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MENAFN - ProactiveInvestors - Australia - 03/02/2013

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The All Ords opened up in positive territory and stayed there on positive signs from China, closing up 40.9 points, or 0.8%, to 4,941.9. Dow futures were up 33 points, or 0.24%.
(MENAFN - ProactiveInvestors - Australia) Australian shares have bounced back strongly from yesterday's dip as the bulls returned on a rise in iron ore prices as well as ongoing optimism about China.

The All Ords closed up 40.9 points, or 0.8%, to 4,941.9 while the benchmark S&P ASX200 rose 42.3 points, or 0.9%, to 4,921.1 as the HSBC Purchasing Managers' Index (PMI) rose for the third consecutive month to 52.3 in January from 51.5 in December.

Most Australian indices were up save Info Tech and Energy, which saw a small dip.

Asian stocks were mixed with the Nikkei up 0.8% to 11,212.4 points as 58% of Japanese companies that have reported their earnings data have beaten estimates while the Hang Seng slipped 0.4% to 23,651.8 points.

Large miners were out in force with BHP Billiton (ASX: BHP) up 0.44, or 1.17%, to 37.92, Rio Tinto (ASX: RIO) up 0.84, or 1.27%, to 67.20 and Newcrest Mining (ASX: NCM) up 0.23, or 0.98%, to 23.63.

Iron ore producers Fortescue Metals Group (ASX: FMG) and Atlas Iron (ASX: AGO) also made gains with FMG up 0.11, or 2.35%, to 4.79 while AGO put on 0.005, or 0.34%, to 1.485.

The big banks were also winners with National Australia Bank (ASX: NAB) up 0.64, or 2.34%, to 28, Commonwealth Bank (ASX: CBA) up 0.60, or 0.93%, to 65.05, Westpac Bank (ASX: WBC) up 0.26, or 0.93%, to 28.30 and ANZ Bank (ASX: ANZ) up 0.16, or 0.6% to 26.74.

Telstra (ASX: TLS) was up 0.05, or 1.09%, to 4.65 while Woolworths (ASX: WOW) gained 0.17, or 0.54%, to 31.41.

Monax Mining (ASX: MOX) was up 8.89% to 0.049 after confirming further high grade graphite of up to 13.6% total graphitic carbon at the Wilclo South prospect at the Waddikee graphite project in South Australia.

Fourteen samples were collected at the Wilclo South prospect and TGC values ranged from 1.45% to 13.6% with 9 of the 14 samples reporting greater than 5% TGC.

Results from the Lacroma prospect showed up to 23.9% TGC in an outcrop sample, while the Balumba Siding prospect showed up to 11.4% TGC.

The samples show similarities with graphite form Archer Exploration's Sugarloaf Hill prospect located to the south.

Minera Gold (ASX: MIZ) gained 9.3% to 0.047 with its trenching uncovering yet another vein system comprising three new mineralised structures at its Torrecillas Gold Project in Peru.

The discovery of 10 new vein structures within 4 kilometres of the Torrecillas mine in the last three months indicates Minera's concessions are not very well understood geologically and, more importantly, illustrates the substantial exploration upside of the Torrecillas Project.

 






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