S&P/ASX 200 pares loss as Fortescue Metals' net profit surges 49% to a record US$4.7 billion

S&P/ASX 200 (INDEXASX:XJO) was down by as much as 0.3% at the open but has since recovered as iron ore miner Fortescue Metals Group Limited (ASX:FMG) reported a 49% increase in annual post-tax profit to US$4.7 billion. The company will pay a $1 final dividend fully franked on October 2 after a year of high iron ore prices and healthy profit margins. S&P/ASX 200 was up 0.13% to 6119 points at 12.36 pm along with major Asian markets which were ahead in early trade, including a 1.5% gain for the Hang Seng and a 1% rise for the KOSPI. COVID-19 update Victoria has recorded 116 new COVID-19 cases in the past 24 hours which is the lowest daily number of cases in seven weeks. But sadly, there were 15 deaths in the past 24 hours. Victoria’s state of emergency is due to end on September 13 but Premier Daniel Andrews said the state cannot afford to end all restrictions. He said the state of emergency “is the legal instrument that allows rules about face masks, about COVID safe work plans in workplaces large and small, that is the legal instrument that sits behind density limits in pubs and cafes and restaurants. “Before September 13 (we) will extend the state of emergency provisions within the public health and well-being act for a maximum of a 12 months. So that means it will be a total of 18 months. “The six months we have already been through plus a further 12 months.” Top gainers Today’s top gainers on the ASX include Kin Mining NL (ASX:KIN) (+13.64%), Oakdale Resources Ltd (ASX:OAR) (+20.00%), Eclipse Metals Ltd (ASX:EPM) (+14.29%), Archtis Ltd (ASX:AR9) (+15.05%), Talisman Mining Ltd (ASX:TLM) (+7.69%) and Linius Technologies Ltd (ASX:LNU) (7.69%). Proactive news headlines: Comet Resources returns “excellent” graphite grades and recoveries in initial tests Comet Resources Limited (ASX:CRL) has achieved grades and recoveries described as “excellent” in recently completed test-work on material from diamond drilling at Springdale Graphite Project in Western Australia. Cobalt Blue takes delivery of second batch of key Broken Hill pilot plant equipment Cobalt Blue Holdings Ltd (ASX:COB) (OTCMKTS:CBBHF) (FRA:COH) has taken another step towards establishing a pilot plant in Broken Hill with the delivery of a second batch of key equipment, including reactors, tanks, filters, pumps and spirals. Meteoric Resources has diamond drill spinning at Palm Springs Gold Project testing for extensions Meteoric Resources NL (ASX:MEI) has started diamond drilling at Butchers Creek prospect of the Palm Springs Gold Project within the Kimberley region of WA. Kazia Therapeutics awarded US FDA Orphan Drug Designation to paxalisib treatment for malignant glioma Kazia Therapeutics Ltd’s (ASX:KZA) (NASDAQ:KZIA) paxalisib treatment for malignant glioma has been granted Orphan Drug Designation (ODD) by the United States Food and Drug Administration (FDA). archTIS and KPMG win Information Security services contract for Australian National Security Agency archTIS Ltd (ASX:AR9) has entered a contractual agreement with KPMG to provide resources to conduct several specialised security services, which includes an Information Security services contract with a Commonwealth National Security Agency. Kin Mining discovers further shallow ore-grade mineralisation as Cardinia Gold Project potential grows Kin Mining NL (ASX:KIN) has discovered shallow ore-grade gold mineralisation in aircore drilling at East Lynne prospect which extends the Cardinia Gold Project (CGP) near Leonora in WA and further enhances the project's potential. YPB Group receives commitments from sophisticated and professional investors for $650,000 placement YPB Group Ltd (ASX:YPB) has received firm commitments from sophisticated and professional investors to raise $650,000 in a placement. Cipherpoint gains momentum with strong digital lead generation uptick in face of new and high-profile data breaches Cipherpoint Ltd (ASX:CPT) is beginning to gain momentum in identified target markets with the June quarter seeing a strong uptick in digital lead generation, despite significant reductions in marketing and advertising spend. Kingwest Resources plans to unlock value of WA projects over the next 12 months Kingwest Resources Ltd (ASX:KWR) has plans to unlock the value of the historical Menzies Gold Project (MGP) and the Goongarrie Gold Project (GGP) in Western Australia with an aggressive drilling program to take place in the next 12 months.