S&P/ASX 200 rallies after lunch to finish higher for a second day

S&P/ASX 200 (INDEXASX:XJO) closed up 0.83% to 5992 near its intra-day high after a choppy session that saw the index zig-zagging for much of the day.

Materials fell by 0.6% while all other sectors improved. Pilbara Minerals Ltd (ASX:PLS) dropped 5.36% while Fortescue Metals Group Limited (ASX:FMG) fell 1.75%.

Top gainers on the ASX today include Corazon Mining Ltd (ASX:CZN) (+50.00%), Greenland Minerals Ltd (ASX:GGG) (+8.33%), Argosy Minerals Limited (ASX:AGY) (+7.14%) and Medlab Clinical Ltd (ASX:MDC) (+12.90%).

COVID-19 update

The number of confirmed COVID-19 cases around the world has now topped 8 million.

The WHO has warned that while the virus has slowed in Europe it is gaining speed in other parts of the world, including parts of Asia, Africa and the Americas.

IMF Chief Economist Gita Gopinath cautioned that “the forthcoming June World Economic Outlook Update is expected to show negative growth rates even worse than previously estimated.”

Geopolitical tensions

Tensions escalated along the Korean peninsula Tuesday after North Korea destroyed a liaison office with the South.

Meanwhile, twenty Indian Army soldiers were killed in a violent face-off with Chinese troops Monday night in the disputed Himalayan Galwan Valley.

Proactive news headlines:

King River Resources continues to progress PFS for Speewah Specialty Metals Project

King River Resources Ltd (ASX:KRR) is making progress with an updated pre-feasibility study (PFS) at its Speewah Speciality Metals (SSM) Project in the East Kimberley region of Western Australia. KRR plans to initially scale the SSM project to produce high purity alumina (HPA), with vanadium, titanium, and iron as potential co-products at a later stage, but not included as part of the PFS.

Australian Potash advances along environmental approvals pathway for Lake Wells SOP Project

Australian Potash Ltd (ASX:APC) is progressing with the Environmental Review Document (ERD) for the development of its Lake Wells Sulphate of Potash project (LSOP) in Western Australia. The ERD has been accepted for final assessmentRead More – Source