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S&P/ASX 200 extends winning streak despite negative GDP growth in March quarter

The Australian economy was impacted by a number of significant events this quarter, starting with bushfires and other natural disasters, followed by the outbreak of COVID-19.

Perseus Mining Ltd - S&P/ASX 200 extends winning streak despite negative March quarter GDP growth
Gains are broad at lunch, with most sectors improving strongly

S&P/ASX 200 (INDEXASX:XJO) is continuing its winning streak to three days, with the index up 0.86% to 5885 at 12.48 pm.

As expected, the Australian GDP fell 0.3% in the March quarter 2020 and growth slowed to 1.4% through the year, according to figures released by the Australian Bureau of Statistics (ABS) today.

ABS chief economist Bruce Hockman said: “This was the slowest through-the-year growth since September 2009 when Australia was in the midst of the Global Financial Crisis and captures just the beginning of the expected economic effects of COVID-19.”

The Australian economy was impacted by a number of significant events this quarter, starting with bushfires and other natural disasters, followed by the outbreak of COVID-19 and the subsequent imposition of restrictions.

Top gainers

Gains are broad at lunch, with most sectors improving strongly. The banks and resource stocks including BHP Group Ltd (ASX:BHP) (+2%) and South32 Ltd (ASX:S32) (+5.45%) are the biggest gainers.

Other top performers on the ASX today include Musgrave Minerals Ltd (ASX:MGV) (+63.33%), Opyl Ltd (ASX:OPL) (+20.00%), Moho Resources Ltd (ASX:MOH) (+10.67%), Strategic Elements Ltd (ASX:SOR) (+11.11%), Rimfire Pacific Mining N L (ASX:RIM) (+16.67%), Fertoz Ltd (ASX:FTZ) (+14.04%), Ironbark Zinc Limited (ASX:IBG) (+12.50%) and Twenty Seven Co Ltd (ASX:TSC) (+16.67%).

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Perseus Mining to gain near-mine gold ounces through Exore acquisition

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Kin Mining drilling returns more shallow gold intercepts at Cardinia Hill discovery

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