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S&P/ASX 200 falls 1.07%; treasurer outlines anticipated benefits of lifting restrictions

Federal treasurer Josh Frydenberg said that successful completion of the three-stage plan to lift COVID-19 restrictions on the economy will boost economic activity by $9.4 billion each month.

850,000 people are expected to be back at work
850,000 people are expected to be back at work

S&P/ASX 200 (INDEXASX:XJOASX) closed 1.07% lower at 5,403 after the rise in tensions between China and Australia weighed on stocks.

China notched up economic coercion of Australia targeting the beef industry by suspending meat imports from four Australian abattoirs.

The move follows a looming threat of major tariffs on Australia’s barley shipments to China.

Benefits of economic restart

The federal treasurer Josh Frydenberg updated the parliament today on the economic situation.

The focus was on the estimates of the economic benefits of re-starting the economy.

Frydenberg said that a successful completion of the three-stage plan to lift COVID-19 restrictions on the economy will boost economic activity (GDP or gross domestic product) by $9.4 billion each month.

Treasury estimates that with the restrictions lifted under the three separate stages, 850,000 people will be back at work.

However, a successful restart of the economy will require Australians to maintain social distancing and follow good hand hygiene.

Today's gainers

THC Global Group Ltd (ASX:THC) gained 10% after acquiring Tetra Health, a leading clinic network in Australia that facilitates access to legal medicinal cannabis medicines to Australian patients.

Tetra’s network of medical practitioners comprises more than 600 referring physicians, 30 prescribing physicians and a national network of dispensing pharmacies.

Macarthur Minerals Ltd (ASX:MIO) (CVE:MMS) shares surged 30% after announcing its intention to file an application with OTC Markets Group in the US within the next two weeks to reinstate trading on the OTCQB.

President and executive chairman Cameron McCall said quotation on the OTCQB should boost confidence in Macarthur’s overall business strategy by allowing greater access of the company’s stock to US shareholders.

Quick facts: Macarthur Minerals Ltd

Price: 0.155 AUD

ASX:MIO
Market: ASX
Market Cap: $15.86 m
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Macarthur Minerals reveals strong magnetite intersections from Lake Giles...

EAS Advisors Founder Eddie Sugar tells Proactive that Macarthur Minerals Ltd (ASX:MIO) (CVE:MMS) recently received assays that confirmed strong magnetite intersections at the Lake Giles Iron Project near Kalgoorlie in Western Australia, with the results to form the basis of a revised resource...

on 05/11/2020

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