ASX 200 (ASX:XJO) midday update: Gold miners jump, Pro Medicus wins contract

The ASX 200 is a sea of red on Friday…

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a very disappointing note. The benchmark index is currently down 2% to 7,184.5 points.

Here’s what is happening on the ASX 200 today:

Gold miners charge higher

One area of the market that is rising today is the gold sector. Thanks to a solid rise in the gold price overnight, gold miners including Ramelius Resources Limited (ASX: RMS) and St Barbara Ltd (ASX: SBM) are charging higher. This has led to the S&P/ASX All Ordinaries Gold index rising 2% at lunch.

Evolution gets underground mine approval

The Evolution Mining Ltd (ASX: EVN) share price is pushing higher thanks to the aforementioned gold price rise and the release of a positive announcement. The latter reveals that the company’s Cowal Gold Operation has been granted regulatory approval to develop an underground mine. The development will extend the operation’s permitted mine life to 2040 and is part of the company’s plan to safely and reliably produce in excess of 350,000 ounces of gold per annum from Cowal.

Pro Medicus shares lower despite contract win

The Pro Medicus Limited (ASX: PME) share price is trading lower despite announcing a major contract win. That announcement reveals that it has signed its equal-largest contract to date with leading US healthcare provider, Novant Health. The deal is worth $40 million over seven years and will see Pro Medicus’ Visage products implemented throughout Novant Health.

The best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Silver Lake Resources Limited (ASX: SLR) share price with a 4% gain. This follows a rise in the gold price overnight. The worst performer on the ASX 200 has been the Virgin Money UK (ASX: VUK) share price with a 5.5% decline. This follows an update on its digital strategy after the market close on Thursday.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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