S&P/ASX 200 (INDEXASX:XJO) snapped its three-session slump by closing 3.89% higher at 5942 following a striking rebound by the US equity markets on Monday.
The good news kept coming with futures contracts tied to US stock indices currently trading higher after a Bloomberg report said President Donald Trumps administration is preparing a $1 trillion infrastructure proposal.
Dow Jones Industrial Average futures rose 503 points, suggesting an open gain of more than 550 points when regular trading resumes today.
The Bloomberg report said the US would set aside a majority of the money for traditional infrastructure such as roads and bridges, though funds would also be reserved for 5G wireless infrastructure and rural broadband.
Positive signs of recovery in Australia
The Bureau of Statistics reports that Australian home prices increased by 1.6% in the March quarter to stand 7.4% higher over the year – the strongest annual growth rate in 2½ years.
The total value of residential dwellings was at a record high $7,237.1 billion in the March quarter.
According to the CBA Group economists, “We are seeing some big changes taking place in household spending that provide early signs of stabilisation and recovery in some parts of the Australian economy, largely driven by changes in government policy.”
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) today lifted its forecast for Australian farm exports by 9.3% to $47 billion in 2019/20 (from a previously forecast $43 billion in March).
Meat and live animal exports for 2019/20 are estimated to hit record highs of $17.5 billion, up by 13.1% from a year ago.
Top gainers on the ASX today include Cape Lambert Resources Limited (ASX:CFE) (+50.00%), Mali Lithium Ltd (ASX:MLL) (+9.37%), Yandal Resources Ltd (ASX:YRL) (+9.09%), Kin Mining NL (ASX:KIN) (+9.09%), Musgrave Minerals Ltd (ASX:MGV) (+10.26%), Talisman Mining Ltd (ASX:TLM) (+13.04%), Xtek Ltd (ASX:XTE) (+11.71%), Canyon Resources Ltd (ASX:CAY) (+13.33%), Artemis Resources Ltd (ASX:ARV) (+11.11%) and Apollo Minerals Limited (ASX:AON) (+10.34%).
Proactive news headlines:
MMJ Group Holdings investee WeedMD completes planting of 18,000 cannabis plants in Ontario
MMJ Group Holdings Ltd (ASX:MMJ) investee WeedMD has completed the planting of more than 18,000 fully-rooted cannabis plants at a 27-acre outdoor field adjacent to its modern greenhouse in Strathroy, Ontario. WeedMD also confirms that its CX Industries extraction hub in Aylmer is fully operational and extracting cannabinoid-rich, indoor and outdoor harvested biomass into new cannabis formats.
XTEK secures A$2.5 million loan to mass produce ballistic helmets with first commercial order on-track
XTEK Limited (ASX:XTE) has secured a A$2.5 million loan facility from the Commonwealth Bank of Australia (ASX:CBA), which will be used to enhance the XTclave ballistic helmet manufacturing line at its state-of-the-art facility in Adelaide. This will place XTEK in a stronger position to deliver on large commercial orders for XTclave ballistic helmets.
PNX Metals boosts Fountain Head gold resource by 13% to 156,000 ounces
PNX Metals Ltd (ASX:PNX) has increased and improved confidence in mineral resources at Fountain Head and Tally Ho gold deposits in the Northern Territory to 2.94 million tonnes at 1.7 g/t gold for 156,000 ounces. This resource update has added 18,000 ounces of gold to the resource and the new estimate includes a 20.5% increase to the indicated resource category.
Horizon Minerals infill drilling supports updated vanadium resource at Richmond-Julia Creek JV
Horizon Minerals Ltd (ASX:HRZ) strong infill drilling results at Lilyvale deposit within the Richmond-Julia Creek Vanadium Joint Venture Project in central north Queensland have supported an upgraded resource estimate. Results of up to 9 metres at 0.69% vanadium pentoxide from 2 metres have demonstrated excellent grade continuity across the entire strike length.
Arrow Minerals raising $3.2 million capital to advance Burkina Faso and WA projects
Arrow Minerals Ltd (ASX:AMD) has received commitments from qualified sophisticated and professional investors to raise $2.2 million via the placement of shares at 0.6 cents per share. In addition, Arrow will undertake an issue of unlisted convertible notes to raise $1 million, resulting in a total raising for Arrow of $3.2 million. The proceeds will be used to fund expanded exploration and drilling programs at Arrows gold exploration projects in Burkina Faso including the Dassa gold discovery, and geophysical surveys at the Strickland coper-gold project in WA.
Anson Resources launches $3 million capital raising to advance Paradox Brine Project in US
Anson Resources Ltd (ASX:ASN) has launched a share purchase plan (SPP) offer to raise up to $2 million as part of a $3 million capital raising effort to advance its Paradox Brine Project in Utah, USA. The SPP will be partially underwritten to $1 million by Pendragon Capital Limited and under ASX Listing Rules, the company can accept oversubscriptions up to the maximum amount allowed. On completion of the SPP, Anson intends to offer shares under a top-up placement to professional and sophisticated investors at the same issue price as the SPP to raise a further $1 million.
Titanium Sands robust scoping study shows potential for large HMS dredging project at Mannar Island
Titanium Sands Ltd's (ASX:TSL) positive scoping study for the Mannar Island Heavy Mineral Sands (HMS) Project in Sri Lanka reveals the potential for an economically robust, long-life major dredging project. The study shows the potential for a viable project based on a single dredge, a primary concentrator and a mineral separation plant.
Nanoveu to deploy phone screen protector laminating machines in Thailand
Nanoveu Ltd (ASX:NVU) has executed an agreement to deploy its Customskins laminating machines, which are capable of precisely applying phone screen protectors to various mobile devices, in Thailand. The agreement with a subsidiary of Advanced Info Service (AIS) represents the first commercial activities from Nanoveus Customskins vertical. AIS is one of Thailands largest publicly-listed telecommunications companies and a major telecommunications network provider in that country.
Venus Metals has win-win at Youanmi JV with exploration costs covered and strong results
Venus Metals Corporation Limited (ASX:VMC) has elected for JV partner Rox Resources Limited (ASX:RXL) to cover all of its 30% exploration contribution to the OYG Joint Venture at Youanmi up until a decision to mine is made. The funding will be by way of a limited-recourse interest-free loan provided by Rox Resources for Venus' share of the ongoing costs.
Auteco Minerals embarks on maiden diamond drilling at Canadian gold project with resource estimate upcoming
Auteco Minerals Ltd (ASX:AUT) has embarked on a 5,000-metre, maiden diamond Read More – Source