Australia

S&P/ASX 200 closes higher for fourth day in a row

S&P/ASX 200 (INDEXASX:XJO) managed to rise for the fourth day in a row as investors continue to remain optimistic over the reopening of economies as restrictions ease and optimism that the worst of the COVID-19 economic impacts could be over.

The sectors leading the gains have been financials, healthcare and consumer stocks.

The materials sector ended in the red with energy producers and gold miners leading declines.

Commonwealth Bank of Australia (ASX:CBA) shined amongst the big four banks with a gain of 2.3%.

Travel stocks shine

Qantas Airways Limited (ASX:QAN) gained 7% as the airliner looks to increase its capacity for domestic routes in June and July.

The shares of the world's third oldest airline (after KLM and Avianca) have now more than doubled from its lows in March but is still down 36% so far in 2020.

Other top gainers on the ASX today include 9 Spokes International Ltd (ASX:9SP) (+11.76%), Titanium Sands Ltd (ASX:TSL) (+11.48%), Opyl Ltd (ASX:OPL) (+10.71%), MacArthur Minerals Ltd (ASX:MIO) (+13.51%), Volt Resources Ltd (ASX:VRC) (+22.22%), Eclipse Metals Ltd (ASX:EPM) (+12.50%), Comet Resources Limited (ASX:CRL) (+33.33%) and Brookside Energy Ltd (ASX:BRK) (+16.67%).

Proactive news headlines:

Aeris Resources to acquire producing gold mine from Evolution in transformational move

Aeris Resources Ltd (ASX:AIS) has entered into a binding agreement with Evolution Mining Ltd (ASX:EVN) to acquire the Cracow Gold Mine in Queensland. Cracow is an established, high grade, low-cost underground gold mining operation and processing facility operating continuously since 2004, producing more than 1.4 million ounces over its life, with a consistent track record of profitability and reserve replacement. The mine is on track to produce 82,500 – 87,500 ounces of gold in the 2020 financial year and generate net mine cash flow of $84 to $89 million.

Legend Mining Fraser Range success results in placement raising $20 million

Legend Mining Limited (ASX:LEG) has received strong support from existing major shareholders, institutional and sophisticated investors for a $20 million placement, including from largest shareholders Creasy Group and IGO Ltd (ASX:IGO) (OTCMKTS:IPGDF). The company has received binding commitments for the placement at 14 cents per share. Funds raised will be applied to progress Legends exploration at its Rockford Project in the Fraser Range, and particularly at Mawson prospect where highly encouraging results have seen increased focus.

Peninsula Energy in transformational $40.3 million equity raising to support future low pH uranium operations

Peninsula Energy Ltd (ASX:PEN) is undertaking a A$40.3 million equity raising through a renounceable entitlement offer while will support the transformation of its flagship Lance Uranium Project in Wyoming, USA. The company will emerge debt-free from the pro-rata fully underwritten offer with net cash of over US$10 million after repaying its existing term debt. Debt repayment will remove the need to pursue uranium contract partial monetisation transaction and the funds will put PEN in a strong position to continue low pH transformation activities and to prepare for restart of the Lance project.

EcoGraf higher after securing 10-year battery graphite products offtake deal with thyssenkrupp

EcoGraf Ltd (ASX:EGR) has executed a non-binding agreement with thyssenkrupp Materials Trading GmbH for the sale of battery graphite products from its planned Kwinana Facility in Western Australia. The agreement is for the sale of purified spherical graphite (SpG) battery anode material and by-product (fines). thyssenkrupp Materials Trading GmbH is a subsidiary of thyssenkrupp AG, a technology global group headquartered in Germany with around 160,000 employees in nearly 80 countries.

Comet Resources higher on acquiring development-ready gold project in Mexico

Comet Resources Limited (ASX:CRL) is higher after signing a binding heads of agreement for the acquisition of the high-grade Santa Teresa Gold Project in Baja California, Mexico. This project is in the gold-rich historical mining district of El Alamo and has an existing non-JORC inferred resource of 64,000 ounces at an average grade of 8.7 g/t at a cut-off grade of 4 g/t. The company is developing a portfolio of base/precious metal projects and the acquisition complements and builds on its recent acquisition of the Barraba Copper Project in NSW, Australia.

Walkabout Resources hits high-grade zinc, lead and copper at Scottish project

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