The Australian All Ordinaries continued to trade in positive territory today with the index last holding at a marginally higher 5,300 points.
Trading going into the weekend reflected a mostly subdued showing from the resources sector, with the materials group flat and energy stocks mostly in the red.
These industries, however, managed to produce some of the sessions top performers.
MARKET ACTION
Standout stocks today included Buru Energy (ASX:BRU) which was last trading 15.6% higher at A$0.26 on increased confidence in commercial potential in Western Australia’s Canning Superbasin.
Buru said that the region’s Laurel Formation is interpreted to contain a basin centred gas accumulation with potentially world class resources of gas and hydrocarbon liquids.
The running of production tubing has been completed in the Asgard and Valhalla North wells.
Meanwhile, Blackham Resources was last trading 12.5% higher at A$0.27 as a London-listed investor increased its position in the gold developer.
Polo Resources (AIM:POL) agreed to acquire 10 million Blackham shares for A$2.1 million, or $0.21 per share, citing robust economics and a relatively low capital requirement to reach gold production at Blackham’s Matilda project in WA.
A recent PFS has confirmed Matilda as on-target to produce first gold in the June quarter of 2016, with payback expected within 14 months and an outstanding internal rate of return before tax of 105%.
Upon completion of the share acquisition, Polo’s undiluted interest in Blackham will increase from its current direct holding of 2.4% to 7.4%, resulting in a combined direct and indirect holding of 10.3%, of which 8.8% is attributable to Polo.
BLUE CHIPS
Prices heading up to the close of trade:
Major miners
BHP Billiton (ASX:BHP) up 0.5% to $20.53
Fortescue Metals Group (ASX:FMG) down 3.2% to $2.10
Newcrest (ASX:NCM) up 1.0% to $11.79
Rio Tinto (ASX:RIO) down 0.4% to $48.46
Energy or Oil and Gas
Oil Search (ASX:OSH) up 0.6% to $8.20
Santos (ASX:STO) down 4.7% to $4.12
Woodside Petroleum (ASX:WPL) down 1.6% to $30.00
Big 4 banks
ANZ Bank (ASX:ANZ) up 0.9% to $27.76
Commonwealth Bank (ASX:CBA) up 1.1% to $80.05
National Australia Bank (ASX:NAB) up 0.7% to $29.93
Westpac (ASX:WBC) up 0.8% to $31.84
Other banks, financials and industrials
AMP (ASX:AMP) up 0.8% to $5.89
Bank of Queensland (ASX:BOQ) up 0.5% to $14.42
Bendigo and Adelaide Bank (ASX:BEN) up 0.5% to $11.21
Macquarie Group (ASX:MQG) up 0.8% to $83.15
Suncorp (ASX:SUN) down 0.1% to $13.37
Telstra (ASX:TLS) down 0.5% to $5.40
Retailers
JB Hi-FI (ASX:JBH) up 0.3% to $18.61
Wesfarmers (ASX:WES) up 1.0% to $39.11
Woolworths (ASX:WOW) up 0.4% to $23.74
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