It seems fried chicken is choice when the financial chips are down, with Collins Foods Ltd leading the gains on the ASX today.
The local market was up 0.5% today. The S&P/ASX200 gained 39.50 points or 0.56% to 7,118.20 after setting a new 50-day low.
This index has lost 3.27% for the last five days but has gained 1.12% over the last year to date.
Top-performing stocks were Collins Food Ltd and Centuria Capital Group Ltd, up 16.41% and 4.78% respectively.
On the commodities front, iron ore surged to its biggest 1-day rise in almost a month.
The rise comes following comments from a high-ranking Chinese official indicating an uptick in growth this quarter and potential further stimulus. These statements have enhanced the prospects for consumption in the world's largest metal importer, leading to a 2.9% increase in Singapore iron ore futures to $US112.25 per tonne.
Bloomberg reports China's Premier Li Qiang, while speaking at the World Economic Forum in Tianjin, revealed plans for the introduction of more viable and effective strategies to boost domestic demand and invigorate the market.
This development coincides with BHP (ASX:BHP)'s CEO Mike Henry calling for more support from the Chinese Government for the housing market while noting that recent data showed some inconsistencies.
Reacting to these circumstances, shares in BHP Group showed a 1% increase, reaching $44.90. Fortescue Metals Group (ASX:ASX:FMG) reported a 2.5% rise and Rio Tinto Ltd (ASX:RIO) gained a 1.5%.
As for the sectors, the biggest winner was Real Estate with a gain of 2.11%, followed by Materials at 0.99%. On the downside were Communication Services which lost 0.52% and Information Technology down 0.35%.
Five at Five
And what of the small-cap market?
The S&P/ASX Small Ordinaries [XSO] was down 0.040% today. However, there was some good news among some companies.
Highfield Resources secures access to all land for Muga Potash Project
Highfield Resources Ltd (ASX:HFR) has secured access to all land necessary in Spain’s Navarra region to build the Muga Potash Mine with the completion of an extensive expropriation process.
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Provaris Energy and Norwegian Hydrogen will collaborate for 270 MW FjordH2 project in Norway
Provaris Energy Ltd (ASX:PV1) has signed a collaboration agreement with Norwegian Hydrogen AS to jointly advance and develop the 270 MW FjordH2 hydrogen project at Ørskog in the Ålesund municipality, Norway.
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Kingston Resources poised for growth as Mineral Hill enters new phase; plans $6.5 million capital raising
Kingston Resources Ltd (ASX:KSN) is gearing up for a new phase of growth as it unveils an updated Life of Mine (LOM) plan for its Mineral Hill Project in central New South Wales as well as a A$6.5 million capital raising program to solidify the company’s position in the Cobar Basin.
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Aurumin gets diamond bit spinning in lithium quest at Mt Palmer
Aurumin Ltd (ASX:AUN) has kicked off a diamond drilling program targeting lithium-bearing pegmatites at Mt Palmer Project, 40 kilometres southeast of Southern Cross in Western Australia.
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Forrestania Resources soars on hitting multiple pegmatites up to 63 metres thick in maiden Calypso drilling
Forrestania Resources Ltd (ASX:FRS) jumped more than three-fold on intersecting multiple pegmatites up to 63 metres thick in maiden lithium-focused drilling at the Calypso target within its flagship Forrestania project in Western Australia’s southern Yilgarn region.
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On your six
Podcast: Cannabis and psychedelic regulation in Australia
What are the rules governing cannabis and psychedelics in Australia? How have attitudes to these substances changed over time, and what does the Australian biotech industry need governments to do to unlock the myriad therapeutic benefits they promise?
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The one to watch
Element 25’s manganese destined for US in General Motors deal
Element 25 Ltd (ASX:E25) managing director Justin Brown runs Proactive’s Elisha Newell through the company’s landmark deal with American carmaker General Motors Co (NYSE:GM).
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