be notified, who manage the remainder of the licensing process.

THC Global rises with medicinal cannabis product now available via prescription in Australia


THC Global Group Ltd (ASX:THC) is trading 15% higher on confirmation that its first Australian-produced medicinal cannabis product is now available for prescription to Australian patients under Australias existing Special Access Schemes. Full-spectrum medicines are in high demand for prescribers and patients seeking benefit of minor cannabinoids, terpenes and flavonoids which may provide different therapeutic outcomes. The product is manufactured from cannabis plant material cultivated at THC Globals Bundaberg facility.

Kingston Resources delivers 15% more gold and 30% more silver at Misima project in PNG


Kingston Resources Ltd (ASX:KSN) has boosted the golden bounty of its Misima project in Papua New Guinea by 15% to 3.21 million ounces with silver resources also up 30% to 18.2 million ounces. The new resource which incorporates results of recent successful drilling programs and updated gRead More – Source