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All Ords slips after Wall Street falls

Published: 02:55 08 Jul 2014 EDT

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Australian shares fell on the back of Wall Street pulling back ahead of the start of the second quarter earnings season with the All Ords slipping 7.8 points, or 0.1%, to 5,498.5,

The Dow Jones Industrial Average fell 44 points to 17,024 last night while the Nasdaq lost 34 points to settle at 4,452.

U.S. investors are also looking forward to Wednesday's release of the minutes from the Fed's June policy meeting.

Financials

Financial stocks pulled the market down with all four of major banks in negative territory.

Commonwealth Bank (ASX:CBA) dipped 0.05% to $81.32 while ANZ Bank (ASX:ANZ) lost 0.83% to $33.59.

National Australia Bank (ASX:NAB) fell 0.42% to $33.59 while Westpac (ASX:WBC) slipped 0.35% to $34.22.

Mining

Mining stocks were mostly down with BHP Billiton (ASX:BHP) shedding 0.21% to $37.59 while Rio Tinto (ASX:RIO) is up 0.18% to $62.39.

Fortescue Metals Group (ASX:FMG) dropped 1.98% to $4.46 while Newcrest (ASX:NCM) is down 1.84% to close at $10.65.

Juniors and Mid-Caps


Mining Projects Group (ASX:MPJ) rose 20% to $0.006 after it identified a number of new high priority nickel sulphide targets at its flagship Roe Hills project located 110 kilometres east of Kalgoorlie.

A 5,000 metre drilling campaign is now planned using advanced techniques with the initial stage Program of Works approved.

With Poseidon Nickel (ASX:POS) revealing that it is acquiring the Black Swan Nickel project from Norilsk Nickel for $1.5 million, shares in the company rose 31.82% to $0.145.

Sun Resources (ASX:SUR)
climbed 5.56% to $0.019 after spudding its Davis-1 Lower Woodbine oil exploration well  in Texas with Petro-Hunt LLC.

This is part of its plant to develop a pipeline of sales opportunities and orders for its unique zinc-bromine batteries (ZBM).

Metals of Africa (ASX:MTA) is up 14.82% to $0.155, Fox Resources (ASX:FXR) put on 10% to $0.011, RedFlow (ASX:RFX) gained 13.33% to $0.255 while Vantage Goldfields (ASX:VGO) rose 17.86% to $0.033.

Asian Stocks

Asian stocks were mixed with the Nikkei down 0.42% to 15,314.41 points while the Hang Seng Index slipped 0.04% to 23,531.04 points.

The Shanghai Stock Exchange Composite Index is up 0.16% to 2,063.17 points.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China. 

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