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Australian stocks have made gains with the major banks helping to pull the ASX200 up 59.6 points or 1.1% to 5595.4.
ANZ Bank (ASX:ANZ) is up 2.2% to $32.89 while () rose 2.4% to $84.36.
() gained 2.0% to $33.43 and () is up 1.9% to $32.89.
Market Action here…
Investors flocked to () after its aggressive 8000 metre drilling program intersected broad zones of nickel sulphides at Maibele North in Botswana.
At one stage the company was up 62.5% intra-day at $0.013 before closing up 12.5% to $0.009 with more than 38.3 million shares traded.
Worth noting that its closing price of $0.009 still represents a 20% premium to the share purchase plan offer price of $0.0075.
Today's drilling results have the potential to not only upgrade resources and confidence categories but also supply data for metallurgical work sles.
These can then be tested for optimising the ore performance with the BCL plant which is owned by joint venture partner BCL Limited (which is owned by the Botswana government).
The longevity of the BCL mine is dependent on additional ore outside of its existing nickel resources being made available.
could potentially provide ore to the BCL mine and smelter and therefore deliver cashflows.
The Maibele North project is located just 55 kilometres from BCL's smelter.
The next results from the aggressive 8000 metre program will be highly anticipated.
Redflow (ASX:RFX) is up 13.7% to $0.29 Thundelarra () jumped 27.6% to $0.125 with more than 2.5 million shares traded while () climbed 25% to $0.01.
Blue Chip Stocks
Major Miners
() up 1.6% to $28.19
(ASX:FMG) down 4.3% to $2.22
Newcrest () up 1.0% to $13.34
(ASX:RIO) up 0.1% to $55.97
Oil and Gas
Oil Search () up 2.8% to $7.49
() up 1.9% to $8.14
() up 0.9% to $35.70
Other banks financials and industrials
() up 1.0% to $6.24
() up 2.2% to $12.98
Bendigo and Adelaide Bank () up 2.1% to $12.38
() up 2.0% to $80.89
Suncorp () up 1.2% to $13.67
() up 1.7% to $6.13
Retailers
JB Hi-FI () up 0.4% to $20.55
() up 0.1% to $41.36
Woolworths () down 0.1% to $26.82
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