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Cardinal Resources, 88 Energy, Fastbrick Robotics, Slater & Gordon among the early movers

Published: 01:33 13 Jul 2017 BST

screen gran of a dealing screen showing ASX
The ASX 200 took its cue from Wall Street overnight

The ASX 200 (XJO) rebounded early on, tracking Wall Street, which was heartened by dovish comments by US Federal Reserve chair, Janet Yellen in testimony to Congress.

At 10.30 the index was up 40.5 points at 5,714.30.  The ASX Small Ordinaries (XSO), meanwhile, edged 8.9 points higher to 2,356.4.

Cardinal gets go ahead

Cardinal Resources Ltd (ASX:CDV) was well followed early on after the company said a mining licence had been granted for Namdini gold project in Ghana. An environmental impact assessment has already been lodged with the local authorities. Namdini is just six kilometres south-east of the operating Shaanxi underground gold mine and 12 kilometres from Cardinal’s Ndongo East prospect.

The rebound continued for 88 Energy Ltd (ASX:88E, LON:88E) after Monday and Tuesday’s sell-off. The initial negativity was prompted by the suspension of work on the Icewine-2 well on Alaska’s North Slope. The stock was up 12.5% early on.

Med-tech specialist Anteo Diagnostics Ltd (ASX:ADO) was down early on after it announced revised payment arrangements with the sellers of its DIAsource diagnostic equipment business.

Kidman story gains traction

On the bulletin boards Kidman Resources Ltd (ASX:KDR) the focus of intense chatter as investors warmed to its plans to joint venture with Chilean SQM chemicals giant to develop the Mt Holland lithium project. The deal includes a payment of $147 million from SQM towards the cost.

There was also a lot of early chatter on Fastbrick Robotics Ltd (ASX:FBR), Intiger Group Ltd (ASX:IAM), Slater & Gordon Ltd (ASX:SGH), Core Exploration (ASX:CXO).

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