The S&P / ASX 200 Index (^AXJO) (XJO.AX) has closed up 0.2%, at 4,967.3, despite overseas markets heading down overnight. In the US, the Dow Jones dropped 0.6%, while the S&P 500 lost 0.8%, mainly on concerns over Europe and Cyprus.
The Australian dollar was slightly lower against the US dollar, fetching US 104.2 cents.
These three stocks were the best performers in the top 200, rising more than 7%.
OceanaGold Corporation (OGC.AX) climbed by 9.1% to $2.75. The company recently released a report suggesting its Dipidio project in the Philippines has an estimated cash cost of just US$79 an ounce for the first six years of production thanks to large amounts of copper credits. With a mine life of 16 years, OceanaGold estimates the average cash cost will be just US$370 an ounce.
Beadell Resources (BDR.AX) added 8.3% to 91 cents. Bloomberg reported yesterday that the company has a gold mine in a remote part of Brazil that is set to produce gold so cheaply, that the company itself could prove irresistible to a buyer. Three months after pouring its first gold bar, Beadell predicts it will become Brazil’s third-largest producer of the metal, and the Tucano mine is expected to produce 200,000 ounces of gold in 2013, at a cash cost of as little as $450 an ounce.
Billabong International (BBG.AX) recovered 7.9% to 75 cents, after the surfwear maker’s shares dropped close to 22% at one stage yesterday. The company, which is the subject of two takeover bids at $1.10 each, was unable to explain the share price fall yesterday, but advised the market that both bidders were still in the game, and talking to the company. Final bids are expected by the end of next week.
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The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, 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. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. Motley Fool writer/analyst Mike King owns shares in Billabong.