Market up, miners down

MINERS turned negative again today while the rest of the market rebounded.

Andrew Duffy

The S&P/ASX 200 gained 0.4% to 5476 points but resource stocks fell off the pace once more, with most miners and explorers moving lower.

At the top of the market, BHP Billiton fell 0.7% to $A33.55 while Rio Tinto was off 0.6% to $59.30.

Other top stocks dropping off included Beadell Resources, which continued its poor run this week with a 9.1% loss to 25c.

BC Iron also continued to slide, falling another 7.7% to $1.02.

Gold producers accounted for a fair chunk of the negative action today, with Medusa Mining, Regis Resources and Evolution Mining also posting losses.

Sirius Resources and Arrium were two prominent stocks that managed to register a gain, and it was a quiet day at the smaller end of the market as well.

Queensland Bauxite dropped 13.2% to 2.6c after releasing a scoping study for the South Johnstone bauxite project in Queensland.

The company made double-digit gains in the previous two sessions, and told the Australian Securities Exchange the initial jump could be attributed to investors pre-empting the study.

One positive move came from PLD Corporation, which rose 16.7% to 0.7c after sealing an option agreement to purchase Kagara’s large Admiral Bay zinc project in Western Australia.

In other parts of the market, AusAmerican Mining went into a trading halt pending another update on its plans to acquire a 77.58% interest in Shenglong International Investment.

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