CAPITAL MARKETS

Mixed day for miners

THE local market was back in positive territory today, despite another weak performance from resource stocks.

Andrew Duffy

After a strong start the S&P/ASX 200 finished 33 points higher at 5548 but most miners failed to make an impact.

At the very top of the market, BHP Billiton lost 0.1% to $A38.16 and Rio Tinto fell 1% to $65.05.

Mineral Resources had a mixed day, rising more than 3% early on before finishing 5.8% lower at $10.16 after releasing its full-year financial results.

On the positive side gold producers were a standout, with Beadell Resources up 3.7% to 54.5c.

Resolute Mining and Newcrest Mining also finished in positive territory after a bounce in gold futures.

Elsewhere, several iron ore miners managed gains, with Mount Gibson Iron and Atlas Iron moving ahead.

Fortescue Metals Group continued to slide, however, losing a further 1.8% to $4.45.

On the smaller side, market newcomer RTG Mining posted an impressive 21.4% gain to $1.35.

The boost came on the back of copper, gold and iron intersections from the Mabilo project in the Philippines.

Elsewhere, Fraser Range-focused Segue Resources jumped 30.8% to 1.7c after starting an exploration initiative at the Plumridge nickel project.

KGL Resources also continued its run, finishing 11.6% higher at 38.5c after posting further drilling results from the Jervois base metals project in the Northern Territory.

In other updates, Indochine Mining and Metallica Minerals went into trading halts pending details on capital raisings.

Core Exploration and Phoenix Copper were also placed in suspension.

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