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MENAFN - ProactiveInvestors - Australia - 08/11/2012

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With a clear resolution of the U.S. Presidential Elections, with Barack Obama moving to a second term in office and four more years, Australian shares surged up towards the end of the day. The All Ords closed up 30.5 points, or 0.7%, to 4,534.2 points.
(MENAFN - ProactiveInvestors - Australia) Australian shares closed on a positive note today as U.S. President Barack Obama appears set to serve a second term in office and four more years.

The All Ords closed up 30.5 points, or 0.7%, to 4,534.2 points on a sudden rise towards the end of the day when it became apparent that Obama had what appeared to be an unassailable lead.

This was mirrored by the benchmark S&P/ASX 200 which also rode a near closing rise to close at 4,516.5, up 31.7 points, or 0.7%.

Telecommunications and Healthcare were the two biggest gainers putting on 23.2 points, or 1.7%, and 112 points, or 1.1%, to 1,417.5 points and 10,708.700 points respectively.

Materials and Energy were also strong factors, closing up 1% and 0.7% respectively to 10,342.5 points and 12,516.000 points.

Of the top % rises, Navigator Resources (ASX: NAV) was the top of the pack, closing up 100% to A0.002.

Novogen Limited (ASX: NRT) was close behind, putting on A0.075, or 83.33, to A0.165 after reporting high response rates in a clinical trial of its cancer treatment, Pracinostat, in combination with azacitidine in patients with myelodysplastic syndrome.

This follows yesterday's announcement the company will bank US27.5 million after receiving commitments for a private placement.

Importantly, with this new data in hand, combined with the capital raising, MEI Pharma expects to be in a position to rapidly advance to the next stage of development.

Advance Energy (ASX: AVD) and Otis Energy (ASX: OTE) both put on 50% to A0.003.

Triausmin (ASX: TRO) was up 38.9% to A0.10 while Ferrowest gained A0.009, or 36%, to close at A0.034.

Mining Group (ASX: MNE) put on 34.8% to A0.155 following yesterday's announcement that it had secured A2.5 million from the placement of shortfall shares to fund exploration at its Comval Copper Gold Project in the Philippines.

Recent exploration at Taub has produced peak assays of 52.4 grams per tonne (g/t) gold.


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