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ASX ticks down as this potash play rockets ahead

The Australian All Ordinaries appeared directionless today as mostly solid commodity pricing inspired only a lukewarm performance from resource stocks. This potash developer, however, charted a significant intraday boost.
ASX ticks down as this potash play rockets ahead

The Australian All Ordinaries closed 0.3% lower at 4,948 points today, with a fair showing by resource stocks failing to offset losses in the technology and financial sectors.

Mining stocks were the best performing group, up 0.6% on the day with broadly firmer base metal prices, a strong bounce-back for oil and an uptick for uranium.


MARKET ACTION


It was the phosphate space, however, that generated one of the session’s standout performers, with Potash West (ASX:PWN) climbing as much as 42% higher before finishing 34.6% up at A$0.35.

The trading prompted a query from the ASX and a response from the company stating it was not aware of any explanation for today’s spike in valuation.

More broadly, the company has enjoyed momentum recently on the back of revised scoping work at its Dinner Hill property in Western Australia which doubled the expected mine life to 40 years and improved net present value by 14%.

Dinner Hill’s pre-tax NPV now totals A$378 million.

Other improvements include a 10% drop in operating costs to $190 per tonne of product and a 24% rise in EBITDA to $52 million per annum.


BLUE CHIPS

Major miners
 
BHP Billiton (ASX:BHP) up 1.3% to $15.07
Fortescue Metals Group (ASX:FMG) up 1.1% to $1.54
Newcrest (ASX:NCM) down 2.4% to $12.74
Rio Tinto (ASX:RIO) up 1.9% to $39.58


Energy or Oil and Gas

Oil Search (ASX:OSH) up 0.6% to $6.28
Santos (ASX:STO) up 0.7% to $2.88
Woodside Petroleum (ASX:WPL) up 0.4% to $26.98


Big 4 banks


ANZ Bank (ASX:ANZ) down 0.8% to $24.85
Commonwealth Bank (ASX:CBA) down 0.8% to $78.81
National Australia Bank (ASX:NAB) down 0.7% to $26.93
Westpac (ASX:WBC) down 0.7% to $30.95


Other banks, financials and industrials

AMP (ASX:AMP) down 1.6% to $5.22
Bank of Queensland (ASX:BOQ) down 0.8% to $12.98
Bendigo and Adelaide Bank (ASX:BEN) down 3.2% to $10.59
Macquarie Group (ASX:MQG) up 1.2% to $73.38
Suncorp (ASX:SUN) down 1.4% to $11.42
Telstra (ASX:TLS) down 0.9% to $5.32


Retailers

JB Hi-FI (ASX:JBH) down 1.3% to $21.41
Wesfarmers (ASX:WES) down 0.3% to $39.27
Woolworths (ASX:WOW) down 1.5% to $22.59


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