S&P/ASX 200 gives up early gains as IMF warns of unprecedented crisis for the global economy

S&P/ASX 200 (INDEXASX:XJO) opened today’s trading with a rise to 5983 points but gave up its early gains by falling back to yesterday’s closing level of 5942 as Aussies shares struggled for momentum. IMF Chief Economist Gita Gopinath said in a blog post that “the forthcoming June World Economic Outlook Update is expected to show negative growth rates even worse than previously estimated.” The IMF also said the current crisis, which it dubbed the Great Lockdown, is “unlike anything the world has seen before.” While many countries have started to ease lockdown measures, it is proving to be challenging given the looming threat of a potential resurgence in COVID-19 cases. Top gainers Despite the ASX 200 index falling, many stocks are in green with A2 Milk Company Ltd (ASX:A2M) posting a gain of 6% and Carsales.Com Ltd (ASX:CAR) up 5%. Other top gainers on the ASX today include Blackstone Minerals Ltd (ASX:BSX) (+13.79%), Engage:BDR Ltd (ASX:EN1) (+16.67%), Eclipse Metals Ltd (ASX:EPM) (+14.29%), Latin Resources Ltd (ASX:LRS) (+66.67%) and Comet Resources Limited (ASX:CRL) (+12.50%). Proactive news headlines: Argosy Minerals buoyed as tests by Korean cathode manufacturer return highest lithium carbonate purity to date Argosy Minerals Limited's (ASX:AGY) lithium carbonate (Li2O3) samples from its Rincon Project in Argentina have achieved results of 99.94% and 99.93% Li2CO3 content in testing by a Korean cathode manufacturer. These are the highest purity results to date from the samples produced pre-COVID-19 at the company’s industrial-scale pilot plant as part of its production operations. Latin Resources secures major Argentinian investment company as new partner in “transformational” deal Latin Resources Ltd (ASX:LRS) (FRA:XL5) has taken a key step on the path to becoming a major lithium industry player by signing a “transformational” joint venture agreement with leading Argentinian investment group Integra Capital SA. This agreement covers the company’s lithium pegmatite projects and will see Integra spend up to US$1 million (A$1.4 million) in a JV to explore, develop and earn 50% of the projects in Argentina’s Catamarca province. Anteris Technologies begins early transcatheter aortic valve replacement animal study Anteris Technologies Ltd (ASX:AVR) has implanted its proprietary DurAVR™ Transcatheter Heart Valve into the first three animals as part of a transcatheter aortic valve replacement (TAVR) study. The first feasibility study in pigs aims to confirm DurAVR™ valve deployment and fixation (anchoring) as well as providing insight into the valve’s haemodynamic function. Blackstone Minerals intersects up to 3% nickel, 2.1% copper and 3.4 g/t PGE in maiden holes at Ban Chang Blackstone Minerals Ltd (ASX:BSX) has intersected massive sulphide nickel over a 1-kilometre strike in three maiden drill holes at Ban Chang prospect, which is part of its Ta Khoa Nickel-Copper-Platinum Group Elements (PGE) Project in Vietnam. The first hole (BC20-01) delivered results of 5.2 metres at 0.66% nickel, 0.73% copper, 0.04% cobalt and 0.79 g/t PGE from 58 metres and 1.5 metres at 2.2% nickel, 2.12% copper, 0.13% copper and 2.66 g/t PGE from 58.5 metres, including 1.05 metres at 2.98% nickel, 1.22% copper, 0.18% cobalt and 3.43 g/t PGE from 58.5 metres. Zelira Therapeutics forming new partnership for chronic pain study in retired athletes Zelira Therapeutics Ltd (ASX:ZLD) (OTCMKTS:ZLDAF) has entered into a non-binding Heads of Agreement with Melbourne-based cannabis company Levin Growing Pty Ltd to develop a novel cannabinoid treatment for sports-related chronic pain. Levin will fund the trial with Zelira to design and manage the study aimed at assisting retired professional and amateur athletes using its proprietary cannabinoid formulation.