The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) fell by 0.2% on Friday, to close at 4,285.1 points. Some of the junior resource miners look like they are recovering, after being heavily oversold with news that Chinese authorities have moved to stimulate their economy should help these stocks in the short term. China has lowered the amount of reserves its banks must hold by 0.5 per cent, in an effort to increase capital flowing through its economy.
Mirabela Nickel Limited (ASX: MBN) rose 28.9% to 33.5 cents, after chief Ian Purdy declared the company’s debt position as “rock solid”, and opined the heavy recent selling was “unexplainable”. Mirabela’s share price has fallen 40% in the last week, as investors worry about the company’s ability to keep operations running. Mr Purdy has told the Australian Financial Review that he thinks there’s some irrational trading going on. We Fools know that markets are not always rational.
Perseus Mining Limited (ASX: PRU) up 6.3% to $2.52, following a rise of 7.7% on Thursday, another resources stock recovering after seeing its stock price fall from a $4 high back in September 2011, down to as low as $2.12.
Energy World Corporation Ltd (ASX: EWC) up 5.6% to close at 47 cents as it revealed further developments on its Sengkang LNG project in Indonesia. Hastings Diversified Utilities Fund (ASX: HDF) was up 4.5% to $2.11, on news that APA Group (ASX: APA) plans to sell the Moomba Adelaide Pipeline System to help win regulatory approval for its bid for Hastings.
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