(MENAFN - ProactiveInvestors - Australia) Australia's All Ords closed largely unchanged today after it lost a bit of puff at the big end of town with prices moving faster than earnings growth.
This has been compounded by lack lustre trading on Wall Street overnight as well as caution over upcoming negotiations over U.S. fiscal policy and the release of European and U.S. economic data tonight.
Upcoming negotiations over U.S. fiscal policy were also cited as a reason for caution after the domestic bourse hit a four-and-a-half year high this week.
The All Ords shed 2.6 points, or 0.1%, to 5,054.6 points while the benchmark S&P ASX200 was down 3 points to 5,033.9.
Recent corporate earnings have been solid but many have been single digit gains while price earnings multiples have stretched. Weight of money is carrying dividend paying stocks higher and higher " which could still carry them further yet.
Rio Tinto (ASX: RIO) was down 1.92, or 2.66%, to 70.15 due to its weak earnings result, BHP Billiton (ASX: BHP) shed 0.30, or 0.77%, to 38.59 while Fortescue Metals Group (ASX: FMG) slid 0.16, or 2.97%, to 5.23.
In contrast, Woodside Petroleum (ASX: WPL) was up 0.51, or 1.4%, to 36.90 while Santos (ASX: STO) was up 0.01, or 0.08%, to 12.46.
Big banks continued to hold up well with Commonwealth Bank (ASX: CBA) up 0.13, or 0.19%, to 67.03, Westpac Bank (ASX: WBC) up 0.39, or 1.36%, to 29.15 and National Australia Bank (ASX: NAB) gaining 0.16, or 0.55%, to 29.51.
However, ANZ Bank (ASX: ANZ) was down 0.29, or 1.03%, to 27.77.
Despite the slowdown, a number of junior companies continued to impress investors.
Rox Resources (ASX: RXL) powered ahead on its first diamond hole at the Camelwood prospect intersecting massive sulphide mineralisation, sending it up 26.15% to 0.082.
Importantly, the hole indicates a large body of mineralisation that is still open at depth and along strike.
Global Strategic Metals (ASX:GSZ) gained 13.33% after receiving a mining licence for its flagship Wolfsberg Lithium project in Austria, paving the way for mining activities on the project.
This allows the company to carry out mining activity to extract two 500 tonne bulk samples without having to complete a second egress that would require a drive of about 180 metres.
Once the bulk samples are extracted, the leases of the project will be granted to the company in perpetuity for potential development towards a concentrate and then carbonate production to supply the European lithium market.
Triton Gold (ASX: TON) also made gains, rising 3.77% to 0.055 after delineating target zones for potential exploration at its Balama North graphite prospect in Mozambique.
Its graphite exploration plan holds promise as the Balama North prospect is located close to Syrah Resources' very large and high grade Balama graphite deposits.