S&P/ASX 200 gains 0.68% as China’s central bank cuts reserve requirement ratio

S&P/ASX 200 (INDEXASX:XJO) gained 0.68% to 7,323 points by about 2.50 pm on Monday as Asian markets were buoyed by news that the Chinese central bank has cut the Reserve Requirement Ratio (RRR) for banks by 50 basis points to help support the country’s economic recovery. The RRR represents the amount of money that banks must hold in their coffers as a proportion of their total deposits. A lowering of that required amount will increase the supply of money that banks can lend to businesses and individuals. Following the positive news from China, local material stocks surged. Major miner BHP Group (ASX:BHP) rose 3% while Fortescue Metals (ASX:FMG) and Rio Tinto (ASX:RIO) gained 2.85% and 1.61%, respectively. NSW reports 112 new COVID-19 cases NSW has reported 112 new local COVID-19 cases on Monday, as Sydney’s outbreak continues to grow in the city’s south-west. The figure is more than triple the highest daily case number seen during last year’s Crossroads or Avalon clusters. Speaking on Monday, NSW Premier Gladys Berejiklian said it will be “almost impossible” for the lockdown to end as planned on July 16 midnight. Gladys said the length of the lockdown will depend on everyone’s ability to “come together and follow the health advice” and see a major drop in the number of infectious cases in the community. Top gainers Today’s top gainers on the ASX include Alchemy Resources Limited (ASX:ALY) (+14.29%), Archer Materials Ltd (ASX:AXE) (+12.00%), Calima Energy Ltd (ASX:CE1) (+10.00%), Fe Limited (ASX:FEL) (+11.29%), Montem Resources Corp (ASX:MR1) (+15.00%), QMines Ltd (ASX:QML) (+10.53%) and Valor Resources Ltd (ASX:VAL)(+11.11%). Proactive news headlines: Archer Materials receives first indication of on-chip qubit control Archer Materials Ltd (ASX:AXE) (OTCMKTS:ARRXF) (FRA:38A) has received an early indication of on-chip qubit control in microscopic-scale qubit material, marking highly encouraging progress as part of its 12CQ chip quantum computing chip development. Elementos commits to completing definitive feasibility study for Oropesa Tin Project in Spain Elementos Ltd (ASX:ELT) (OTCMKTS:ELTLF) (FRA:9EM) board of directors have approved moving the development of the Oropesa Tin Project (Project) directly to a Definitive Feasibility Study (DFS). Okapi Resources shares jump 55% on transformational move to acquire advanced uranium assets in the US Okapi Resources Ltd (ASX:OKR) (FRA:26O) shares surged as high as 55% intra-day on Monday after signing a transformational binding agreement to acquire 100% of Tallahassee Resources, which holds a portfolio of large, high-grade uranium projects in the US. Chalice Mining moves to demerge gold assets Chalice Mining Ltd (ASX:CHN) (OTCQB:CGMLF) intends to demerge its highly prospective Australian gold assets subject to shareholder and regulatory approvals. Antipa Minerals discovers large zones of high-grade gold and copper at Minyari Antipa Minerals Ltd (ASX:AZY) has identified large new zones of high-grade gold and copper mineralisation in the first batch of assay results from the 2021 drill program at its 100%-owned Minyari Dome Project in Western Australia’s Paterson Province. Rumble Resources moves to sole ownership of multi-element Braeside Project Rumble Resources Ltd (ASX:RTR) is officially the sole owner of the Braeside Zinc-Lead Project in Western Australia’s East Pilbara region. Zelira Therapeutics to go head-to-head with big pharma in US clinical pain trial Zelira Therapeutics (ASX:ZLD) (OTCMKTS:ZALDF) has secured Institutional Review Board (IRB) approval for a pain observational trial to take place in the US. Anteris Technologies achieves breakthrough in ADAPT® products to create consistently thin tissue Anteris Technologies Ltd (ASX:AVR) has achieved a breakthrough in manufacturing the tissue used in ADAPT® treated products from bovine pericardium, after developing specialised machinery to create consistently thin tissue through an innovative processing technique. Galileo Mining has palladium sampling underway at Norseman with 10,000 metres of drilling upcoming Galileo Mining Ltd (ASX:GAL) has palladium and nickel soil sampling underway at its Norseman Project near Kambalda in Western Australia with more than 500 samples collected from an 1,800 metre sample program. Legend Mining continues “evolution of the Mawson story” with more massive sulphides intersected Legend Mining Limited (ASX:LEG) has uncovered more semi-massive and massive sulphides while extending the mineralised intrusion footprint at the Mawson nickel-copper-cobalt prospect within the flagship Rockford Project on Western Australia’s Fraser Range. Fe Limited sees first road trains leave JWD Iron Ore Project hauling product to port Fe Limited (ASX:FEL) has passed another key milestone at JWD Iron Ore Project near Wiluna in Western Australia’s Mid-West with the start of haulage to the port facilities at Geraldton. Twenty Seven Co identifies large areas of gold-in-soil anomalism at Yarbu Project Twenty Seven Co Ltd (ASX:TSC) has identified three large areas of gold-in-soil anomalism at the Yarbu Gold Project in Western Australia after receiving auger drilling results of up to 164 ppb gold.