(MENAFN- ProactiveInvestors - Australia) Australian shares took a dip into the pool as concerns about the U.S. fiscal cliff slightly offset the lift from higher commodity prices on the resources heavy ASX.
Negotiations are continuing in the U.S. to avoid a series of tax hikes and spending cuts coming into effect on 1 January 2013.
This offset the increased sentiment in the Asia Pacific region from a rise in iron ore prices to US$130 a tonne and the conservative Liberal Democratic Party's strong victory in Japan's national elections.
The change in government is expected to bring further stimulus for the Japanese economy.
On the ASX, the All Ords slipped 7.1 points, or 0.2%, to 4,588 while the benchmark S&P ASX 200 was down 9.7 points, or 0.2%, to 4,573.4 points.
Predictably, Materials was up 20 points, or 0.2%, to 10,432.1 points.
Among the top gainers by percentage were AJ Lucas (ASX: AJL), which marked a $0.49 gain, or 53.85%, to $1.40 as the market rejoiced at its announcement last Friday that its associate company Cuadrilla Resources Holdings had been given the green light by the U.K. Government to resume fracture stimulation of shale gas wells.
While the in principle approval carries the weight of additional conditions, it allows Cuadrilla to prove up the ability of its shale assets to produce gas and looking ahead, to do so at a commercial level.
Kumarina Resources (ASX:KMR) gained A$0.03, or 35.29%, to A$0.115 after intercepting significant gold anomalies that highlight the potential of its Murrin Murrin project in Western Australia.
Reverse circulation drilling returned assays including 13 metres at 12.6 grams per tonne of gold from 52 metres, 7 metres at 12.7 grams per tonne of gold and 4 metres at 6.4 grams per tonne of gold.
The thickness and grade of the structures discovered in this drilling program indicate that significant potential exists below the open pits which cover approximately 1200 metres of strike with mineralisation open at depth and along strike.
Redstone Resources (ASX: RDS) was up A$0.03, or 27.27%, to $0.14 after winning a $200,000 grant from the Western Australian Government to support drilling at its 100% owned Tollu Copper Project.
Other notables include Atrum Coal (ASX: ATU) with a A$0.03, or 20%, gain to $0.18 and Strategic Energy (ASX: SER), up $0.007, or 19.44%, to $0.043.
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