S&P/ASX 200 (INDEXASX:XJO) fell by 53 points or 0.96% to 5497 today following a number of headwinds including Fitch cutting Australias credit rating outlook to negative.
China did not set a GDP target this year for the first time ever and protests resumed in Hong Kong against Chinas attempt to impose National Security Law.
Despite todays loss, the ASX 200 still managed to gain 1.71% this week, making it its fourth straight weekly advance.
All sectors ended the day in the red. Although mining and energy stocks fell heavily today, they were standouts this week thanks to surging commodity prices.
The price of oil is up 30% this week, gold remains near eight-year highs and iron ore has surged 20% in a fortnight.
Todays top gainers on the ASX include MMJ Group Holdings Ltd (ASX:MMJ) (+17.39%), Matador Mining Ltd (ASX:MZZ) (+6.12%), Kazia Therapeutics Ltd (ASX:KZA) (+5.26%) Element 25 Ltd (ASX:E25) (+8.33%), De Grey Mining Limited (ASX:DEG) (+7.41%), Yandal Resources Ltd (ASX:YRL) (+10.20%), Salt Lake Potash Ltd (ASX:SO4) (+13.68%), Titanium Sands Ltd (ASX:TSL) (+20.51%), Bryah Resources Ltd (ASX:BYH) (+38%) and Archer Materials Ltd (ASX:AXE) (+19%).
Proactive news headlines
Legend Mining confirms more nickel-copper sulphide diamond drill targets at Rockford Project
Legend Mining Limited (ASX:LEG) has confirmed further diamond drill targets for nickel-copper sulphide mineralisation at its Rockford Project in WA's Fraser Range through a combination of innovative moving and fixed loop electromagnetic (MLTEM & FLTEM). The surveys were over seven prospect areas – Northeast Mawson, Mawson Central, Worsley, Crean, Hurley, Magnus and Octagonal.
Core Lithium lands first European offtake deal for spodumene concentrate from Finniss
Core Lithium Ltd (ASX:CXO) has secured its first European offtake deal after signing a non-binding offtake term sheet with Transamine Trading for the supply of 50,000 tonnes per annum of spodumene concentrate from the Finniss Lithium Project near Darwin. This offtake comes in addition to Cores existing binding offtake agreement with Yahua for 75,000 tonnes per annum.
Bryah Resources surges on discovery of potential direct shipping grade manganese
Bryah Resources Ltd (ASX:BYH) has discovered a new high-grade manganese zone at the Bryah Basin joint venture project in central WA with the grades supporting a near-term direct shipping production strategy. A recent reverse circulation (RC) drilling program has intersected potential direct shipping grades of greater than 30% manganese at shallow depths at the Brumby Creek prospect.