Market Update & Important Indicators
Gains in industrial shares helped push the Dow Jones Industrial Average higher on Monday. Major indexes started the day little changed, then extended gains throughout the afternoon. With the U.S. stock market closed Thursday in observance of Thanksgiving and few major economic reports on the docket this week, some analysts and investors say trading is likely to be relatively quiet over the next couple of days. The Dow industrials climbed 0.4%. The S&P 500 added 0.2% and the Nasdaq Composite rose 0.1%. Dow component 3M Company rose 1.6%, among the biggest gainers for the day in blue-chip index. Caterpillar added 1.1%. Meanwhile, shares of energy companies in the S&P 500 fell with oil prices, deepening their losses for the year. The U.S. gold price traded lost ground overnight, losing 1.3% to close at 1,276.20 US$/oz.
European stocks finished higher Monday, with German equities recovering following the collapse of talks to form a coalition government for the eurozone's largest economy. In Frankfurt, the DAX 30 index rose 0.5% to end at 13,058.66, turning around from a decline of 0.5%. France's CAC 40 was up 0.4% to close at 5,340.45, and the U.K.'s FTSE 100 edged up 0.1% to end at 7,389.46. The Stoxx Europe 600 tacked on 0.7% to finish at 386.39.
In Asian trading Monday, Japan's Nikkei Stock Average fell 0.6%, notching its seventh decline in nine trading sessions. Chinese stocks rallied into the close, erasing early weakness fueled by concerns about the impact of looming new regulations. Beijing announced late Friday that it would draw up plans to streamline oversight of asset-management products sold by financial institutions. The Shanghai Composite closed up 0.3%, while the Shenzhen Composite rose 1.3% after falling as much as 2.1% earlier Monday.
Australia's stock benchmark was pressured throughout today's trading by a pullback in the country's major banks after late-week gains. After rising the last 2 sessions, the S&P/ASX 200 settled down 0.2% at 5945.7, with ANZ falling 0.6% as political calls for a major banking-industry inquiry build. Utilities also dropped, as did miners despite Chinese iron-ore futures nudging higher. But oil stocks gained after an end-of-week bounce in crude prices.
The London Metal Exchange’s 3-month copper contract traded higher overnight, adding 0.75% to finish at $6,828/t. The other base metals finished mixed. Aluminium prices slipped 0.9% to 2,069/t, whilst zinc prices lost 0.6% at 3,196/t. Lead prices added another 1.2% at 2,452/t, whilst nickel prices gained 0.7% at 11,601/t. Tin prices were flat, closing again at 19,555/t.
In this issue
St George Mining (SGQ) | Stricklands Delivers 10m of Massive Sulphides | SPEC BUY
Market Cap $56m | Current Price $0.22
St George Mining (SGQ) has announced an intersection of 17m of nickel-copper sulphides from 37m in hole MAD71 at its Stricklands prospect, within the Mt Alexander Project. Within this intercept is 10m of cumulative massive sulphide material, with an average XRF grade of 5.5% nickel & 2.1% copper. We note there has been a very high correlation of handheld XRF to final assay grades. This is the thickest intercept of massive sulphides at Stricklands to date and highlights the potential of the prospect. Combined with the Cathedrals and Investigators prospects, the Mount Alexander Project is shaping up as one of the most interesting high-grade nickel-copper discoveries in recent years.
Recent Contacts & Presentations
Metro Mining Ltd (MMI), Botanix Pharmaceuticals Ltd (BOT), Xanadu Mines Ltd (XAM), Orthocell Ltd (OCC), Whitebark Energy Ltd (WBE), Atrum Coal Ltd (ATU), Minotaur Exploration Ltd (MEP), Panoramic Resources Ltd (PAN), Sino Gas & Energy Holdings Ltd (SEH), Great Boulder Resources Ltd (GBR), Metallum Ltd (MNE), Gold Road Resources Ltd (GOR), Apollo Consolidated Ltd (AOP), De Grey Mining Ltd (DEG), Triton Minerals Ltd (TON), Evolution Mining Ltd (EVN), Silver Mines Ltd (SVL), NTM Gold Ltd (NTM), Gascoyne Resources Ltd (GCY), Southern Cross Electrical Ltd (SXE), MOD Resources Ltd (MOD), Meteoric Resources NL (MEI)