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Australian stocks have abandoned recent gains following a fall on Wall Street with the All Ords closing down 120 points or 2.3% to 5116.9.
Oil and gas stocks were amongst the biggest losers withOil Search () dropping 3.6% to $7.57 () falling 5.1% to $4.43 and () down 2.6% to $29.13.
Market Action here…
() climbed 22.2% to $0.011 with 5.3 million shares traded.
Yesterday the company signalled its intention to claim a chunk of the growth in the vanadium battery market and becoming a vertically integrated vanadium company.
The grid-scale energy storage industry is tipped to grow to US$100 billion by 2020 with Vanadium Redox Flow Batteries (VRFB) expected to capture up to 30% of this market.
Its Gabanintha Vanadium Project is Australia’s highest grade and best located vanadium-titanium-iron deposit at Gabanintha in Western Australia.
An upgrade is underway to the resource base at Gabanintha after recent drilling returned highest ever vanadium grades of up to 2.2% V2O5.
This will in turn pave the way to more definitive economic studies in 2016.
As part of this strategy the company has created subsidiary company VSUN Pty Ltd to develop opportunities in the distribution of VRFBs.
It has also secured distribution rights with two German vanadium battery makers and is in negotiations with other major stakeholders in the vanadium battery storage market.
In Australia the company has partnered with a Perth-based commercial solar installer which has an extensive track record of commercial and residential solar system installations.
() is up 25% to $0.005 with more than 3.5 million shares traded.
Blue Chip Stocks
Major Miners
() down 3% to $23.92
(ASX:FMG) unchanged at $2.04
Newcrest () down 4.4% to $11.19
(ASX:RIO) down 0.5% to $51.27
Big 4 banks
ANZ Bank (ASX:ANZ) down 3.1% to $27.65
() down 2.1% to $75.13
() down 3.5% to $30.18
() down 3.3% to $30.76
Other banks financials and industrials
() down 2.7% to $5.74
() down 2.1% to $12.28
Bendigo and Adelaide Bank () down 2.4% to $10.30
() down 1.8% to $75.92
Suncorp () down 2.4% to $12.53
() down 2.9% to $5.62
Retailers
JB Hi-FI () down 2.4% to $18.28
() down 1.8% to $39.42
Woolworths () down 2.2% to $24.76
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