Australian shares have dived after Greek banks shut for a week ahead of an increasingly likely debt default. The ASX200 is down 123.4 points, or 2.2%, to 5,422.5.
Major banks weighed on the market with ANZ Bank (ASX:ANZ) down 3.0% to $32.09 and Commonwealth Bank (ASX:CBA) falling 2.4% to $84.58.
National Australia Bank (ASX:NAB) fell 2.7% to $33.15 while Westpac (ASX:WBC) is down 2.7% to $32.13.
Market Action here…
Altech Chemicals (ASX:ATC) rose as much as 11.3% today before closing up 3.2% to $0.064 today.
The company is moving to secure the required equity and debt funding to advance its High Purity Alumina (HPA) project towards final design and development after completing the Bankable Feasibility Study three months ahead of schedule.
The project, which includes a 4,000 tonne per annum HPA processing plant at Tanjung Langsat in Johor, Malaysia, and an associated kaolin beneficiation plant at Meckering, provides an alternative to the largest eight producers that supply 50% of the global HPA market.
The project has potential to deliver high margins, strong cash flows, and rapid payback period.
Key metrics from the BFS included:
- Capital cost estimate US$76.9 million (A$98.6million);
- Payback period 3.8 years;
- Estimated pre-tax NPV of US$326.1 million (A$362.4 million) (at 10% discount);
- IRR of 30.3%;
- Long-term sale price forecast of US$23,000/tonne (A$25,560/tonne) for 99.99% (4N) product;
- Cost of goods sold US$8,140/tonne (A$9,050/tonne); and
- EBITDA of US$59.4 million (A$66.0 million) per annum.
Australian Mines (ASX:AUZ) is up 16.7% to $0.007 with more than 1.2 million shares traded.
Blue Chip Stocks
Major Miners
BHP Billiton (ASX:BHP) down 2.0% to $26.94
Fortescue Metals Group (ASX:FMG) down 3.0% to $1.93
Newcrest (ASX:NCM) up 1.5% to $13.16
Rio Tinto (ASX:RIO) down 1.2% to $53.44
Oil and Gas
Oil Search (ASX:OSH) down 0.7% to $7.15
Santos (ASX:STO) down 1.6% to $7.92
Woodside Petroleum (ASX:WPL) down 2.2% to $34.05
Other banks, financials and industrials
AMP (ASX:AMP) down 2.5% to $5.97
Bank of Queensland (ASX:BOQ) down 2.3% to $12.56
Bendigo and Adelaide Bank (ASX:BEN) down 2.6% to $12.18
Macquarie Group (ASX:MQG) down 2.4% to $80.55
Suncorp (ASX:SUN) down 1.9% to $13.34
Telstra (ASX:TLS) down 1.9% to $6.08
Retailers
JB Hi-FI (ASX:JBH) down 1.1% to $19.60
Wesfarmers (ASX:WES) down 1.7% to $38.80
Woolworths (ASX:WOW) down 1.2% to $27.05
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