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Australian stocks have closed down today after the Reserve Bank of Australia held rates steady at 2.25%. The All Ords fell 23.5 points or 0.4% to 5902.8.
The RBA’s decision came amid concern further cuts to stimulate a weak economy might stoke unsustainable growth in house prices.
This surprised many who were expecting a second consecutive cut.
Despite the overall market performance () gained 0.8% to $43.66 while Woolworths () was up 1.8% to $29.82.
Market action here…
() is up 20% to $0.006 with 2 million shares traded.
In February the company noted it was continuing exploration at the Roe Hills nickel project in Western Australia by completing diamond holes and downhole surveys.
The company will complete the two diamond holes at the Roe 1 prospect and the remaining four planned down hole electromagnetic (DHEM) surveys at the Roe 1 and Talc Lake Prospects.
Adding to the prospectivity of the area nickel sulphide fertile lava channels have been defined at both prospects these are at opposite ends of the Roe Hills 40 kilometres strike.
This strongly indicates that the entire belt contains numerous prospective lava channels in addition to the two already defined.
The company has expanded the next major stage of the program to identify and drill test strategic targets along the entire 40 kilometres strike.
This will include an extensive geophysical electro-magnetic ground survey which will target conductive nickel sulphide mineralisation within the defined lava channel corridors.
Identification of multiple nickel sulphide fertile lava channels throughout the 40 kilometre strike will confirm the existence of a massive fertile ultramafic belt conforming to the company’s geological “Cabbage Leaf” model (Kambalda style komatiite flows).
This will highlight the significant scale of the Roe Hills project and the prospectivity of multiple new major discoveries along the entire belt.
() built on its gains yesterday to rise a further 25% to $0.005 with more than 13.6 million shares traded today.
() is up 14.3% to $0.016.
Blue Chip Stocks
Major miners
() down 1.7% to $33.54
() down 1.2% to $2.42
Newcrest () down 3.7% to $13.92
(ASX:RIO) down 1.3% to $64.72
Oil and Gas
Oil Search () down 0.5% to $8.08
() down 1.5% to $7.96
() down 0.3% to $35.20
Big 4 banks
ANZ Bank (ASX:ANZ) up 0.1% to $35.74
() down 0.5% to $92.13
() up 0.3% to $38.42
() down 0.1% to $38.26
Other banks financials and industrials
() down 3.2% to $6.44
() down 0.8% to $14.08
Bendigo and Adelaide Bank () up 0.2% to $12.88
() down 2.0% to $73.52
Suncorp () down 1.9% to $13.75
() down 0.6% to $6.38
Retailers
JB Hi-FI () down 0.1% to $17.53
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