S&P/ASX 200 on track for a weekly gain led by energy and resource stocks

S&P/ASX 200 (INDEXASX:XJO) has gained 0.51% to 6,825 by 1.50 pm following overnight gains on Wall Street, with the local index on track to close higher this week. Gains have been broad-based with energy, materials and communications stocks leading the way. Telstra (ASX:TLS) shares rose 2.85% on news that the company will scrap its New Zealand listing to simplify administration and streamline shareholder services. Flood and storm claims Insurance Australia Group (ASX:IAG) has received about 8,000 claims as of Thursday afternoon related to the recent floods and storms on Australia’s east coast with the number of claims expected to rise further. IAG estimated the net cost of the event to be about $135 million with the net cost capped at $169 million. Top gainers Today’s top gainers on the ASX include Arrow Minerals Ltd (ASX:AMD) (+12.50%), CV Check Ltd (ASX:CV1) (+10.71%), West Wits Mining Limited (ASX:WWI) (+17.72%), Kingston Resources Ltd (ASX:KSN) (+6.82%), Paradigm Biopharmaceuticals Ltd (ASX:PAR) (+5.83%) and Danakali Ltd (ASX:DNK) (+6.45%). Proactive news headlines: Creso Pharma well-funded to pursue global revenue growth after raising A$18 million in heavily oversubscribed placement Creso Pharma Ltd (ASX:CPH) (FRA:1X8) has secured firm commitments from institutional, professional and sophisticated investors to raise up to A$18 million through the issue of around 94.7 million new fully paid ordinary shares at A$0.19 per share. Australian Strategic Materials higher as balance sheet boosted through A$106 million capital raising Australian Strategic Materials Ltd (ASX:ASM) (OTCMKTS:ASMMF) shares have headed upwards on news the company plans to boost its balance sheet with a A$65 million placement and up to A$41 million entitlement offer. Paradigm Biopharmaceuticals submits Investigational New Drug application to US FDA for planned Pivotal study Paradigm Biopharmaceuticals Ltd (ASX:PAR) has made the first major submission for its planned Pivotal study in subjects with pain associated with Knee Osteoarthritis (OA) by submitting an Investigational New Drug (IND) application to the US Food and Drug Administration (FDA). Poseidon Nickel MD & CEO makes further on-market share purchase Poseidon Nickel Ltd (ASX:POS) (OTCMKTS:PSDNF) (FRA:NYG) managing director and CEO Peter Harold has further demonstrated his confidence in the company’s nickel strategy with the purchase of more shares in an on-market transaction. Kangaroo Island Plantation Timbers loads 300 cubic metres of pine logs at Kingscote wharf for customer in South Korea Kangaroo Island Plantation Timbers Ltd (ASX:KPT) has hit a milestone in the harvest and marketing of its fire-damaged pine logs with 300 cubic metres loaded on a barge at Kingscote wharf to be shipped to a customer in South Korea.