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Australian stocks have lost ground with the All Ords dropping 94.1 points or 1.6% to 5639.9 while the Reserve Bank of Australia left rates on hold at 2%.
It noted that while the local economy has continued to grow it is at a rate somewhat lower than its longer-term average.
The RBA added that while household spending has improved including a large rise in dwelling construction and exports are rising a key drag on private demand is weakness in business capital expenditure in both the mining and non-mining sectors.
Energy stocks lost ground with Oil Search () falling 3.5% to $7.44 () down 2.5% to $8.11 and () sliding 1.1% to $36.15.
Market Action here…
() climbed 8.7% to $0.025 with more than 29 million shares traded.
The company has completed the deep disposal well (DDW) for the stage 1 Lance In-Situ Recovery (ISR) project in Wyoming and remains on budget and on time for the landmark first production of uranium.
Drilling of the DDW commenced in March 2015 and was drilled to a target depth of 8607 feet ahead of schedule.
This is significant as it was the major cost over-run risk to the Project but it was completed at a cost of US$3.3 million.
Significantly other project start ups in Wyoming have had to complete up to three DDW’s before achieving the required disposal rate.
() is up 14.3% to $0.008 while () climbed 20% to $0.006 with 1.4 million shares traded.
() rose 12.5% to $0.009 and () is up 11.5% to $0.029.
Blue Chip Stocks
Major miners
() down 2.7% to $28.41
(ASX:FMG) flat at $2.38
Newcrest () down 0.5% to $14.20
(ASX:RIO) down 1.8% to $56.42
Big 4 banks
ANZ Bank (ASX:ANZ) down 1.0% to $32.42
() down 1.4% to $83.32
() down 1.7% to $33.46
() down 2.0% to $32.46
Other banks financials and industrials
() down 2.8% to $6.42
() down 1.6% to $12.84
Bendigo and Adelaide Bank () down 1.3% to $12.10
() down 0.9% to $81.17
Suncorp () down 0.4% to $13.34
() down 0.7% to $6.16
Retailers
JB Hi-FI () down 2.0% to $21.06
() down 1.0% to $42.49
Woolworths () down 0.4% to $27.58
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