S&P/ASX 200 rises 1%; material sector out-performs with 4.1% gain

S&P/ASX 200 rises 1%; material sector out-performs with 4.1% gain

S&P/ASX 200 (INDEXASX:XJO) started the week on a positive note rising 56 points or 1.03% to 5460.5 led by miners and energy stocks after prices for the underlying commodities increased in recent days.

Mining stocks witnessed solid gains today. BHP Group Ltd (ASX:BHP) climbed 4.5%, Rio Tinto Limited (ASX:RIO) gained 5.8%, and Fortescue rose 5.8% to close at a record high of $13.28.

Other mining stocks with impressive gains today include Yandal Resources Ltd (ASX:YRL) (+14%), Nelson Resources Ltd (ASX:NES) (+20%), Kin Mining NL (ASX:KIN) (+20%), Matador Mining Ltd (ASX:MZZ) (12.5%), Venus Metals Corporation Limited (ASX:VMC) (9%) and Cassini Resources Ltd (ASX:CZI) (15%).

Energy stocks including Buru Energy Limited (ASX:BRU) are also standing out following a 6.8% lift in oil prices on optimism that the easing of lockdown restrictions could mean more demand for fuel.

Positive news flow with a caveat

Over the last week, iron ore price increased by US$4.80 or 5.4% and the US crude oil Nymex price lifted by 19% last week.

A positive lead from Wall Street and some encouraging remarks from China’s Foreign Ministry to defuse tensions between Australia and China on trade have also helped the market.

However, risks remain with the concerns of a second wave of COVID-19 infections globally.

Proactive news headlines:

Metro Mining unveils sustainability report for Bauxite Hills Mine

Metro Mining Ltd (ASX:MMI) adopted its positioning statement ‘Good for the Cape – Good for the State’ shortly after commencing operations at the Bauxite Hills Mine in 2019. The company’s sustainability practices align with this slogan and have been detailed in its first Sustainability Report. Mine site rehabilitation is a key component of this as is the effective management of water, waste and energy.

Yojee surges on signing SaaS agreement with Kuehne + Nagel in the Philippines

Yojee Ltd (ASX:YOJ) shares have doubled on news of a new 3-year services agreement with Kuehne + Nagel Logistics Inc to roll out its SaaS logistics platform in the Philippines. This agreement provides the Philippines operation of Kuehne + Nagel, a leading global freight company offering fully integrated supply chain solutions, with access to Yojee’s cloud-based subscription-based SaaS logistics platform.

Horizon Minerals gains new substantial shareholder in Delphi AG

Horizon Minerals Ltd (ASX:HRZ) has a new substantial shareholder in prominent junior resources investor, German-based Delphi Unternehmensberatung AG, which has accumulated a 6.39% interest. The status was achieved on May 14 with Heidelberg-based Delphi and its subsidiaries now holding almost 29 million shares.

Kin Mining up 25% after hitting more shallow high-grade gold at Cardinia project

Kin Mining Ltd intersected further shallow gold at Cardinia Hill and Helens prospects within the Cardinia Gold Project (CGP) near Leonora in Western Australia. At Cardinia Hill results of up to 7 metres at 2.44 g/t from 117 metres and 5 metres at 1.21 g/t from 13 metres were returned from one reverse circulation (RC) hole while at Helens South the best aircore result was 4 metres at 4.29 g/t from 12 metres. The latest RC and aircore results continue to define new mineralisation at these CGP prospects with assays still pending for more than 3,500 metres of drilling.

Artemis Resources testing targets at Paterson Central near Havieron gold-copper discovery

Artemis Resources Ltd has started a geochemistry program to test targets at its 100%-owned Paterson Central Project, which is next to the world-class Havieron gold-copper discovery in WA’s East Pilbara. Paterson Central covers 605 square kilometres and is around 40 kilometres east of Newcrest Mining Limited‘s (ASX:NCM) multi-million-ounce Telfer Gold-Copper Mine and also adjoins that company’s Havieron JV project, which was discovered by Greatland Gold PLC (LON:GGP). Based on magnetic and gravity survey results, Artemis has identified 13 targets with the priority for the geochemistry on seven which surround Havieron.

engage:BDR marches ahead with daily revenue improving

engage:BDR Ltd (ASX:EN1) continues to see daily improvement across key metrics this month with daily revenue 20% better in the first half of May compared to the same period in April. Increasing advertiser demand has seen the revenue improve and this trend is expected to continue throughout the balance of May through the end of the June quarter. The company’s revenue until May 16 was A$630,000 compared to A$525,000 to the same date in April.

Andromeda Metals has drill spinning at high-grade halloysite targets

Andromeda Metals Ltd (ASX:ADN) has the drill spinning as it targets high-grade halloysite at  Condooringie prospect within the Poochera Halloysite-Kaolin Project in South Australia. A 2,000-metre aircore drilling program is following up a recently identified high-grade halloysite zone 1-kilometre to the north of drilling undertaken in December 2019, which extended a kaolin zone to the south.

Published at Mon, 18 May 2020 08:02:00 +0000-S&P/ASX 200 rises 1%; material sector out-performs with 4.1% gain