CAPITAL MARKETS

Miners shrug off weak jobs data

AUSSIE stocks recorded their first gain of the week today, with resource stocks helping pull the ...

Andrew Duffy

The S&P/ASX 200 rose 11 points to 5464 today, a positive move but still well below Monday’s open.

The materials sector finished 0.4% higher.

Gold stocks were again some of the best performers, with Northern Star Resources climbing another 5% to $A1.58 while Medusa Mining rose 4.1% to $1.97.

Regis Resources was up 3.8% to $1.85 and Evolution Mining also built on yesterday’s performance to rise another 5.1% to 82.5c.

It was also a good day for the other big miners, with BHP Billiton up 0.3% to $37.41 and Rio Tinto up 0.3% to $62.41.

Elsewhere Syrah Resources and its associate company Copper Strike surged after reports of Glencore making an informal takeover bid as high as $2 billion for Syrah.

Syrah was up 28% to $5.49 and Copper Strike added 39.3% to 39c.

Another big move was Reed Resources, which earned a speeding ticket after a 50% rise to 3c.

Also back on the winners list was Metals of Africa, which surged a further 27.6% to 1.8c.

In a more unusual development, explorer Lithex Resources emerged from a trading halt to announce a move away from resources and into the internet marketing business.

Investors welcomed the news, sending the company’s shares up 135.3% to 4c.

In the wider market, new data showed Australia’s jobless rate returned to match its highest level in a decade.

The June unemployment rate rose from a revised 5.9% to 6%.

The Australian dollar initially spiked to US94.57c before the news but settled lower after the release and was last trading at 94c.

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