The S&P/ASX 200 index zigzagged in mostly negative territory today before rallying to a 0.3% higher intraday close at 5510 points.

Basic materials was the worst performing sector, down 0.03% on the session, as BHP Billiton lost 0.1% to $A38.26 and Rio Tinto closed 0.05% higher at $62.81.

Analysts have noted the market’s resilience in the face of substantial macro pressures from China, Ukraine and the US Federal Reserve, with Bloomberg tracking volatility on the ASX at 41% its five-year average.

“Volatility is down across derivatives to quite historical lows and this is quite unusual,” Newedge Asia-Pacific head of futures Toby Lawson was quoted as saying.

“It’s hard to know how we break out of it.”



Mining sector gains included Traka Resources (up 10.2% to 5.4c), while Summit Resources jumped 29.6% to 35c and Orion Gold added another 14.6% to 5.5c with renewed momentum at its Fraser Range nickel-copper project in Western Australia.

Strike Resources was another standout, with a 22.5% gain to 4.9c.

Companies marking losses included Red Metal (down 11.1% to 16c), Mineral Deposits (down 10.1% to $1.43) and Hot Chili, which fell 13.33% to 26c on the heels of an announcement detailing a $US25 million ($A26.6 million) secured debt facility intended to advance the Productora copper project in Chile.

Aeon Metals, meanwhile, fell 10.3% to A13c and Mithril Resources closed 20% lower at 1.2c despite news that it had secured a 20% stake in the Spargoville nickel-gold project in WA.

Companies requesting trading halts today included Nyota Minerals, Enterprise Metals and Venture Minerals, which is expecting the outcome of a judicial review into the federal government’s approval of the Riley direct shipping ore project in Tasmania.