CAPITAL MARKETS

Market ticks up on global mood

MINING companies edged forward today as Australian stocks gained ground on the back of positive o...

MiningNews.Net

The market managed to rise, despite the Australian Bureau of Statistics reporting a drop in capital expenditure in the December quarter.

Equipment, plant and machinery expenditure rose 1.3% over December 2011, but the seasonally adjusted estimate dropped 2.3% from the September quarter.

Energy, and consumer goods and service sectors led the way as the ASX/S&P200 climbed 1.3%, or 67.5 points, to close at 5104.

One of the worst performing sectors was basic materials, with a 1.1% improvement, but major miners enjoyed positive momentum.

BHP Billiton gained 1% to $37.07.

Rio Tinto was up 1.6% to $A67.05, and in late breaking news announced that former Transurban Group boss Chris Lynch would succeed Guy Elliott as chief financial officer.

Other resource companies in the black included Newcrest Mining, up 0.3% to $22.66, Alumina, up 5.6% to $1.23, and Cudeco, up 1.4% to $3.74.

Sundance Resources rose 3.5% or 1c to 30c after its Chinese suitor Hanlong Mining paid the first $5 million instalment of a convertible note facility.

Iluka Resources also had a good day, up 4.5% or 46c to $10.52.

Explorer Sirius Resources slipped 0.9% to $2.06 on the day, but called a trading halt pending fresh exploration results, due out tomorrow.

Sirius announced on Monday that it had completed infill drilling at its Nova deposit in Western Australia, and expected a maiden resource by the end of March.

A big mover of the day was Iron Ore Holdings, which 22% or 21.5c to $1.195.

On the junior end, Discovery Resources soared 130% to 14c on no news.

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