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Local stocks continued a common theme for the week, finishing the day near where it started. On Monday the ASX/200 closed at 4807 points and has closed no less than this, or higher than 4820 on any day for the rest of the week - a range of just 0.3%.

At the end of the day, the All Ords had added 6.0 to 4,831.5, while the ASX/200 gained 3.9 to 4,818.1. Over 2.1 billion shares worth around $3.9 billion had changed hands.

The Bank and Financials sector advanced 0.2%.

The big four banks were little changed, with two above and two below the gain line.

ANZ was the best performer, up 20c to $24.26, while NAB tacked on 15c to $26.90.

The insurers were mostly flat, including IAG with a modest 1c gain. The company said it has received more than 24,000 claims following Victorian storms earlier this month.

AXA Asia-Pacific rose 9c to $6.31.

CFS Retail Property gained 0.3% to $1.89 after Goldman Sachs upgraded its rating on the stock to “buy”. The Property Trust sector was down 0.1%.

The Materials and Resources sector was up 0.2% with little influence from Australia’s largest miner, BHP Billiton.  

BHP shares dipped 16c to $42.85 and Rio Tinto added 41c to $75.96 after their stocks fell 2.1% and 1.6% respectively in London. 

CBH Resources shares were halted much of the day before confirming it had received a bid from Belgian miner Nyrstar. The news sent CBH shares nearly 30% higher when they resumed trading shortly after 3pm.

Cape Lambert jumped 9% to 48.5c after the company announced the sale of its Lady Annie copper mine in Queensland to Hong Kong's China Sci-Tech Holdings for $135 million.

Lihir Gold and Incitec Pivot put on 3.8% and 1.9% to $3.01 and $3.66.

Woodside led the Energy sector 0.4% higher with a 14c, or 0.3% gain to $45.41.

Santos advanced 19c to $14.06, while Caltex Australia rallied 29c, or 2.6% to $11.43.

Extract Resources gained 7c to $7.18 as the uranium explorer said it hoped to announce an updated Rössing South resource in the third quarter of this year.

Industrials weakened 0.4% following a 2.4% fall to $7.29 from sector heavyweight Brambles.

Leighton, Toll and MAp were down 0.3%, 0.8% and 1.2% respectively, while Transurban rose 5c to $5.21.

It was a mixed day for the Consumer Discretionary sector, which edged 0.2% into the red.

Billabong slumped 2.5% to $10.60, while department store David Jones rallied 1.6% to $5.16.

Oroton, which spiked 8.8% yesterday, tacked on another 5.6% after posting strong earnings results yesterday.

Myer added 6c to $3.50 as brokers remain firm on their preference for MYR despite the group’s cautious 2H10 sales outlook. Several brokers maintained their buy recommendations on the stock in reports this morning as they look past 2H10.

Gamers and media stocks were little moved, while Amalgamated Holdings outperformed, climbing 3.6% to $5.70.

Consumer Staples stocks countered each other. Wesfarmers slid 31c to $31.98 and Woolworths rose 14c to $28.50.

The grain handlers slumped with Viterra, Graincorp and AWB shedding 1.9%, 1.9% and 3.6% respectively.

The sector was 0.3% below the line.

Telstra was down 1c at $3.06. The Telecommunications sector dipped 0.3%.

Around the region, the Nikkei 225 added 73.8 to 10,738.7, while the NZSE50 edged 1.7 higher to 3,225.1. The Straits Times Index gained 5.4 to 2,879.3 and the Hang Seng shed 16.8 to 21,211.4.

Spot gold was trading at US$1,112.55 per ounce, while the Aussie was buying US$0.9162.

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Extract Resources mine on track
Extract Resources said that its Rossing South project in Namibia still has the potential to be one of the world’s largest uranium mines as the feasibility study into the mine continues. The uranium miner said it hoped to announce an updated Rössing South resource in the third quarter of this year.

At the close, Extract Resources shares were up 7c to $7.18.

Cape Lambert to sell Lady Annie for $135m
Cape Lambert Resources shares climbed Friday morning after the company said its has entered into an agreement with Hong Kong company China Sci-Tech Holdings Limited (“CST”), for the sale of its 100% interest in the Lady Annie Project in Queensland for $135 million. The Australian iron ore explorer said CST is proposing to fund the acquisition from existing cash reserves and liquid assets.

At the end of the day, Cape Lambert shares were up 4c to 48.5c. 

IAG takes a hit from storms

Insurance Australia Group has said it has received more than 24,000 claims following Victorian storms earlier this month. Following the storms, IAG said natural peril costs were now estimated to exceed the budgeted $184 million allowance for the second half by $105 million.

At the bell, IAG shares were up 1c to $3.96.

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