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The Australian market continued its run skywards with the All Ords up 79.7 points or 1.4% to 5666.2. Energy and mining stocks sped ahead of the rest of the market.
Broader support came from the Reserve Bank of Australia’s decision to cut the official cash rate to 2.5% from 2.75%.
After the RBA’s announcement the Australian dollar extended losses against the U.S. dollar falling to below US$0.77.
Crude prices flirted briefly at the US$50 per barrel point with the West Texas Intermediate closing up 2.8% yesterday to US$49.57 a barrel. The Energy Index was up 4.1% to 11497.1 points.
Unsurprisingly Oil Search charged ahead 4.5% to $8.34 while () was up 3% to $35.69. Oil Search () is up 4.5% to $8.34.
Market action here…
Shares in () jumped 13.8% to $0.066 with more than 56.5 million shares traded.
The company forecast 2015 production from its Kipoi Copper Project in the Democratic Republic of Congo to be 25000 tonnes of copper cathode at an all-in sustaining cash cost of between US$1.57 and US$1.67 per pound.
Costs are expected to fall through 2015 due to the transition to predominantly grid power on-site.
Tiger also expects to be in position to confirm timing of the Phase 2 expansion to 50000 tonnes per annum once long term finance facilities are in place that are suitably to the projected Kipoi cashflow profile.
Project optimisation work continues with potential to lower mining costs versus feasibility assumptions. This also includes the reduction or removal of the tank leach (the majority of the Phase 3 capital estimate) which will further enhance project returns.
A number of other companies chalked up gains of 10% or more.
(ASX:ACB) was up 10% to $0.044 () rose 14.3% to $0.008 and () is up 16.7% to $0.007.
() jumped 20% to $0.024 () climbed 10.5% to $0.021 () gained 10% to $0.011 while White Cliff Minerals () is up 14.3% to $0.008.
Blue Chip stocks
Major miners
() up 3.8% to $30.73
() up 2.6% to $2.37
Newcrest () up 0.6% to $14.00
(ASX:RIO) up 2.2% to $58.71
Big 4 banks
ANZ Bank (ASX:ANZ) up 2.2% to $34.11
() up 0.8% to $90.40
() up 1.6% to $36.23
() up 1.2% to $35.26
Other banks financials and industrials
() up 0.9% to $5.85
() up 2.3% to $12.96
Bendigo and Adelaide Bank () up 0.3% to $13.57
() up 2.3% to $63.87
Suncorp () down 0.6% to $14.68
() up 2.1% to $6.67
Retailers
JB Hi-FI () down 1.3% to $16.82
() up 0.4% to $44.17
Woolworths () up 0.4% to $32.29
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