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Resources index up in March quarter

THE Intersuisse Resources Index rose 7 per cent in the March quarter. The index tracks a cross-section of actively traded Australian resources companies with market capitalisations of between $10 million and $500 million. In comparison to the rise in resources, the All Ordinaries Index rose 1 per cent, while the S&P/ASX 200 Resources Index rose 13 per cent with all three indices noting slight falls for the month of March. Among the stocks included, 88 slipped in value during the quarter, while 73 rose. Seven stocks more than doubled in price with 16 rising over 50 per cent, however only one fell by the same amount, according to the independent stockbroker. Gravity Diamonds was the top performer in the quarter recording a 150 per cent growth following the discovery of a new diamond-bearing kimberlite in the Abner Range. Other performers were spread across the sector with Mount Gibson Iron, Austral Coal, Admiralty Resources NL, Grange Resources, Legend Mining and Compass Resources NL, all rising over 100 per cent. Of these, Legend Mining and Compass Resources NL were the top performers for March, with an increase of 122 per cent and 88 per cent respectively. Oilex NL suffered a 66 per cent fall in the quarter as it reported disappointing results from the Rookwood Oil Field. Meanwhile Westonia Mines, Siberia Mining Corporation, View Resources, Buka Minerals and Sherlock Bay Nickel Corporation each fell over 40 per cent.

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