The Australian All Ordinaries was down 1.2% today at 5,178 points after a relatively strong start gave way to weak sentiment attached to discouraging overseas cues.
More negative trading in the U.S. and China have soured confidence in the local market, with the critical materials sector losing 2.5% in value and financial stocks down 1.2% as a group.
MARKET ACTION
Western Australia-focused base metal and gold explorer St George Mining (ASX:SGX) bucked the trend, however, with a 34.4% hike to A$0.09 per share.
The performance came as investors continued to digest St George’s latest accomplishments, including a move last month to add some highly prospective areas to the company’s portfolio.
The Perth-based developer entered into a binding agreement with BHP Billiton Nickel West to acquire the whole of Nickel West’s 75% interest in the Mt Alexander project.
The project already hosts high-grade nickel-copper sulphides, such as 4 metres at 4.9% nickel, 1.7% copper and 3.9g/t total PGEs from 91.4 metres.
St George is already planning a drilling program for this year.
Meanwhile, the company is expecting assays this month from the first four reverse circulation holes at its wholly-owned Hawaii project, located southwest of WA’s Agnew-Wiluna belt.
BLUE CHIPS
Major miners
BHP Billiton (ASX:BHP) down 2.2% to $17.19
Fortescue Metals Group (ASX:FMG) down 6.1% to $1.78
Newcrest (ASX:NCM) down 2.0% to $13.05
Rio Tinto (ASX:RIO) down 2.9% to $42.80
Energy or Oil and Gas
Oil Search (ASX:OSH) up 0.7% to $6.65
Santos (ASX:STO) down 5.6% to $3.53
Woodside Petroleum (ASX:WPL) down 1.1% to $28.45
Big 4 banks
ANZ Bank (ASX:ANZ) down 1.3% to $26.72
Commonwealth Bank (ASX:CBA) down 1.1% to $82.16
National Australia Bank (ASX:NAB) down 1.4% to $29.00
Westpac (ASX:WBC) down 1.5% to $32.21
Other banks, financials and industrials
AMP (ASX:AMP) down 1.2% to $5.60
Bank of Queensland (ASX:BOQ) down 1.2% to $13.48
Bendigo and Adelaide Bank (ASX:BEN) down 0.8% to $11.60
Macquarie Group (ASX:MQG) down 1.0% to $79.19
Suncorp (ASX:SUN) down 1.8% to $11.71
Telstra (ASX:TLS) down 1.1% to $5.40
Retailers
JB Hi-FI (ASX:JBH) up 2.3% to $21.03
Wesfarmers (ASX:WES) down 0.1% to $40.83
Woolworths (ASX:WOW) down 1.3% to $23.37
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