CAPITAL MARKETS

ASX closes higher, but miners struggle

WHILE it was another mixed day for mining stocks, Australian shares managed to stay in positive t...

Lauren Barrett

The S&P/ASX 200 index got off to a soft start, but strong trade data out of China helped the market close up 0.3% to 4723 points.

The broader All Ordinaries also found 0.3% to 4745.2 points.

While majors BHP Billiton and Rio Tinto started the day lower, only Rio recovered to close up 0.4% to $A67.10.

BHP finished down 0.4% to $37.41.

Today was flat for the miners, with the basic materials adding 0.3%.

After closing unchanged yesterday, shares in Fortescue Metals Group advanced 2.3% to $4.85, while Mount Gibson Iron jumped 3.7% to 85c.

Energy Resources of Australia closed the day 1.2% higher to $1.31 after announcing it had boosted uranium production in 2012.

However, shares in uranium producer Paladin Energy were unchanged at $1.02.

Elsewhere, Aquarius Platinum advanced 4.6% to $1.03 while Jupiter Mines climbed 9.5% to 11.5c.

It was a mixed day for the gold players, with Perseus Mining falling 2% to $2 and Evolution Mining retreating 0.3% to $1.65.

PanAust added 0.6% to $3.36.

After being issued with a speeding ticket by the ASX following a price jump yesterday, shares in Kibaran Resources dipped 18.2% to 22.5c on the release of assay results from its Epanko prospect.

Shares in Azimuth Resources climbed 10.4% to 26.5c following news of high-grade gold discovered at its Larken prospect.

Data from the Australian Bureau of Statistics revealed building approvals rose 2.9% in November from October to 13,307.

The figure also represents a 13.2% jump on the previous corresponding period.

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