The Australian All Ordinaries rebounded 0.9% to 4,955 points despite mostly weaker commodity pricing, continued volatility in other global markets and lower oil prices keeping the energy sector firmly in the red.
Although energy stocks lost almost 1% as a group over the session, most sectors rallied, with the information technology space adding 2% in value on the day.
MARKET ACTION
Black Rock Mining (ASX:BKT) shares traded as much as 25% higher today before closing 16.7% stronger at A$0.042 with news the company was advancing a number of development milestones at its Mahenge graphite property in Tanzania.
The company has kicked off a Scoping Study at the site as recent drilling and ongoing metallurgical work are tipped to inform a maiden resource next month.
This effort will be led by BatteryLimits, a company which has considerable experience in graphite projects having conducted metallurgical testwork, Scoping Studies and Pre-Feasibility studies on graphite projects in Tanzania, Mozambique and Australia.
The study and testwork follow closely on first-pass infill drilling at Ulanzi, which has emerged as the lead prospect thanks to the discovery of significant intervals of graphitic gneiss including a 123 metre graphitic zone, indicating a true mineralised thickness >100 metres.
Drilling at Ulanzi has delivered 73 metres at 10.2% total graphitic carbon (including 20 metres at 14.58% TGC) and 72 metres at 9.43% TGC (including 18 metres at 13.18% TGC).
Convergence of the upcoming Scoping Study, resource update and metallurgical results is expected to further crystallise investor understanding of Mahenge's commercial potential.
BLUE CHIPS
Major miners
BHP Billiton (ASX:BHP) up 0.7% to $14.73
Fortescue Metals Group (ASX:FMG) down 1.6% to $1.53
Newcrest (ASX:NCM) up 2.9% to $13.24
Rio Tinto (ASX:RIO) up 0.3% to $38.82
Energy or Oil and Gas
Oil Search (ASX:OSH) down 4.2% to $5.76
Santos (ASX:STO) up 1.9% to $2.68
Woodside Petroleum (ASX:WPL) down 0.7% to $26.11
Big 4 banks
ANZ Bank (ASX:ANZ) up 0.7% to $24.59
Commonwealth Bank (ASX:CBA) up 1.0% to $79.19
National Australia Bank (ASX:NAB) up 1.3% to $27.03
Westpac (ASX:WBC) up 1.3% to $31.18
Other banks, financials and industrials
AMP (ASX:AMP) up 1.7% to $5.27
Bank of Queensland (ASX:BOQ) down 1.6% to $12.71
Bendigo and Adelaide Bank (ASX:BEN) up 0.9% to $10.61
Macquarie Group (ASX:MQG) up 2.0% to $73.91
Suncorp (ASX:SUN) down 0.4% to $11.30
Telstra (ASX:TLS) down 0.4% to $5.36
Retailers
JB Hi-FI (ASX:JBH) down 0.5% to $21.64
Wesfarmers (ASX:WES) down 1.0% to $39.70
Woolworths (ASX:WOW) down 1.3% to $23.35
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