CAPITAL MARKETS

Miners miss the boat

LOCAL stocks continued to build on recent gains today but some miners failed to share in the spoils.

Andrew Duffy

The S&P/ASX 200 faded through the afternoon but managed to finish 17 points higher at 5480.

The basic materials sector was one of the few to post a loss, finishing 0.4% lower.

That weak performance was reflected in the big miners, with BHP Billiton dropping 1.3% to $A37.91 and Rio Tinto falling 0.3% to $64.95.

On a positive note, confidence in the wider market came off the back of a surprise 0.2% drop in the unemployment rate to 5.8%.

The drop helped buoy the Australian dollar to US94.19c.

Good gains came from mineral sands developer MZI Resources, which rose 18.2% to A1.3c after securing new debt to fully fund its Keysbrook project in Western Australia.

Apollo Minerals was also up 25% to 1.5c after starting an exploration program in South Australia, while Besra Gold climbed 19% to 2.5c after receiving a notice to cure a default from Euro Pacific Capital.

Still in gold, Echo Resources finished 15.4% higher at 15c after announcing the start of drilling at the Julius discovery in WA and Dampier Gold joined it in positive territory, climbing 25% to 2.5c.

Some of the day’s losses came from Hawthorn Resources, which dropped 15% to 3.4c, while copper explorer Pegasus Metals fell 23.1% to 3c.

Elsewhere, copper and gold explorer Dateline Resources lost 10.6% to 2.5c.

Companies entering trading halts pending capital raising updates included uranium developer Energy and Minerals Australia and explorer Kimberley Diamonds.

Mike Young-chaired Cassini Resources was also put on hold pending a capital raising move.

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