S&P/ASX 200 loses momentum after a bright start, healthcare and financials decline

S&P/ASX 200 (INDEXASX:XJO) rose 0.75% on the open following gains on Wall Street but has since lost its momentum to be down 0.21% to 6107 at 12.48 pm. The index is on track to close out the week slightly lower over the course of the past five days, which would make it the first weekly decline in three weeks. Healthcare, financials and materials declined with losses also for utilities and consumer staples. Suncorp (ASX:SUN) is a standout on the upside with the financial services firm surging 8% on the release of FY20 profit results. The company’s net profit rebounded to $913 million, aided by a $210 million profit from the sale of its life insurance business. COVID-19 update Victoria recorded 179 new COVID-19 cases and nine deaths in the past 24 hours which is a decrease on yesterday’s total of 240 and continues a downward trend. Not only has Victoria recorded its lowest case numbers in five weeks, it has also hit its testing target by doing 20,326 tests yesterday. Top gainers Today’s top gainers on the ASX include Linius Technologies Ltd (ASX:LNU) (+8.33%), Walkabout Resources Ltd (ASX:WKT) (+11.63%), Pharmaxis Ltd (ASX:PXS) (+10.00%), Ansila Energy NL (ASX:ANA) (+20.00%) and Archtis Ltd (ASX:AR9) (+15.07%). Proactive news headlines: Fe Limited surges on agreement to acquire 50% of advanced iron ore project Fe Limited (ASX:FEL) is looking to take advantage of strong iron ore markets and pricing with the acquisition of a 50% interest in the advanced Yarram Iron Ore Project in the Northern Territory. Australian Vanadium identifies iron-titanium co-product potential at flagship project Australian Vanadium Ltd (ASX:AVL) has identified potential high-value iron-titanium by-products from the flagship namesake project in Western Australia to support its objective of achieving the world’s lowest-cost vanadium production. Imugene receives third ethics approval to start phase-1 clinical trial of PD1-Vaxx cancer immunotherapy Imugene Ltd (ASX:IMU) (OTCMKTS:IUGNF) has received a third Human Research Ethics Committee (HREC) approval to begin a phase-1 human trial of anti-cancer immunotherapy candidate PD1-Vaxx in Australia. Mako Gold secures $10 million in strongly supported placement to accelerate gold exploration at Napié Mako Gold Ltd (ASX:MKG) has received strong support and binding commitments for a two-tranche placement to raise $10 million before costs, positioning the company to accelerate exploration at and around the flagship Napié Gold Project in Côte d’Ivoire. Macarthur Minerals shares on the march reflecting strong progress at flagship Lake Giles Iron Project in WA Macarthur Minerals Limited (ASX:MIO) (CVE:MMS) shares have been responding well to the strong progress achieved so far this year, particularly with the flagship magnetite strategy at Lake Giles Iron Project in Western Australia. Boss Resources moving towards restarting uranium mine in South Australia Boss Resources Ltd (ASX:BOE) has achieved positive result from the initial technical evaluation for reducing capital and operating expenditure at its Honeymoon Uranium Project in South Australia. Rimfire Pacific has strategy to monetise Sorpresa and seek further gold-copper discoveries in proven Lachlan Fold Belt Rimfire Pacific Mining NL (ASX:RIM) has a two-part strategy focused on the proven world-class copper-gold area of the Lachlan Fold Belt in central New South Wales, which is attracting significant new attention. Animoca Brands set for busy time with launch of major gaming titles ahead and gamers fire up in lockdown With the global lockdown amid COVID-19, gamers have had more time on their hands for gaming videos, benefitting Animoca Brands Corporation Limited, which has seen increases in downloads, revenue generation and engagement with their products.