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S&P/ASX200 surges 2.93% to close at highest level since March 10

S&P/ASX 200 (INDEXASX:XJO) closed up 164.4 points or 2.93% at 5,780 points amid optimism over a gradual reopening of the world economy. Every sector improved with the financials a major contributor to the broader market moves. The index is now up 5.15% this week and at its highest level since March 10. Three of the big 4 banks rallied over 5% while Commonwealth Bank of Australia (ASX:CBA) added 3.9%. Most Asian markets are higher as US futures are pointing to a solid open on Wall Street after the Memorial Day long weekend. Proactive news headlines: Ora Banda Mining boosts Davyhurst gold reserves 60% to 330,000 ounces[hhmc] Ora Banda Mining Ltd (ASX:OBM) is higher after boosting gold ore reserves by 60% to 330,000 ounces at the Davyhurst Gold Project north of Kalgoorlie in Western Australias prolific Goldfields. The new combined probable estimate is for four key deposits at Davyhurst – Riverina, Missouri and Sand King open pits and Golden Eagle underground. Legend Mining shares ju..

Australia

St George Mining increases SPP raising up to $3.6 million after strong interest

St George Mining Ltd (ASX:SGQ) has increased the amount to be potentially raised under its share purchase plan (SPP) to $3.6 million due to strong interest from shareholders for participation. Depending on the final amount of applications received, St George will undertake a scale back at its discretion. The $3.6 million raised under the SPP will result in 45,000,000 new shares being issued at 8 cents each. “Outstanding support”[hhmc] Executive chairman John Prineas said: “We appreciate the outstanding support of existing shareholders for the SPP and are pleased to increase the target amount so that there is a more fair and equitable allocation to shareholders. “The additional funds being raised under the SPP will allow us to prioritise an acceleration of the Mt Alexander drill program with an additional diamond drill rig to be deployed for testing the new, deeper nickel‐copper sulphide targets.” Funds to progress exploration activities[hhmc] Funds raised under the SPP will be use..

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