The Australian All Ordinaries looked weak today, notching another slightly lower close at 5272 points with a lacklustre show from the mining and energy sectors.
Health care and telecommunications stocks helped offset the malaise, but one gold junior seemed unfazed as the yellow metal wavered around a health A$1612 per ounce.
MARKET ACTION
Emmerson Resources (ASX:ERM) ticked 2% higher today to finish 78% stronger than an August low of $0.028 per share. The stock closed today at $0.05 on a higher-than-average trade volume of nearly 2 million shares valuing close to $100,000.
This investor attention has followed a strong of exploration successes in a fully-funded development push at the Tennnat Creek gold project (Northern Territory) with joint venture partner Evolution Mining (ASX:EVN).
Shares in Emmerson spiked more than 30% last week after high-grade gold hits at Tennant Creek indicated potential for an imminent greenfields discovery in a region known for bonanza-grade operations like the Nobles Nob mine which has produced more than 1.1 million ounces of gold at an average recovered grade of 17.3g/t gold
Recent work at the project’s Mauretania prospect has returned rock chips up to 214g/t gold.
Drilling in this area has delivered 30 metres at 3.22g/t gold, including 15 metres at 5.67g/t gold and important concentrations of silver, copper and bismuth.
A lower copper-rich zone was found to comprise 24 metres at 1.07% copper, 8.51g/t silver and 0.4g/t gold from 78 metres.
BLUE CHIPS
Major miners
BHP Billiton (ASX:BHP) down 2.8% to $24.02
Fortescue Metals Group (ASX:FMG) up 1.9% to $2.34
Newcrest (ASX:NCM) down 4.6% to $14.18
Rio Tinto (ASX:RIO) down 2.1% to $52.24
Energy or Oil and Gas
Oil Search (ASX:OSH) down 1.9% to $7.29
Santos (ASX:STO) down 3.1% to $5.29
Woodside Petroleum (ASX:WPL) down 4.9% to $30.48
Big 4 banks
ANZ Bank (ASX:ANZ) down 1.6% to $28.39
Commonwealth Bank (ASX:CBA) down 0.9% to $75.76
National Australia Bank (ASX:NAB) down 0.6% to $31.78
Westpac (ASX:WBC) down 1.4% to $30.90
Other banks, financials and industrials
AMP (ASX:AMP) up 0.2% to $5.85
Bank of Queensland (ASX:BOQ) down 0.8% to $13.05
Bendigo and Adelaide Bank (ASX:BEN) down 0.8% to $10.32
Macquarie Group (ASX:MQG) down 0.6% to $82.01
Suncorp (ASX:SUN) down 0.3% to $12.90
Telstra (ASX:TLS) up 2.8% to $5.45
Retailers
JB Hi-FI (ASX:JBH) flat at $18.05
Wesfarmers (ASX:WES) up 0.4% to $40.44
Woolworths (ASX:WOW) down 0.7% to $26.76
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