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Australian stocks dropped with major banks amongst the biggest losers sending the All Ords down 30.7 points or 0.5% to 5877.9.
() down 0.5% to $90.42 while () fell 0.5% to $37.68
ANZ Bank (ASX:ANZ) is down 0.4% to $35.16 while () dropped 0.4% to $37.62
Market action here...
(ASX:AVQ) is up 8.3% to $0.013 with more than 4.7 million shares traded today.
Earlier this month its strategic partner Anitua Limited demonstrated its confidence in the company and its Isabel Nickel Project in the Solomon Islands by converting the A$5 million unsecured loan into equity at $0.02 per share.
This represented an 82% premium to the company’s last traded price of $0.011 at that time.
In December 2014 Anitua agreed to negotiate arms’ length commercial terms for provision of a range of services to the Isabel Project in addition to providing the loan.
Anitua is a highly experienced exploration and mining services contractor in the Pacific region and one of Papua New Guinea’s most successful companies.
Its clients include ExxonMobil InterOil Newcrest (Lihir Gold) and Ramu NiCo.
In January Axiom extended previously reported high grade nickel laterite intersections at the Isabel Project in the Solomon Islands after including previously quarantined near-surface sles.
Top results from Isabel are now:
- 20.7 metres at 1.74% nickel from surface including 12.45 metres at 2.28% nickel from 8.25 metres(ISD14-003); and
- 15.9 metres at 1.94% nickel from 1.5 metres including 8.4 metres at 2.59% nickel from 7.5 metres (ISD14-004).
This compares to previous results of 18.2 metres at 1.88% nickel including 12.45 metres at 2.28% nickel; and 13.4 metres at 2.01% nickel including 8.4 metres at 2.59% nickel.
It has commenced the initial orientation drilling program and is continuing to test the full depth of the laterite profile around the Kolosori Ridge test pit area.
It is also planning to undertake diamond drilling on the Havihua Ridge area located 2 kilometres east of Kolosori Ridge to test the laterite profile in an alternative geological setting.
Blue Chip Stocks
Major miners
() up 0.2% to $33.56
() up 0.2% to $2.49
Newcrest () down 0.6% to $13.93
(ASX:RIO) up 0.2% to $63.70
Oil and Gas
Oil Search () down 0.2% to $8.18
() up 0.8% to $7.95
() down 0.0% to $34.90
Other banks financials and industrials
() down 1.6% to $6.63
() down 0.8% to $14.20
Bendigo and Adelaide Bank () down 0.3% to $12.90
() down 0.6% to $71.81
Suncorp () down 1.3% to $13.94
() down 2.3% to $6.31
Retailers
JB Hi-FI () down 0.3% to $17.50
() down 0.4% to $45.44
Woolworths () down 1.2% to $33.95
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