Miners rise as trade volumes fall

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has ended flat today on low volumes. It appears that many investors are avoiding the market, either scared off by the threat of High Frequency Trading, or by a lack of confidence in the future of the Australian economy. The daily value of trading on the ASX was about half its usual value.

The Australian dollar is currently buying around 102.7 US cents, virtually unchanged since yesterday.

These three stocks were the biggest risers in the top 200.

Bathurst Resources Limited (ASX: BTU) saw its shares rise 7.1% to 45.5 cents, after the company announced a significant increase in reserves at its Buller Coal Project. Total reserves increased 76% to 23.4 million tonnes of coal. Despite the reserves increase, Bathurst is awaiting a court decision on appeals against its Escarpement coal mine, which should be revealed in the next couple of weeks.

Coalspur Mines Limited’s (ASX: CPL) shares rose 6.5% to close at 81.5 cents, as the share price continues to yo-yo. Back in May, shares in the company were trading at over double the current price, but concerns have been raised over whether Coalspur can find the $1 billion in funding it needs to develop its Canadian coal mine.

Gold miner, Saracen Minerals Limited (ASX: SAR) added 3 cents, or 5.8% to end at 55 cents. The company released its third quarter report on Wednesday, and production of gold has increased, while cash costs have trended down to around A$900 an ounce. In further good news, the Red October underground mine has become cashflow positive following 24 months of capital expenditure.

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Motley Fool writer/analyst Mike King owns shares in Saracen. The Motley Fool’s purpose is to help the world invest, better. Take Stock is The Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it’s still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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