Major Australian resource stocks were generally weaker today, with only seven of the top 20 stocks by market capitalisation ending the day higher. Industrials helped prop up the market, with the All Ordinaries adding 14 points to 4649.
The investor favourite resource stock at the big end of town today was Resolute Mining (ASX: RSG), which traded 2.3% higher to $1.11, with the rally not based on any market sensitive news, instead investors appeared attracted to the stock after the recent selloff.
Santos (ASX: STO) was also well supported by the market, trading around one per cent higher.
Ending the day in the green, but gaining by less than one per cent was Atlas Iron (ASX: AGO), Oil Search (ASX: OSH), OZ Minerals (ASX: OZL), Newcrest Mining (ASX: NCM) and Rio Tinto (ASX: RIO).
Alumina (ASX: AWC) closed the day unchanged.
Continuing to feel the brunt on an investor re-rating in the uranium sector is Paladin Energy (ASX: PDN), which was sold off by 6.45% to $2.61, effectively losing all the gains from last Friday's rally, and then some.
Other stocks losing steam included Iluka Resources (ASX: ILU) which was sold off to the tune of 2.8%, with rare earth focused Lynas Corporation (ASX: LYC) off 1.9%, as both New Hope Corporation (ASX: NHC) and Fortescue Metals Group (ASX: FMG) eased by one per cent.
Another seven of the top 20 resource stocks ended the day in the red, but only slightly by losing less than one per cent, which included Aurora Oil & Gas (ASX: AUT), Mount Gibson Iron (ASX: MGX), Macarthur Coal (ASX: MCC), Gloucester Coal (ASX: GCL), Equinox Minerals (ASX: EQN), BHP Billiton (ASX: BHP) and Woodside Petroleum (ASX: WPL).
Of the resource focused indices, the S&P/ASX 200 Materials fell 0.1% and S&P/ASX 200 Energy eased 0.1%.
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