(MENAFN- ProactiveInvestors) Australian stocks have dropped after U.S. stocks tanked overnight on a sharp increase in the U.S. dollar. The ASX200 fell 48.1 points or 0.8% to 5725.3.
Major miners were amongst the biggest losers with () falling 1.9% to $29.28 while (ASX:FMG) is down 2.1% to $2.35.
Newcrest () dropped 0.3% to $14.67 (ASX:RIO) down 1.9% to $57.22
Market Action here…
() climbed 17.7% to $0.02 with more than 27.5 million shares traded.
The company has started the application process to list its shares on the New York Stock Exchange (NYSE-MKT) giving it access to the world’s largest capital market and institutional fund managers.
With its Lance In-Situ Recovery Projects in Wyoming expected to start uranium production later this year this should drive the re-rating of the company’s shares.
The company will maintain its Australian Securities Exchange listing.
Average daily turnover of uranium peer companies dual listed on a U.S. stock exchange consistently exceed the liquidity levels achieved on their non-U.S. exchange by factor of 4 to 7 times.
In addition Comparable In-Situ Recovery (ISR) companies with a U.S. listing outperform companies that do not have a U.S. listing by a factor of 2 to 3 times enterprise value per pound of measured and indicated resource.
() jumped 33.3% to $0.004 with 3.6 million shares traded while () is up 20% to $0.006.
Blue Chip Stocks
Oil and Gas
Oil Search () down 2.7% to $7.44
() down 1.2% to $8.25
() down 0.0% to $36.65
Big 4 banks
ANZ Bank (ASX:ANZ) down 0.4% to $32.57
() down 0.7% to $84.05
() down 1.2% to $33.58
() down 1.3% to $33.20
Other banks financials and industrials
() down 1.0% to $6.60
() down 0.7% to $13.16
Bendigo and Adelaide Bank () down 0.2% to $12.28
() down 0.6% to $80.15
Suncorp () up 0.1% to $13.42
() down 1.3% to $6.21
Retailers
JB Hi-FI () down 0.1% to $21.39
() down 1.6% to $43.40
Woolworths () down 2.1% to $27.94
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