S&P/ASX 200 marks fourth straight weekly advance despite headwinds

S&P/ASX 200 (INDEXASX:XJO) fell by 53 points or 0.96% to 5497 today following a number of headwinds including Fitch cutting Australia’s credit rating outlook to negative. China did not set a GDP target this year for the first time ever and protests resumed in Hong Kong against China’s attempt to impose National Security Law. Despite today’s loss, the ASX 200 still managed to gain 1.71% this week, making it its fourth straight weekly advance. All sectors ended the day in the red. Although mining and energy stocks fell heavily today, they were standouts this week thanks to surging commodity prices. The price of oil is up 30% this week, gold remains near eight-year highs and iron ore has surged 20% in a fortnight. Top gainers Today’s top gainers on the ASX include MMJ Group Holdings Ltd (ASX:MMJ) (+17.39%), Matador Mining Ltd (ASX:MZZ) (+6.12%), Kazia Therapeutics Ltd (ASX:KZA) (+5.26%) Element 25 Ltd (ASX:E25) (+8.33%), De Grey Mining Limited (ASX:DEG) (+7.41%), Yandal Resources Ltd (ASX:YRL) (+10.20%), Salt Lake Potash Ltd (ASX:SO4) (+13.68%), Titanium Sands Ltd (ASX:TSL) (+20.51%), Bryah Resources Ltd (ASX:BYH) (+38%) and Archer Materials Ltd (ASX:AXE) (+19%). Proactive news headlines Legend Mining confirms more nickel-copper sulphide diamond drill targets at Rockford Project Legend Mining Limited (ASX:LEG) has confirmed further diamond drill targets for nickel-copper sulphide mineralisation at its Rockford Project in WA's Fraser Range through a combination of innovative moving and fixed loop electromagnetic (MLTEM & FLTEM). The surveys were over seven prospect areas - Northeast Mawson, Mawson Central, Worsley, Crean, Hurley, Magnus and Octagonal. Core Lithium lands first European offtake deal for spodumene concentrate from Finniss Core Lithium Ltd (ASX:CXO) has secured its first European offtake deal after signing a non-binding offtake term sheet with Transamine Trading for the supply of 50,000 tonnes per annum of spodumene concentrate from the Finniss Lithium Project near Darwin. This offtake comes in addition to Core’s existing binding offtake agreement with Yahua for 75,000 tonnes per annum. Bryah Resources surges on discovery of potential direct shipping grade manganese Bryah Resources Ltd (ASX:BYH) has discovered a new high-grade manganese zone at the Bryah Basin joint venture project in central WA with the grades supporting a near-term direct shipping production strategy. A recent reverse circulation (RC) drilling program has intersected potential direct shipping grades of greater than 30% manganese at shallow depths at the Brumby Creek prospect. Lithium Australia subsidiary Envirostream trials use of recycled battery products in fertilisers Lithium Australia NL’s (ASX:LIT) recycling division Envirostream Australia is targeting new markets for its battery products, with the low-value spent alkaline batteries potentially providing micro nutrients for commercial crops. Initial pot trials undertaken in controlled greenhouse conditions indicated that the Envirostream product has potential as a source of micronutrients in fertilisers. K2fly raises $1.7 million through exercise of listed options K2fly Ltd (ASX:K2F) has raised $1.719 million from the exercise of 8,596,096 options at 20 cents per option, representing an exercise of 65% of the total options on issue. A total of 3,333,906 listed options have been exercised by option holders between March 2020 and May 2020. In addition, a further 5,262,190 options will be subscribed for in accordance with the terms of an underwriting agreement. St George Mining begins major Mt Alexander drill campaign testing nickel-copper sulphide targets St George Mining Ltd (ASX:SGQ) has started a reverse circulation (RC) drilling program at Fish Hook prospect to test nickel-copper sulphide targets at Mt Alexander Project in the north-eastern Goldfields of Western Australia. This marks the first-ever drilling at Fish Hook with targets including a large nickel-copper soil anomaly as well as coincident electromagnetic (EM) and magnetic anomalies. Argosy Minerals maiden trial cargo of high-quality lithium carbonate product ready for shipment Argosy Minerals Limited (ASX:AGY) maiden five-tonne preliminary trial cargo of high-quality lithium carbonate product from the Rincon Lithium Project is scheduled for shipment next week. The product with greater than 99.5% purity has been prepared at the industrial-scale pilot plant and delivered to port.