ASX drops but this graphite explorer soared 23.1%

(MENAFN- ProactiveInvestors)

Australian stocks have fallen on weak offshore leads from Wall Street and Australia’s economic growth remaining sluggish. The ASX200 is down 32.3 points or 0.5% to 5901.6.

The Australian Bureau of Statistics indicated that Australia’s GDP grew by 0.5% in the fourth quarter and 2.5% in 2014 which was slightly below market expectations and down from 2.7% in the previous quarter.

In contrast HSBC’s Purchasing Managers’ Index (PMI) for February improved to 52 from 51.8 in January.


Market action here…

Metals of Africa (ASX:MTA) jumped 23.1% to $0.08 with almost 2.7 million shares traded.

The company received first laboratory assay results from initial drilling at its Montepuez Central Project in Mozambique.

This include a near surface graphite intersection of 145.59 metres at 9.60% total graphitic content (TGC) and 0.12% vanadium from just 34 metres.

Tellingly this drill hole ended in high grade graphite mineralisation and is still open in all directions.

The assays were from Metals of Africa's recently completed maiden diamond drilling program at the Montepuez Central Project in the world class Cabo Delgado graphite province.

This mineral province is home to Syrah Resources' (ASX:SYR) and Triton Minerals' (ASX:TON) world class graphite and vanadium deposits.

Other hole highlight included drill hole 009 in the southern zone which returned over 45 metres at 7.15% TGC and this hole also ended in mineralisation.

MZI Resources (ASX:MZI) is up 10.5% to $0.37.


Blue Chip Stocks

Major miners
 
BHP Billiton (ASX:BHP) down 0.7% to $33.31
Fortescue Metals Group (ASX:FMG) down 5.4% to $2.29
Newcrest (ASX:NCM) down 0.9% to $13.77
Rio Tinto (ASX:RIO) down 3.7% to $62.40


Oil and Gas

Oil Search (ASX:OSH) down 0.4% to $8.07
Santos (ASX:STO) down 0.1% to $7.93
Woodside Petroleum (ASX:WPL) flat at $35.10


Big 4 banks

ANZ Bank (ASX:ANZ) down 0.4% to $35.52
Commonwealth Bank (ASX:CBA) down 0.9% to $91.13
National Australia Bank (ASX:NAB) down 0.5% to $38.09
Westpac (ASX:WBC) down 0.9% to $37.91


Other banks financials and industrials

AMP (ASX:AMP) down 0.5% to $6.40
Bank of Queensland (ASX:BOQ) down 0.8% to $13.97
Bendigo and Adelaide Bank (ASX:BEN) down 1.2% to $12.72
Macquarie Group (ASX:MQG) flat at $73.52
Suncorp (ASX:SUN) down 1.8% to $13.50
Telstra (ASX:TLS) down 0.9% to $6.32


Retailers

JB Hi-FI (ASX:JBH) down 1.2% to $17.32
Wesfarmers (ASX:WES) down 0.9% to $43.26
Woolworths (ASX:WOW) down 1.6% to $29.35

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