13:03 Thu 03 Jun 2021
S&P/ASX 200 hits record high as strong demand dynamics push oil price above US$70 per barrel
Gold prices rose 0.4% to US$1,906.80 per ounce on Wednesday, hovering below a near five-month peak achieved in the previous session. Global investors are awaiting U.S. payrolls data due on Friday to gauge cues on future monetary policy.
S&P/ASX 200 (INDEXASX:XJO) has hit another record high earlier today, with the index lifting 0.9% to 7281.8.
The Big 4 banks were the largest contributors to the market’s gains as Commonwealth Bank (ASX:CBA) hit a fresh record high of $101.85 this morning.
Energy stocks are also continuing to gain, with the sector lifting by 2.84% following a 1.4% rise in brent crude oil price to US$71.25 a barrel.
S&P/ASX 200 rises following better-than-expected jobs report
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S&P/ASX 200 rises following better-than-expected jobs report
Brent crude futures fell 3.2% to US$66.49 per barrel on Wednesday on fears that rising inflation might lead the US Federal Reserve to raise interest rates. Gold prices hit a four-month high of US$1,889.75 on Wednesday.
S&P/ASX 200 (INDEXASX:XJO) has gained 0.80% to 6,987 by about 12.45 pm following the release of better-than-expected job numbers.
Australia’s jobless rate declined from 5.6% to 5.5% in April, beating economists’ expectations, with the number of unemployed people falling by 33,000.
The market was expecting the unemployment rate to remain steady at 5.6% and for 20,000 jobs to be added.
S&P/ASX 200 rises following better-than-expected jobs report proactiveinvestors.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from proactiveinvestors.com.au Daily Mail and Mail on Sunday newspapers.
Around 16 reverse circulation holes for 2,000 metres are planned to test for bedrock gold mineralisation. Arrow is also continuing to develop drill targets on its Nako and Boulsa projects in Burkina Faso.
Arrow Minerals Ltd (ASX:AMD) has started a 2,000-metre reverse circulation (RC) drilling program at the recently defined Poa gold prospect on Divole East exploration permit in Burkino Faso.
Drilling is aimed at defining bedrock gold mineralisation under multiple shallow geochemical anomalies at Poa and will continue at the Dassa deposits at Divole West where shallow mineralisation remains open down-dip.
A drilling program of further shallow targets on 100%-owned ground is also planned and subsequently on the permits to be explored through an agreement between Arrow and Trevali Mining Corp (TSE:TV) (OTCMKTS:TREVF).