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S&P/ASX 200 rises 0.99% to hit one-week high as tech leads broad market gains

Oil prices rose 0.4% to US$40.68 on Wednesday, extending gains from the previous session, as a hurricane disrupted US offshore oil and gas production.

Thor Mining PLC - S&P/ASX 200 rises 0.99% to hit one-week high as tech leads broad market gains
Gold edged 0.1% lower to US$1,955.21 per ounce from a near-two week high

S&P/ASX 200 (INDEXASX:XJO) is up 58 points or 0.99% at 5,953 around 1.15 pm with all sectors making gains.

The local tech sector is the biggest performer following more improvements for US tech stocks overnight.

Buy now, pay later players are enjoying a good run with Splitit Ltd (ASX:SPT) gaining 8.22% and Sezzle Inc (ASX:SZL) up 7.36%.

New home sales surge

New home sales across Australia surged 19.1% in August as buyers took advantage of record low interest rates and increased savings to jump into the property market.

Data from the Housing Industry Association showed the surge last month was driven by New South Wales and Western Australia with sales increasing 11.7% and 11.4% respectively.

Fed policy meeting

Wednesday marks the second day of the US Federal Reserve policy’s meeting, the first since unveiling a policy shift toward greater tolerance of inflation, effectively pledging to keep interest rates low for longer.

The Fed will provide its quarterly update on estimates for GDP, unemployment and inflation.

Top gainers

Today’s top gainers on the ASX include Brookside Energy Ltd (ASX:BRK) (+20.00%), Emperor Energy Ltd (ASX:EMP) (+25.00%), Australian Vanadium Ltd (ASX:AVL) (+14.29%) and Blue Star Helium Ltd (ASX:BNL) (+10.34%).

Proactive news headlines:

Zelira Therapeutics launches Zenivol™ product in Australia after TGA adds to Special Access Scheme

Zelira Therapeutics Ltd’s (ASX:ZLD) (OTCMKTS:ZLDAF) proprietary cannabinoid medicine Zenivol™ can now be prescribed to patients in Australia through the Therapeutic Goods Administration’s (TGA) Special Access Scheme and via Authorised Prescribers.

Technology Metals lifts Gabanintha Vanadium Project ore reserve 32% and mine life to 22.5 years

Technology Metals Australia Ltd (ASX:TMT) has increased proven and probable ore reserves by 32% to 39 million tonnes at 0.9% vanadium pentoxide for the Gabanintha Vanadium Project (GVP) in Western Australia.

Pure Minerals makes strong progress with TECH Project

Pure Minerals Ltd (ASX:PM1) subsidiary Queensland Pacific Metals Pty Ltd (QPM) is making steady progress with the TECH Project aimed at establishing a value-adding metals processing facility in the Queensland city of Townsville.

Australian Vanadium shares rise after signing collaboration agreement with Chinese residential vanadium redox flow battery producer

Australian Vanadium Ltd (ASX:AVL) has signed a collaboration agreement for product development and vanadium pentoxide and electrolyte supply with Chinese residential vanadium redox flow battery (VRFB) producer Gui Zhou Collect Energy Century Science and Technology Co Ltd, (trading as CEC VRFB Co. Ltd).

Great Boulder Resources completes oversubscribed entitlement offer to advance WA gold projects

Great Boulder Resources Ltd (ASX:GBR) has completed an oversubscribed non-renounceable entitlement offer of one share for every six shares held by eligible shareholders with applications received for shares valued at more than $1.236 million.

Cellmid optimistic revenue will continue to grow in the months ahead

Cellmid Ltd (ASX:CDY) is optimistic that its revenue growth will continue in the months ahead despite the COVID-19 related disruptions on the conduct of business.

Macarthur Minerals increases US investor audience with OTCQB listing

Macarthur Minerals Ltd (ASX:MIO) (CVE:MMS) (OTCQB:MMSDF) has commenced trading common shares today on the OTCQB Venture Market, a United States trading platform operated by the OTC Markets Group in New York.

Bryah Resources begins aircore drilling of four gold-copper prospects in Bryah Basin

Bryah Resources Ltd (ASX:BYH) has started a 5,500-metre aircore (AC) drilling program testing four gold-copper prospects within the Bryah Basin Project in Western Australia.

Core Lithium confident Finniss Project well-placed to cater for post-COVID demand for lithium

Core Lithium Ltd (ASX:CXO) has progressed development of the Finniss Lithium Project during 2020 as it prepares to cater for an expected surge in demand for lithium in the post-COVID economy.

Artemis Resources shows further faith in Pilbara prospectivity with planned Thor investment

Artemis Resources Ltd (ASX:ARV) (OTCMKTS:ARTTF) intends making a strategic investment in Thor Mining PLC (ASX:THR) (LON:THR) as part of that company’s capital raising of UK£1.065 million (~A$1.875 million).

Quick facts: Thor Mining PLC

Price: 0.958 GBX

Market: AIM
Market Cap: £15.55 m

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Capital Network's Sam Catalano on Thor Mining

Sam Catalano, Capital Network's mining analyst talks through Thor Mining PLC's (LON:THR) key assets as well as strategy and outlook.

on 06/23/2017

4 min read