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Australian stocks enjoyed some post-Christmas cheer with resource stocks driving the ASX200 up 79.3 points or 1.5% to 5473.8.
This followed U.S. providing support on Boxing Day with the Dow Jones adding 0.1% to 18054 while the S&;P 500 gained 0.3% to 2088.77 - its 52nd record high of 2014.
Major miners continued the celebrations with () gaining 2.6% to $29.72 () speeding ahead 8.3% to $2.75 Newcrest () climbing 4.7% to $10.94 and (ASX:RIO) up 2.7% to $58.14.
Market action here…
Investors received some festive joy from this Queensland-focused company which took a step closer towards becoming a commercial gas producer.
Shares in () rose 32.4% to $0.045 with more than 3.4 million shares traded.
Earlier this month the Queensland Department of Environment and Heritage Protection's appointed external consultant finished its review of the company’s Decommissioning Report and Rehabilitation Plan for Blue Gum project in the Surat Basin.
A decision by the Government is now subject to consideration of the final reports from DEHP and the Department of Natural Resources and Mines (DNRM) (lead agency for this process) which are expected to be submitted in the New Year.
Blue Gum Gas Project would be the first commercial underground coal seam gas project in Australia and unlock the fifth largest Proved and Probable (2P) Reserve of 1128 petajoules (PJ) in Queensland.
Managing director Morné Engelbrecht said that while waiting on the Queensland Government’s decision the company would focus on securing offtake partners for Blue Gum gas and further licensing opportunities globally.
Shares in () gained 19.4% to $0.185 with more than 6.1 million shares traded.
The company has raised $10 million by entering into a secured Gold Prepay Facility with the of Australia ().
This has no equity dilution to shareholders and will be used for working capital.
Under the Facility Silver Lake will deliver a total of 7056.31 ounces of gold to CBA between January 2015 and July 2016 at 392.02 ounces per month.
The Facility is secured by way of mining mortgages over the Daisy Milano and Randalls mill tenements and a general security interest over all assets of Silver Lake and its wholly owned subsidiary Silver Lake (Integra) Pty Ltd.
Imugene () is up 25% to $0.01 with more than 1.5 million shares traded.
The company recently raised over $3.5 million from its recent placements and share purchase plan.
Proceeds will be used for the development of HER-Vaxx Imugene’s peptide vaccine that causes the immune system to generate cancer-fighting antibodies.
Her-Vaxx has potential to improve upon Roche Holdings Ltd’s (US$251.1 billion valuation) blockbuster Herceptin drug that generated annualised sales of $6.9 billion and targets the same biomarker.
It was developed by one of Europe’s leading cancer institutes with about $10 million already invested in the technology.
() is up 17.1% to $0.205 () rose 27.3% to $0.028 and () gained 23.3% to $0.037.
() rose 25% to $0.005 while () is up 25% to $0.015.
The other Blue Chips
Oil and Gas
Oil Search () up 0.9% to $7.97
() up 0.8% to $8.46
() up 0.9% to $38.50
Big 4 banks
ANZ Bank (ASX:ANZ) up 0.7% to $32.23
() up 1.4% to $86.10
() up 1.0% to $33.71
() up 1.3% to $33.34
Other banks financials and industrials
() up 2.4% to $5.60
() up 1.5% to $12.33
Bendigo and Adelaide Bank () up 1.4% to $12.93
() up 0.6% to $58.68
Suncorp () up 1.2% to $14.14
() up 1.9% to $6.02
Retailers
JB Hi-FI () up 1.8% to $15.99
() up 1.2% to $42.44
Woolworths () up 2.0% to $31.10
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