S&P/ASX 200 drops 2.4% this week over worries of rising COVID-19 cases worldwide

S&P/ASX 200 (INDEXASX:XJO) closed 0.6% down today following news of another 288 COVID-19 cases in Victoria, a new daily record, and US futures also sliding into negative territory.

The biggest losses have been among the likes of energy and materials following a 2-3% fall in oil prices in overnight trade.

This weighed on local oil and gas producers with Oil Search (ASX:OSH) down the most with a loss of 4.1% while Woodside (ASX:WPL) and Origin Energy (ASX:ORG) dropped more than 2.2%.

COVID-19 update

306 new COVID-19 cases were recorded across Australia today, with Victoria, New South Wales, Western Australia and the Australian Capital Territory all seeing a rise in new infections.

In the US, more than 60,500 new COVID-19 infections were reported on Thursday, according to Reuters, setting a new one-day record.

As infections rose in 41 of the 50 states over the last two weeks, the US has become increasingly divided on issues such as the reopening of schools and businesses.

Top gainers

Todays top gainers on the ASX include VIP Gloves Ltd (ASX:VIP) (+10.00%), Artemis Resources Ltd (ASX:ARV) (+14.29%), Comet Resources Limited (ASX:CRL) (+13.33%), Esense-Lab Ltd (ASX:ESE) (+11.11%) and Archtis Ltd (ASX:AR9) (+12.50%).

Proactive news headlines:

Legend Minings ongoing hits of thick, massive nickel-copper sulphides are highly encouraging: Euroz

Legend Mining Ltd (ASX:LEG) recently added to the robust nature of Mawson prospect within the Rockford Project in WAs Fraser Range with an intersection of 4.5 metres at 3.05% nickel, 2.32% copper and 0.19% cobalt – the best grades to date. Euroz has reiterated its speculative buy rating for Legend with a price target of 30 cents per share (current price: 14 cents) after the recent high-grade drilling results.

Red River Resources sets new quarterly copper production record

Red River Resources Limited (ASX:RVR) has achieved record copper production at its Thalanga Operation in Northern Queensland for the quarter ending June 30, 2020. An increase in copper grade of ore milled to 1.0% and a record copper recovery to copper concentrate of 84.7% resulted in quarterly production of 2,697 tonnes of high-quality copper concentrate, compared to 2,310 tonnes in the previous quarter.

Andromeda Metals' maiden halloysite-kaolin reserve supports 26-year mine life

Andromeda Metals Ltds (ASX:ADN) 12.5 million tonnes maiden ore reserve at Careys Well deposit within the Poochera Halloysite-Kaolin Project JV in South Australia supports a 26-year mine life at an annual mining rate of 500,000 tonnes. The reserve of bright white kaolinised granite in the probable category comprises 15% halloysite and 78% kaolinite in the minus 45-micron fraction.

Bellevue Gold fields strong support for $100 million placement, reflecting quality of project

Bellevue Gold Ltd's (ASX:BGL) $100 million fully underwritten share placement has been strongly supported on the back of its impressive gold story with firm commitments from institutional investors for the issue of 100 million new shares at $1.00 per share. There was strong demand from domestic and offshore institutions with the book multiple times covered over the placement amount.

Creso Pharma wins second purchase order from Israels Univo for premium medicinal cannabis flower

Creso Pharma Ltds (Read More – Source