ASX dips but this gold company jumped 31%

Australian stocks have started the week on a negative note with major banks and Telstra pulling the ASX200 down 9.4 points or 0.2% to 5625.2.

ANZ Bank (ASX:ANZ) is down 1.2% to $31.97 and Commonwealth Bank (ASX:CBA) dipped 0.3% to $82.41.

National Australia Bank (ASX:NAB) is flat at $35.20 while Westpac (ASX:WBC) is down 1.0% to $33.70.

Telstra (ASX:TLS) dropped 2.0% to $6.05.


Market Action here…

WPG Resources (ASX:WPG) jumped 31% to $0.038 after metallurgical testing at Tarcoola confirmed work by the previous owner enhancing potential for successful heap leaching.

Test work on oxide zone sAMPles from the Tarcoola Project returned 85.8% gold recovery after 19 days of testing.

This confirmed historical work undertaken by the previous owners of the project Mungana Goldmines (ASX:MUX).

Work is also advancing on completing the Definitive Feasibility Study for the Tarcoola project with Como Engineers having recently been commissioned to prepare the infrastructure components of the DFS.

The DFS is on track for completion during the current quarter.

Strandline Resources (ASX:STA) climbed 11.1% to $0.01 Imugene (ASX:IMU) rose 22.2% to $0.011 with more than 5.5 million shares traded while KGL Resources (ASX:KGL) is up 10% to $0.165

Red Mountain Mining (ASX:RMX) climbed 33.3% to $0.004 with almost 2.5 million shares traded Botswana Metals (ASX:BMK) is up 14.3% to $0.008 and Peninsula Energy (ASX:PEN) climbed 5.6% to $0.019 with more than 3.8 million shares traded.


Blue Chip Stocks

Major miners
 
BHP Billiton (ASX:BHP) up 1.9% to $31.89
Fortescue Metals Group (ASX:FMG) up 3.7% to $2.59
Newcrest (ASX:NCM) up 0.7% to $13.84
Rio Tinto (ASX:RIO) up 0.5% to $58.72


Oil and Gas

Oil Search (ASX:OSH) up 2.8% to $7.78
Santos (ASX:STO) flat at $8.59
Woodside Petroleum (ASX:WPL) up 2.3% to $34.59


Other banks financials and industrials

AMP (ASX:AMP) down 0.3% to $6.35
Bank of Queensland (ASX:BOQ) down 0.7% to $12.99
Bendigo and Adelaide Bank (ASX:BEN) down 0.3% to $12.12
Macquarie Group (ASX:MQG) down 0.6% to $78.78
Suncorp (ASX:SUN) down 0.1% to $12.94


Retailers

JB Hi-FI (ASX:JBH) up 1.0% to $20.06
Wesfarmers (ASX:WES) down 0.9% to $43.35
Woolworths (ASX:WOW) down 0.9% to $27.14

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