The topsy turvy equity markets continue globally - with the large cap. resource sector in Australia experiencing a very volatile ride.
The difficulty for investors is trying to figure out the global impact on Australian companies as the debt wobbles continue around the globe - leaving a valuation 'Damocles' hanging above their heads.
Looking at the best performers first - Santos (ASX: STO) added 2.9% today to $13.11 as the market digested yesterday's announcement to acquire Eastern Star Gas (ASX: ESG), with OZ Minerals (ASX: OZL) rallying 2.8% to $13.32.
Other top performers included Woodside Petroleum (ASX: WPL) with a 1.8% gain to $38.92 and New Hope Corporation (ASX: NHC) which added 1.5% to $5.38.
Companies in the green but by less than one per cent included Newcrest Mining (ASX: NCM) $40.73, Oil Search (ASX: OSH) $6.73 and Mount Gibson Iron (ASX: MGX) $1.88.
Leading the downward charge was Paladin Energy (ASX: PDN) with a 2.5% fall to $2.37, with Aurora Oil & Gas (ASX: AUT) off 1.8% to $3.24 and Resolute Mining (ASX: RSG) easing 1.5% to $1.36.
Six companies fell by less than one per cent, and included Atlas Iron (ASX: AGO) $3.92, Gloucester Coal (ASX: GCL) $8.50, BHP Billiton (ASX: BHP) $42.62, Rio Tinto (ASX: RIO) $81.33, Iluka Resources (ASX: ILU) $18.30 and Macarthur Coal (ASX: MCC) $15.47.
Four stocks remained sitting on the fence in all the confusion and closed unchanged - including Fortescue Metals Group (ASX: FMG) $6.40, Lynas Corporation (ASX: LYC) $1.89, Alumina (ASX: AWC) $2.17 and of course Equinox Minerals (ASX: EQN) $7.85 - which is under a takeover offer.