S&P/ASX 200 (INDEXASX:XJO) surged by 2.1% per cent to 5,575 at 2.30 PM following encouraging phase 1 results for a potential US COVID-19 vaccine.
The index is near a 10-week high after the experimental vaccine from Moderna Inc (NASDAQ:MRNA) showed promising early signs that it can create an immune-system response in the body that could help fend off the new coronavirus.
Last night the Dow Jones surged by close to 4% while Moderna jumped by 20%.
Markets were quick to react to the vaccine news, as it would obviously not only go a long way in dealing with the health crisis, but also create confidence in the economic reopening process.
However, the vaccine excitement may quickly fade as phase 2 trials have only just begun.
Mining stocks gain[hhmc]
Mining majors joined the rally with BHP Group Ltd (ASX:BHP) rising 5.3% and Rio Tinto Limited (ASX:RIO) up 4.5%.
Australian explorers with a price increase today include Element 25 Ltd (ASX:E25) (+95%), Anson Resources Ltd (ASX:ASN) (+22%) and Legend Mining Limited (ASX:LEG) (+11%).
Oil on a roll[hhmc]
Emperor Energy Ltd (ASX:EMP) shares doubled as energy stocks are continuing to stand out for a second day thanks to solid gains in oil prices.
The price of oil surged 8.1% last night to US$31.82 per barrel on optimism that the easing of lockdown restrictions would boost oil demand.
Security software solutions provider Cipherpoint Ltds (ASX:CPT) shares are trading 54% higher, at 2 cents.
Proactive news headlines:
Element 25 shares jump 95% after Butcherbird PFS highlights robust, short lead time opportunity[hhmc]
Element 25 Ltd released a pre-feasibility (PFS) for its Butcherbird Manganese Project in Pilbara, WA which highlights a robust, short lead time start-up opportunity. The PFS contemplates the export and sale of manganese concentrate from the project over a long mine life and delivers outstanding economic metrics further confirming the potential for the project to be Australias next significant manganese mine.
Emperor Energy skyrockets on signing gas pre-FEED agreement with APA[hhmc]
Emperor Energy Ltd surged to a new 12-month high after signing an agreement with APA Group (ASX:APA) to progress a pre-FEED study for the Judith Gas Field in the offshore Gippsland Basin, Victoria. The binding agreement with APA, which has a market cap of approximately $13.262 billion, is for the provision of midstream infrastructure and services related to gas that will potentially be produced from the field.
Alkane Resources broad gold-copper hits provide further evidence of Boda porphyry potential[hhmc]
Alkane Resources Limiteds (ASX:ALK) (OTCMKTS:ALKEF) results provide further evidence of the world-class nature of the Boda gold-copper discovery within the Northern Molong Porphyry ProRead More – Source
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