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MENAFN - ProactiveInvestors - Australia - 06/11/2012

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(MENAFN - ProactiveInvestors - Australia) The Australian market closed in positive territory in what promises to be a volatile week due in part to the U.S. presidential elections, results of which will be announced on Wednesday.

Further impacting on the market is the Reserve Bank of Australia's interest rate decision, which most analysts believe will be cut by a quarter of a percentage point.

The All Ords was up 10.3 points, or 0.2%, to 4,493.6 points while the benchmark S&P/ASX200 index was up 14 points, or 0.31%, to 4,474.1 points.

Amidst this news, some of the stocks with the highest volumes have made gains on the ASX.

Axion Mining (ASX: AVQ) led the charge putting on 23.5% to close at A0.021 as more than 46 million shares exchanged hands while Peninsula Energy (ASX: PEN) was up 7.32% to A0.044 with 26.7 million shares traded.

Mirvac Group (ASX: MGR) saw volumes of 16.9 million shares, sending its shares up A0.01, or 0.68%, to A1.48 while 15.9 million Alumina Limited (ASX: AWC) shares were traded, lifting it by 1% to A0.945.

The ongoing interest in the Albany Fraser Orogen proved to be a boon for Mining Projects Group (ASX: MPJ), which saw its shares rise 20% to A0.012, with 14.3 million shares exchanging hands, before settling at 0.011.

Mining Projects is acquiring rights to three exploration lease applications prospective for nickel/copper/gold.

These cover an area of over 566 square kilometres, just a little over a third smaller than Sirius Resources (ASX:SIR), with its Nova nickel/copper discovery in the Fraser Range, with a 1,500 square kilometre landholding.

One tenement to be acquired - E69/3082 60 is located in the heart of the Fraser Range Orogen. It is likely to be prospective for nickel, copper and gold mineralisation potentially under sedimentary cover.

Sundance Resources (ASX: SDL) also put on 2.8% to A0.36 on trading of 14.2 million shares after Hanlong, which is acquiring the company, received a Financier Commitment Letter from China Everbright Bank for US438 million.

This, together with a previous FCL from the China Development Bank for US1.02 billion, exceeds the amount Hanlong needs to complete its acquisition of Sundance.

Arrium (ASX: ARI) was up A0.005, or 0.7%, to A0.705, on trading of 13.2 million shares while 12.8 million shares in Dexus Property Group (ASX: DXS) exchanged hands, sending shares in the company up 3.1% to A0.995.

Rounding up the gainers on the top 20 volume stocks on the ASX today, Millennium Minerals (ASX:MOY) gained 3.6% to A0.029, with 12 million shares traded.

 






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