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MENAFN - ProactiveInvestors - Australia - 28/11/2012

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(MENAFN - ProactiveInvestors - Australia) Australian markets rose to a two week high after international lenders reached a deal that will give Greece more time to reduce its debt.

Asian markets, excluding China, also rallied today with the Nikkei up 0.5% to 9,423.4 points while the Hang Seng was up 0.2% to 21,933.3 points.

Greece will now have till 2020 to reduce its debt to 124% of its gross domestic product, with a further reduction to 110% two years later. Its debt is currently forecast to peak at just under 200% of its GDP over the next two years.

The All Ords closed up 29.9 points, or 0.67%, to 4,473.4 while the benchmark S&P ASX 200 rose 32.6 points, or 0.74, to 4,456.8.

Healthcare outpaced the rest of the market with the S&P/ASX 200 Health Care index up 4.1% to 11,014.2 points.

CSL Limited (ASX: CSL) was up 6.91% to A50.01 after raising its full-year profit forecast to 20%, Ansell (ASX: ANN) up 0.4% to 15.06 and Cochlear Limited (ASX: COH) with a 1.05% increase to A74.94, were some of the notable gainers in the health care sector.

The big four banks all posted gains with National Australia Bank (ASX: NAB) up 0.55% to A23.83, Westpac Banking (ASX: WBC) up 0.53% to A24.89, ANZ Banking (ASX: ANZ) up 1.02% to A23.81 and Commonwealth Bank (ASX: CBA) up 0.12% to A59.22.

BHP Billiton (ASX: BHP) was up 0.56% to A34.20 while Rio Tinto (ASX: RIO) gained 1% to A57.78.

However, Woodside Petroleum (ASX: WPL) shed 0.41% to close at A33.68.

On the junior end of the market, Mako Hydrocarbons (ASX: MKE) put on 9.09% to A0.12 after announcing yesterday that it would sell its non-core Provost heavy oil project to focus on its Duvernay and Rock Creek plays.

While Provost remained a commercial asset, the company said it was not a fit with its focus on liquids rich resource developments.

Golden West Resources (ASX: GWR) was also up 9.09% to A0.24 after its first drilling program at the Woodley Project in Western Australia unearthed direct shipping ore grade iron.

The hematite/ goethite mineralisation intersected is encouraging as it demonstrates that the surface mineralisation is not simply a thin enriched capping over BIF.

Excelsior Gold (ASX Code: EXG) also proved to be a strong gainer, up 30.56% to A0.235, following the intersection of high grade gold mineralisation down dip and along strike.

Highlights included 4 metres at 753 grams per tonne (g/t) gold from 128 metres, within a broader zone of 11 metres at 275g/t gold.

This also includes an individual one metre interval assaying 2640g/t gold and represents the Royal Mint Lode position to the west of the previously mined Zoroastrian open pit.


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