S&P/ASX 200 slips as investors fear a COVID-19 resurgence
Brent crude gained 0.6% to US$69.00 a barrel on Tuesday after slumping around 7% in the previous session. Dow Jones index in the US tumbled 700 points on Monday for its worst drop since October.
S&P/ASX 200 (INDEXASX:XJO) has slipped for a second day, with the index easing by 0.12% to 7,277 points by about 1.15 pm.
This follows a significant 1.6% tumble for the S&P500 overnight on Wall Street as the spread of the COVID-19 Delta strain and lockdown uncertainty continues to keep markets on edge.
Oil price tumbles
Locally, energy stocks were the hardest hit following ~7.5% in oil prices overnight as COVID-19 infections surged and OPEC+ agreed to gradually ramp up oil production through to September 2022.
Brent crude futures rose for a second day on Wednesday to US$72.37 a barrel on signs of strong fuel demand in Europe, while the prospect of a near-term.
IGO (ASX:IGO) share price on watch as new gold drilling joint venture announced
Lucas Radbourne | May 11, 2021 9:55am |
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IGO Ltd (ASX: IGO) share price will be on watch today after the company announced a new joint-venture diamond drilling gold project.
IGO is an exploration and mining company with a portfolio of operating and exploration assets across Australia. It’s partnering with small-cap Australian miner
Moho Resources Ltd(ASX: MOH) on its new Crossroads gold drilling prospect.
IGO and Moho ready to go
The companies announced this morning that they’re preparing to undertake diamond drilling at their Crossroads Project joint gold exploration venture, located in the West Australian wheat belt.
S&P/ASX 200 falls 1.11% after highest ever close of 7172.8 on Monday
Gold was trading at US$1,836.89 per ounce, near its three-month high as last week’s miss on the U.S. jobs growth numbers weighed on the dollar. US nonfarm payrolls data on Friday showed jobs growth unexpectedly slowed in April.
S&P/ASX 200 (INDEXASX:XJO) has slipped 1.11% to 7,093.5 with most sectors in negative territory ahead of tonight’s Federal Budget.
This follows a gain of 1.3% on Monday with the index reaching its highest ever close of 7172.8 points.
The price of iron ore has hit a record high for a second day, gaining 7.9% to US$229.55 per tonne.