S&P/ASX 200 rallies 2.1% after COVID-19 vaccine shows positive results in early trial

S&P/ASX 200 (INDEXASX:XJO) surged by 2.1% per cent to 5,575 at 2.30 PM following encouraging phase 1 results for a potential US COVID-19 vaccine. The index is near a 10-week high after the experimental vaccine from Moderna Inc (NASDAQ:MRNA) showed promising early signs that it can create an immune-system response in the body that could help fend off the new coronavirus. Last night the Dow Jones surged by close to 4% while Moderna jumped by 20%. Markets were quick to react to the vaccine news, as it would obviously not only go a long way in dealing with the health crisis, but also create confidence in the economic reopening process. However, the vaccine excitement may quickly fade as phase 2 trials have only just begun. Mining stocks gain Mining majors joined the rally with BHP Group Ltd (ASX:BHP) rising 5.3% and Rio Tinto Limited (ASX:RIO) up 4.5%. Australian explorers with a price increase today include Element 25 Ltd (ASX:E25) (+95%), Anson Resources Ltd (ASX:ASN) (+22%) and Legend Mining Limited (ASX:LEG) (+11%). Oil ion a roll Emperor Energy Ltd (ASX:EMP) shares doubled as energy stocks are continuing to stand out for a second day thanks to solid gains in oil prices. The price of oil surged 8.1% last night to US$31.82 per barrel on optimism that the easing of lockdown restrictions would boost oil demand. Security software solutions provider Cipherpoint Ltd’s (ASX:CPT) shares are trading 54% higher, at 2 cents. Proactive news headlines: Element 25 shares up 95% after Butcherbird PFS highlights robust, short lead time opportunity Element 25 Ltd released a pre-feasibility (PFS) for its Butcherbird Manganese Project in Pilbara, WA which highlights a robust, short lead time start-up opportunity. The PFS contemplates the export and sale of manganese concentrate from the project over a long mine life and delivers outstanding economic metrics further confirming the potential for the project to be Australia’s next significant manganese mine. Emperor Energy skyrockets on signing gas pre-FEED agreement with APA Emperor Energy Ltd surged to a new 12-month high after signing an agreement with APA Group (ASX:APA) to progress a pre-FEED study for the Judith Gas Field in the offshore Gippsland Basin, Victoria. The binding agreement with APA, which has a market cap of approximately $13.262 billion, is for the provision of midstream infrastructure and services related to gas that will potentially be produced from the field.    Alkane Resources broad gold-copper hits provide further evidence of Boda porphyry potential Alkane Resources Limited’s (ASX:ALK) (OTCMKTS:ALKEF) results provide further evidence of the world-class nature of the Boda gold-copper discovery within the Northern Molong Porphyry Project (NMPP) in Central West NSW. The final diamond core hole of the current drill program, KSDD009, intersected multiple broad zones of gold-copper mineralisation including 40 metres at 0.28 g/t gold and 0.18% copper from 94 metres and 152.1 metres at 0.18 g/t gold and 0.12% copper from 692 metres. Highfield Resources set to lift potash bounty with strong results from Spanish project Highfield Resources Ltd (ASX:HFR) intersected potash at encouraging grades and mineable depths in exploration drilling at permit areas around the Muga project in Spain. The results from Sierra del Perdón (SdP) and Vipasca permit areas have strengthened the potential of the Vipasca deposit to contribute to the broader Muga project. Galileo Mining expands Fraser Range exploration after identifying new nickel targets Galileo Mining Ltd’s (ASX:GAL) petrography results from reconnaissance drilling have identified nickel prospective rocks beneath shallow cover in the highly prospective Fraser Range region of WA. The drilling results, combined with magnetic data, show three intrusions which have been named Think Big, Backwood and Green Moon. These intrusions have the potential to host magmatic nickel mineralisation under shallow cover rock ranging from 17 metres to 92 metres below surface.