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MENAFN - ProactiveInvestors - Australia - 01/12/2012

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The All Ords closed up 0.62% to 4,518 points on positive overseas leads with most indices posting gains. Investors liked what they read from Rio Tinto, vowing to cut overheads. Its share jumped nearly 3%. All eyes turn back to the White House and Congress to see if they arrive at a comprise to avert the fiscal cliff.
(MENAFN - ProactiveInvestors - Australia) Australian shares ended the week on a positive note on the increasing likelihood of a political deal over the U.S. budget deadline and expectations the Greek parliament will approve the IMF and Eurozone's debt deal.

Further support came from the Japanese Government approving a US10.7 billion stimulus package to promote economic growth while data showed that Japan's industrial production had unexpectedly increased 1.8% last month.

Optimism is also high in China with a report showing that 72% of respondents feel that the economy will either improve or remain stable, up from 38% in September.

The All Ords was up 27.90 points, or 0.62%, to 4,518 while the benchmark S&P ASX 200 rose 28.30 points, or 0.63%, to 4,506.

Industrials, Utilities and Energy were the top indices with the S&P ASX 200 Industrials up 32.8 points, or 1%, to 3,376.1, S&P ASX 200 Utilities up 53.9 points, or 1.1%, to 5,099.5 and S&P ASX 200 Energy up 110.7 points, or 0.9%, to 12,226.1.

Most major resource companies were in the green with BHP Billiton (ASX: BHP) up 0.18, or 0.53%, to 34.39, Rio Tinto (ASX: RIO) up 1.57, or 2.75%, to 58.75, Woodside Petroleum (ASX: WPL) up 0.20, or 0.6%, to 33.80 and Fortescue Metals Group (ASX: FMG) up 0.05, or 1.3%, to 3.91.

Similarly, the big four banks made gains with Commonwealth Bank (ASX: CBA) up 0.25, or 0.42%, to 59.69 while National Australia Bank (ASX: NAB) closed up 0.35, or 1.46%, to 24.30.

Westpac Bank (ASX: WBC) and ANZ Bank (ASX: ANZ) were both up 0.27, or 1.07% and 1.12%, to 25.50 and 24.36 respectively.

Red Mountain Mining (ASX: RMX) was up 0.01, or 6.9%, to 1.55 after discovering high grade gold from a drilling campaign at its wholly owned Batangas gold project south of Manila in the Philippines.

The latest highlights include; 2.20 metres at 36.53g/t gold from 203 metres, including 1.2m at 62.0g/t gold.

Importantly for the company and highlighting the prospectivity of the project, ten holes to date from the latest Archangel drilling have intersected gold mineralisation.

Cleveland Mining (ASX: CDG) put on 0.01, or 2.78% to 0.37. The company had announced the appointment of mining veteran Peter Fisher as its chief executive officer.

Fisher will focus on company's South American operations starting with the optimisation and expansion of the Premier Gold Mine, where commercial production recently began.

 






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