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Highlights:
ASX200 has increased by 0.7%, reaching 8,340 points in afternoon trading.
Gold prices have surged to record highs, reaching $2,723 per ounce amid rising geopolitical tensions.
Notable movements in the market include a significant gain for Loyal Lithium, while Mineral Resources faces challenges following tax-related allegations.
In afternoon trade, the ASX200 has shown a positive trend, rising 0.7% to reach 8,340 points. The financial landscape is heavily influenced by the escalating conflict in the Middle East, prompting many to seek safety in gold, which has reached fresh record highs at $2,723 per ounce. This marks a 30% increase for the year, positioning gold as the top-performing commodity.
Among the sectors, Materials and Health Care have emerged as the strongest performers, each up 1%, followed closely by Energy and Discretionary sectors, which have risen 0.8%. Conversely, the Information Technology sector is the only one in the negative, experiencing a decline of 2.6%.
In corporate news, OzAurum Resources (ASX:OZM), a player in the critical minerals space, is preparing to enter the niobium market after discovering a new niobium anomaly at its Salitre Project in Brazil. This anomaly spans a strike length of one kilometer, with peak niobium values recorded at 190 ppm, highlighting the project’s potential.
Loyal Lithium (ASX:LLI) has seen a notable increase of 11.5% following the announcement of an advanced 3D geophysics resistivity inversion model for its Trieste Lithium Project in Quebec. This model has revealed significant inferred extensions of known lithium pegmatites within metasediments, enhancing the project's outlook.
On the other hand, Mineral Resources (ASX:MIN) has faced an 11% decline as the board has expressed support for Chris Ellison amid allegations of tax evasion.
Finally, Strike Energy (ASX:STX) has gained 9.5%, becoming a focal point on trading platforms due to the release of “extremely high” flowing pressure results from its Erregulla Deep-1 well production test.
