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Australian equities fluctuated but dipped as trading closed. Energy held up as the European Union agreed

to impose an oil embargo against Iran. The Australian dollar held on to most of its gains against the Greenback, but

slid from yesterday’s highest level since last October. US Stock Futures were little changed, while Spot Gold barely

moved at $1677/oz.

Energy held onto gains as the market went red. Cockatoo Coal (A$0.385, +2.7%) led the charge after it upgraded

its Port Kembla Hume Project resource by a humungous 288%, taking inferred resource from 0 to 204.9 million tonnes.

Oil Search (A$6.84, +2.7%) was also a steady performer on the back of full year production of 1.4 million barrels, hitting

the upper range of its guidance. Full year revenue was also up 25.6%. Silver Lake Resources (A$3.55, unch) went into

a trading halt pending an announcement of an acquisition.

Financials stayed in the black despite calls by the IMF for increased capital levels at big Australian banks. Major

Banks – Commonwealth Bank (A$49.80, +0.1%), Westpac (A$20.58, +0.6%) – were in the black, with Westpac being

the major gainer. National Australia Bank (A$23.72, -0.5%) trailed the others while ANZ (A$20.95, +0.4%) was said

to be contemplating a Thai expansion.

Materials declined late in the day as the market eroded gains. Newcrest (A$32.84, +2.0%) reported production up

3% on the quarter but down 20% for the year. The gold miner held guidance steady and announced it would be listing

in Toronto, Canada this March. Panaust (A$3.60, -3.5%) was sold off despite reporting production in line with guidance

and forecasting a rise in output for this year. Orica (A$24.67, -1.3%) said that the restart of its ammonium nitrate plant

would be delayed so corrections can be made to a compressor at the plant.

Bathurst Resources (A$0.675, unch) scheduled a pre-hearing conference for appeals against its Escarpment mine

was scheduled for 13 February 2012. Industrea (A$1.06, +0.5%) saw its A$76 million mine contract with Cockatoo Coal

renewed. G.U.D. (A$7.31, -0.5%) reported net profits down for the year by 1.3%.

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