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Australian stocks fell for a fourth straight session with the All Ords falling 24 points or 0.4% to 5707.7 despite an increased likelihood of a Reserve Bank rate cut in March.
This follows a disappointing jobs report showing the unemployment rate for January was 6.4% slightly higher than the market expectation of 6.2%.
Bank stocks led losses with () down 0.7% to $91.18 and () falling 0.9% to $36.71.
ANZ Bank (ASX:ANZ) dropped 0.3% to $34.98 and () is down 0.4% to $36.69.
Market action here…
Shares in () is up 100% to $0.004 today with more than 14.7 million shares traded.
In December 2014 the company added the Buda Formation as a second oil target across its Southern Woodbine leases in Texas.
This follows EOG Resources (NYSE:EOG) flowing 330 barrels of oil per day from a Buda Formation horizontal well.
Oil and gas shows were recorded while drilling through the Buda-Georgetown formations located immediately below the primary target Lower Woodbine in both Sun’s Jack Howe-1 and Seale-1 vertical pilot wells.
Sun is also in the process of selecting a contractor to carry out fracture stimulation of its Jack Howe-1H well in the first quarter of 2015.
Development of the Normangee Oil Project (Sun:50%) will be fast-tracked once the well is fracked and flowing back oil.
() is up 20% to $0.006 with almost 4.7 million shares traded.
() rose 50% to $0.003 () climbed 50% to $0.003 while () is up 12.5% to $0.081.
() gained 12.5% to $0.009 while () is up 10% to $0.022.
Blue Chip Stocks
Major miners
() down 0.7% to $30.75
() flat at $2.45
Newcrest () down 1.1% to $13.91
(ASX:RIO) up 0.2% to $59.90
Oil and Gas
Oil Search () down 0.3% to $7.99
() down 1.6% to $7.59
() down 0.9% to $33.84
Other banks financials and industrials
() up 0.2% to $6.16
() up 1.0% to $13.80
Bendigo and Adelaide Bank () flat at $14.04
() down 2.3% to $65.83
Suncorp () down 0.2% to $13.97
() down 0.6% to $6.45
Retailers
JB Hi-FI () down 1.2% to $17.00
() down 0.8% to $43.83
Woolworths () down 0.1% to $32.10
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