The Australian All Ordinaries traded in negative territory today, finishing 2.2% down at 4,931 points with all major sectors of the economy experiencing difficult losses in value.
Energy stocks returned as the hardest hit group, down 3.9% on the session after the price of oil dropped back below US$30 a barrel.
MARKET ACTION
Shares in Impact Minerals (ASX:IPT) traded as much as 41% higher today before closing 18.5% up at A$0.032.
This marks a 23% gain for the stock since mid-last month.
Newsflow during this period has largely focused on the company’s Broken Hill properties in New South Wales where the latest update today included exceptionally high grades for platinum group metals (PGM), copper and nickel.
Recent drilling at the Platinum Springs prospect delivered an assay of 0.6 metres 11.5 g/t platinum, 25.6 g/t palladium, 1.4 g/t gold, 7.6% copper, 7.4% nickel and 44.3 g/t silver.
This was contained within a broader intercept of 2.75 metres at 3.5 g/t platinum, 7 g/t palladium, 0.4 g/t gold, 2% copper, 1.9% nickel and 11.6 g/t silver.
The massive sulphide unit identified at the site occurs in a geological setting that represents a key component of models for the formation of large PGM-copper-nickel sulphide deposits.
Additional near-term catalysts for the company include further drilling at targets identified by recent ground survey work as well as soil testing results and assays for the rare PGM content of the latest drillhole.
BLUE CHIPS
Major miners
BHP Billiton (ASX:BHP) down 4.3% to $14.28
Fortescue Metals Group (ASX:FMG) up 2.0% to $1.62
Newcrest (ASX:NCM) down 2.2% to $13.04
Rio Tinto (ASX:RIO) down 1.3% to $37.05
Energy or Oil and Gas
Oil Search (ASX:OSH) down 0.9% to $6.31
Santos (ASX:STO) down 5.1% to $2.77
Woodside Petroleum (ASX:WPL) down 5.1% to $25.62
Big 4 banks
ANZ Bank (ASX:ANZ) down 2.9% to $23.69
Commonwealth Bank (ASX:CBA) down 2.9% to $75.74
National Australia Bank (ASX:NAB) down 5.7% to $26.31
Westpac (ASX:WBC) down 2.9% to $29.43
Other banks, financials and industrials
AMP (ASX:AMP) down 1.7% to $5.28
Bank of Queensland (ASX:BOQ) down 2.1% to $12.73
Bendigo and Adelaide Bank (ASX:BEN) down 1.5% to $10.32
Macquarie Group (ASX:MQG) down 3.2% to $68.26
Suncorp (ASX:SUN) down 3.0% to $11.30
Telstra (ASX:TLS) down 1.1% to $5.55
Retailers
JB Hi-FI (ASX:JBH) down 2.0% to $22.40
Wesfarmers (ASX:WES) down 0.2% to $42.73
Woolworths (ASX:WOW) down 2.3% to $23.59
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