Australia's All Ords takes a dip but this oil company rocketed 100%


(MENAFN- ProactiveInvestors)

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 Commonwealth Bank (ASX:CBA) down 0.7% to $91.18 and National Australia Bank (ASX:NAB) falling 0.9% to $36.71.

ANZ Bank (ASX:ANZ) dropped 0.3% to $34.98 and Westpac (ASX:WBC) is down 0.4% to $36.69.


Market action here…


Shares in Sun Resources (ASX:SUR) 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.

Segue Resources (ASX:SEG) is up 20% to $0.006 with almost 4.7 million shares traded.

Minera Gold (ASX:MIZ) rose 50% to $0.003 Waratah Resources (ASX:WGO) climbed 50% to $0.003 while OncoSil Medical (ASX:OSL) is up 12.5% to $0.081.

Yellow Rock Resources (ASX:YRR) gained 12.5% to $0.009 while Charter Pacific Corporation (ASX:CHF) is up 10% to $0.022.


Blue Chip Stocks


Major miners
 
BHP Billiton (ASX:BHP) down 0.7% to $30.75
Fortescue Metals Group (ASX:FMG) flat at $2.45
Newcrest (ASX:NCM) down 1.1% to $13.91
Rio Tinto (ASX:RIO) up 0.2% to $59.90


Oil and Gas

Oil Search (ASX:OSH) down 0.3% to $7.99
Santos (ASX:STO) down 1.6% to $7.59
Woodside Petroleum (ASX:WPL) down 0.9% to $33.84


Other banks financials and industrials

AMP (ASX:AMP) up 0.2% to $6.16
Bank of Queensland (ASX:BOQ) up 1.0% to $13.80
Bendigo and Adelaide Bank (ASX:BEN) flat at $14.04
Macquarie Group (ASX:MQG) down 2.3% to $65.83
Suncorp (ASX:SUN) down 0.2% to $13.97
Telstra (ASX:TLS) down 0.6% to $6.45


Retailers

JB Hi-FI (ASX:JBH) down 1.2% to $17.00
Wesfarmers (ASX:WES) down 0.8% to $43.83
Woolworths (ASX:WOW) down 0.1% to $32.10



Proactive Investors Australia is the market leader in producing news articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia UK North America and Hong Kong / China.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.