S&P/ASX 200 (INDEXASX:XJOASX) closed 15.9 points or 0.27% higher to 5,835.1 and has now entered its sixth straight week of gains despite the uncertainty surrounding US-China tension and the civil unrest in the US.
Gold prices are at seven and a half year highs and oil has bounced back strongly over the past month as the global economy reopens.
Australia’s Reserve Bank kept interest rates unchanged at 0.25% as expected, following two rate cuts in March at the peak of COVID-19 concerns.
RBA governor Philip Lowe said that while the pandemic has led to a severe global downturn, a recovery might be sooner than expected.
Australia’s current account – which is the broadest measure of international trade – was in surplus by a record $8.4 billion in the March quarter.
This makes it Australia’s fourth straight quarter of surpluses and net exports are expected to add around 0.5% to economic growth.
Proactive news headlines:
Creso Pharma raising A$2.1 million to grow cannabidiol product line for human and animal health
Creso Pharma Ltd (ASX:CPH) (FRA:1X8) (OTCMKTS:COPHF) has issued shares worth A$1.837 million of the A$2.137 million placement to institutional and sophisticated investors announced on June 1, 2020. Creso will deploy the funds raised from the placement towards accelerating growth across the company’s existing human and animal health CBD (cannabidiol) product lines, repayment of outstanding debt and for general working capital purposes.
Northern Minerals SPP raises A$9.98 million to advance Browns Range project
Northern Minerals Ltd (ASX:NTU) has raised A$9.98 million in a strongly supported share purchase plan (SPP) with funds for continuing development of the company’s projects and operation of its business centred on the Browns Range Heavy Rare Earth Project in northern WA. The SPP follows completion of tranche-1 of the company’s total A$22 million placement to various sophisticated investors on April 28, which raised cash proceeds of A$6 million before costs. This resulted in NTU repaying A$3 million of the amounts owing on the A$7.5 million convertible notes issued on June 26, 2019.
Yandal Resources set for growth as strong results continue from WA gold projects
Yandal Resources Ltd (ASX:YRL) is set for rapid growth as it continues to receive strong drilling results from gold projects in the Yandal Greenstone Belt of Western Australia. In a June quarter update presentation to investors, managing director and CEO Lorry Hughes said further drilling results were pending from the company’s advanced and early stage gold prospects including Flushing Meadows, Gordons Dam and Barty.
Prescient Therapeutics licenses Pennsylvania and Oxford university technologies to create universal cell therapy platform
Prescient Therapeutics Ltd (ASX:PTX) has signed an exclusive global licensing agreement with the University of Pennsylvania (Penn) for an innovative universal immune receptor technology platform. The platform, currently in the pre-clinical development stage, was invented at Penn by labs of Associate Professor Dr Daniel J. Powell Jr and Professor Dr Andrew Tsourkas.
Nanoveu higher as antiviral phone protectors are approved by TGA
Nanoveu Ltd (ASX:NVU) has opened higher on approval of its antiviral phone protection technology by the Australian Therapeutics Goods Administration (TGA). The technology has received Class I Medical Device status which is reserved for low-risk and non-invasive medical equipment, such as surgical retractors or tongue depressors. With Nanoveu’s TGA submission being successful, the technology is now listed on the Australian Register of Therapeutic Goods (ARTG), which permits commercial sale within Australia.
Argosy Minerals customers confirm up to 99.88% lithium carbonate purity for Rincon samples
Argosy Minerals Limited (ASX:AGY) customers have confirmed up to 99.88% lithium carbonate content for samples from the Rincon Lithium Project in Argentina, the highest purity recorded to date. Product sample testing was carried out by Mitsubishi Corporation RtM Japan Ltd, a subsidiary of Mitsubishi Corp (TYO:8058), after five separate lithium carbonate sample lots were delivered to Japan and supplied to a Japanese end-user customer.
Kingston Resources substantial shareholder Winchester Investments increases stake
Kingston Resources Ltd (ASX:KSN) substantial shareholder Winchester Investments Group Pty Ltd has increased its stake in the company to 15.67% from 13.02%. On June 1 Winchester acquired 10 million shares valued at $1.6 million as part of the company’s $8.4 million capital raising to progress the 3.2-million-ounce Misima Gold Project in Papua New Guinea as well as the Livingstone Gold Project in WA.
Mako Gold signs definitive sale agreement with Nordgold for Niou project
Mako Gold Ltd (ASX:MKG) has signed a definitive sale agreement with Nord Gold SE for the sale of the Niou permit and Niou Sud permit in Burkina Faso. Under the terms of the proposed sale agreement, Mako will sell the permits, receiving US$700,000 (around A$1.1 million) upfront cash consideration. In addition, Mako will retain a 1% Net Smelter Royalty (NSR) if Nordgold discovers an NI 43-101 compliant resource of at least 2 million ounces of gold and advances the resource to production.
Published at Tue, 02 Jun 2020 08:43:00 +0000-S&P/ASX 200 closes 0.27% higher as Australia records another current account surplus