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ASX200 goes nowhere as banks weigh on the market

Published: 07:54 30 Apr 2014 BST

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Australian shares have closed almost unchanged with the ASX200 up 2.5 points to 5,489.1. Stocks were down at mid-day after financial stocks took a step backwards.

These were offset by gains in the healthcare and mining sectors.

China is expected to release its official manufacturing purchasing managers' index on Thursday with analysts expecting it to move to between 50.5 and 50.1.

This compares with the preliminary HSBC/Markit flash Purchasing Managers Index, which rose to 48.3 points in April from 48 points in March.

Miners

Mining stocks made gains with the BHP Billiton (ASX: BHP) rising 0.37% to $37.75 and Rio Tinto (ASX: RIO) putting on 0.65% to $61.70.

Fortescue Metals Group (ASX: FMG) is up 1% to close at $5.05 while Newcrest (ASX: NCM) put on 0.48% to $10.46.

Healthcare

Healthcare stocks were also amongst the top gainers with Cochlear (ASX: COH) gaining 2.66% to $58.69 while CSL Limited (ASX: CSL) climbed 0.74% to $68.43.

Ramsay Healthcare (ASX: RHX) rose 1.84% to $44.81 while Sigma Pharmaceuticals (ASX: SIP) put on 0.69% to $0.725.

Financials

In contrast, all four of the major banks are in negative territory with ANZ Bank (ASX: ANZ) slipped 0.38% to $34.47 while Westpac (ASX: WBC) shed 0.76% to $35.12.

National Australia Bank (ASX: NAB) dropped 0.59% to $35.30 while Commonwealth Bank (ASX: CBA) dipped 0.05% to $78.90.

Juniors and Mid-Caps

Red Mountain Mining (ASX: RMX) rose 20% to $0.012 after trenching delivered 5 metres at 7.15 grams per tonne gold, further extending the high grade South West Breccia shoot at the Batangas Gold Project in the Philippines.

Tiger Resources (ASX: TGS) is up 7.58% to $0.355 following its confirmation that copper cathode production from the Stage 2 solvent extraction electro-winning (SXEW) operation at the Kipoi Copper Project in the Democratic Republic of Congo is on track to start in the current quarter.

About 12,000 tonnes of copper cathode is expected to be produced in the 2014 calendar year.

Minera Gold (ASX: MIZ) is up 33.33% to $0.004, Baraka Energy & Resources (ASX: BKP) gained 50% to $0.003 while Cellmid (ASX: CDY) rose 16% to $0.029.

MRL Corporation (ASX: MRF) put on 14.52% to $0.071, Redflow (ASX: RFX) climbed 23.81% to $0.13 while Vantage Goldfields (ASX: VGO) is up 13.33% to close at $0.051.

Asian Stocks

Asian stocks were mixed with the Nikkei up 0.11% to 14,304.11 points while the Hang Seng Index shed 1.27% to 22,168.75 points.

The Shanghai Stock Exchange Composite Index rose 0.28% to 2,025.97 points.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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