(MENAFN- ProactiveInvestors)
The Australian All Ordinaries closed flat today at 5206 points as nominal gains across most business sectors offset an abysmal day for energy stocks.
The energy sector lost 4.6% in value on the session after oil production cartel OPEC dashed hopes that it would ease off the production throttle and subsequently support crude pricing.
Brent Crude for January delivery was off 2% at US$42.95 a barrel but that didn’t hurt everything in the energy space.
MARKET ACTION
Shares in uranium hopeful () jumped 18.2% today to A$0.13 after more successful drilling at the company’s Bennet Well property in Western Australia cemented interpretations that the proposed mine occupies a major uranium province.
The drilling completed by Cauldron to date has confirmed mineralisation extends southeast from the Bennet Well deposit to the tenement boundary for at least 7 kilometres.
The lateral continuity of mineralised palaeovalley is at least 11 kilometres extending from the northwest of the project’s Bennet Well Central area to the southeast of currently delineated Bennet Well Channel.
The Bennet Well Channel is a linear zone of mineralisation proximal to the area of the Bennet Well resource and extends to the southeast for at least 3.2 kilometres and about 500 metres wide.
Cauldron has reported this area earlier this year to have an exploration target of 19 to 54 million tonnes grading 300 to 420ppm U3O8.
Cauldron is currently drilling at Bennet Well Channel and intends to complete a resource over the combined mineralisation of Bennet Well and Bennet Well Channel.
This work is expected to result in an increase in the resource of the Bennet Well deposit which stands at 36.1 million tonnes at 270 ppm uranium oxide for a total contained oxide content of 21.5 million pounds at a 150 ppm cut-off grade.
BLUE CHIPS
Major miners
() up 0.3% to $17.99
(ASX:FMG) down 1.7% to $1.86
Newcrest () up 2.9% to $11.97
(ASX:RIO) down 0.2% to $44.30
Energy or Oil and Gas
() down 5.4% to $7.52
() down 9.9% to $3.81
() down 3.7% to $28.00
Big 4 banks
ANZ Bank (ASX:ANZ) up 0.6% to $27.27
() up 0.4% to $80.51
() down 0.2% to $29.56
() up 0.7% to $32.52
Other banks financials and industrials
() down 0.3% to $5.85
() up 0.2% to $13.47
Bendigo and Adelaide Bank () up 1.7% to $11.29
() up 0.7% to $82.38
Suncorp () up 0.8% to $13.52
() down 1.7% to $5.32
Retailers
JB Hi-FI () down 0.6% to $17.92
() down 0.1% to $38.50
Woolworths () down 0.5% to $23.88
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