S&P/ASX 200 drops 0.93% with miners and energy stocks falling the most

S&P/ASX 200 (INDEXASX:XJO) retreated 0.93% to 5818 by around 12.55 pm with heavy losses for the miners, energy stocks and major banks. The index is on track to close the week in red. The materials sector fell 1.56% while the energy sector is down more than 2.4% as global oil prices tumbled up to 3.7% overnight. The technology sector was an exception, rising by 1.4%. The big miners are weighing on the broader market with BHP Group (ASX:BHP) falling 2.5% and Fortescue Metals (ASX:FMG) easing 2%. Mesoblast shares dive Stem cell biotech Mesoblast Limited’s (ASX:MSB) shares crashed 34% after the US Food and Drug Administration demanded more evidence that its flagship product works before it gets approved, despite the regulator's advisory committee voting that data supported its efficacy. The prospect of a potential COVID-19 treatment had sent Mesoblast shares rallying from $1.46 in April to $5.08 before going into a trading halt earlier this week. Trump begins quarantine President Donald Trump said late Thursday night (US time) that he and first lady Melania Trump would begin a quarantine process after top aide Hope Hicks tested positive for COVID-19. Hope Hicks, who has been working so hard without even taking a small break, has just tested positive for Covid 19. Terrible! The First Lady and I are waiting for our test results. In the meantime, we will begin our quarantine process! — Donald J. Trump (@realDonaldTrump) October 2, 2020 Top gainers Today’s top gainers on the ASX include Mako Gold Ltd (ASX:MKG) (+10.00%), Hexagon Energy Materials Ltd (ASX:HXG) (+9.26%), Calima Energy Ltd (ASX:CE1) (+16.67%), Australian Vanadium Ltd (ASX:AVL) (+8.33%), Eclipse Metals Ltd (ASX:EPM) (+11.11%), PNX Metals Ltd (ASX:PNX) (+11.11%) and Rimfire Pacific Mining N L (ASX:RIM) (+8.33%). Proactive news headlines: TNT Mines fields high-grade uranium and vanadium in East Canyon channel samples TNT Mines Ltd (ASX:TIN) has received high-grade assay results from underground exploration channel sampling at the 100%-owned East Canyon Uranium-Vanadium Project in south-eastern Utah, the US. Kazia Therapeutics completes $16.4 million institutional entitlement offer to fund Paxalisib registration trial Kazia Therapeutics Ltd (ASX:KZA) (NASDAQ:KZIA) has completed the institutional component of its accelerated 1 for 3 non-renounceable entitlement offer of new fully paid ordinary shares at A$0.80 per new share to raise A$16.4 million. Imugene higher on being granted cancer growth factor immunotherapy combination patent in US Imugene Ltd (ASX:IMU) (OTCMKTS:IUGNF) has received a Notice of Grant from the United States Patent and Trademark Office for Patent Application 16/292032, which protects its cancer growth factor immunotherapy platform. Alto Metals averages 96% gold recoveries in fresh rock at Sandstone's Lord Nelson prospectes Alto Metals Ltd’s (ASX:AME) preliminary test-work of Lord Nelson primary zone mineralisation within the Sandstone Gold Project in WA has returned "excellent" average gold recoveries of 96%. Mako Gold restructuring board in support of continuing West African gold evolution Mako Gold Ltd (ASX:MKG) has appointed highly experienced mining executive Steve Zaninovich to the board as a non-executive director to support the restructure and evolution of the company. Oakdale Resources secures exploration licence in South Australian halloysite-kaolin hotspot Oakdale Resources Ltd (ASX:OAR) shares traded 35% higher yesterday to 2.8 cents after announcing the grant of an exploration licence EL 6505 in South Australia’s halloysite-kaolin hotspot on the Eyre Peninsula. Latin Resources shares up again after teaming with one of Argentina’s largest lithium explorers Latin Resources Ltd (ASX:LRS) is entering a transformational joint venture agreement with Argentinian investment group Integra Capital S.A. which will spend up to A$1.4 million to earn a 50% interest in Latin’s Catamarca lithium pegmatite projects in Argentina.