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MENAFN - ProactiveInvestors - Australia - 19/02/2013

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(MENAFN - ProactiveInvestors - Australia) Australian shares continued to rally today on the back of higher iron ore prices, with little leads to follow from the mixed overnight equity markets in Europe. There was no trade in the U.S. due to the President's Day public holiday.

The All Ords was up 18.1 points, or 0.4%, to 5,101 while the benchmark S&P ASX200 gained 18.5 points, or 0.4%, to 5,081.9.

Energy was one of the biggest gainers, putting on 140.7 points, or 1.1%, to 13,455.30.

Woodside Petroleum (ASX: WPL) stormed up 0.63, or 1.69%, to 37.91 while Santos (ASX: STO) was up 0.19, or 1.53%, to 12.61.

Miners were mixed with BHP Billiton (ASX: BHP) up 0.33, or 0.85%, to 39 on optimism about its interim results and Fortescue Metals Group (ASX: FMG) up 0.05, or 0.98%, to 5.18 while Rio Tinto (ASX: RIO) and Newcrest Mining (ASX: NCM) were down 0.38, or 0.54%, to 70.51 and 0.04, or 0.18%, to 21.81 respectively.

Monadelphous (ASX: MND) fell 1.68, or 6.03%, to 26.17 despite a record half year result of 79.1 million while Transfield Services (ASX: TSE) lost 0.10, or 4.76%, to 2.00 after it warned it would have to make up to 285 million in asset writedowns.

The big four banks were all up marginally with Commonwealth Bank (ASX: CBA) up 0.27, or 0.41%, to 66.05, Westpac Bank (ASX: WBC) up 0.10, or 0.33%, to 30.30, ANZ Bank (ASX: ANZ) up 0.03, or 0.11%, to 28.53 and National Australia Bank (ASX: NAB) up 0.02, or 0.07%, to 30.17.

On the smaller end of town, Stellar Resources (ASX: SRZ) put on 5.17% to 0.061 after reporting a 49% increase in contained tin to 71,500 tonnes at its Heemskirk Tin project that was accompanied by an increase in the average grade to 3% from 1.14% tin.

JORC Indicated and Inferred resource has also increased to 6.28 million tonnes at 1.14% tin from 4.36 million tonnes at 1.10%.

The project remains the highest grade undeveloped tin resource of ASX listed tin explorers and developers, and one of the highest grade undeveloped tin resources in the world.

Azure Minerals (ASX:AZS) gained 10.29% to 0.075 after recording a 70.0 metre at 2.7% copper equivalent drill intercept at its Promontorio deposit, located in the Mexican state of Chihuahua.

It also included 35.9 metres at 4.8% CuEq, including 11.25 metres at 10.5% CuEq.

There were also additional good copper intersections at a newly identified prospect Risco Dorado, 600 metres northwest of Promontorio.

Elk Petroleum (ASX: ELK) was up 3.57% to 0.29 as investors looked forward to the start of carbon dioxide injection at its Grieve Enhanced Oil Recovery Project in Wyoming this week.

Operator Denbury Resources will inject about 40 million cubic feet per day (MMcfd) of CO2 to re-pressure the reservoir to a level above the minimum miscible pressure (MMP), at which point the CO2 interacts with and mobilises the oil remaining in the reservoir.

 






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