The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has closed up 0.5%, to 4990.2, after news that a resolution had been reached for the crisis in Cyprus earlier this morning, Australian time. Fears that the Cyprus crisis could spread to other Euro countries saw our market take a 3% fall last week.
The Australian dollar has gained against the US dollar, fetching US 104.5 cents.
These three stocks were the best performers in the top 200, rising more than 3%.
Coalspur Mines Limited (ASX: CPL) added 4.5%, to reach 58 cents, after the company rejected the conclusions of investment banking analysts who said they did not believe management could deliver on cost expectations for Coalspur's flagship Vista coking coal project in Canada. Coalspur believe the report is based on a number of material inaccuracies and flawed assumptions. Investment bank analysts have been known to get things wrong in the past, but falling coal prices are more likely to be the major issue for Coalspur.
Leighton Holdings (ASX: LEI) rose 4.3% to $21.07, after the company quickly announced a new chairman. On Friday, existing chairman Stephen Johns and two independent directors quit, citing an irreparable breakdown in relations between the board and its largest shareholder, Hochtief, which is has been taken over by Spanish construction giant, ACS. Leighton's shares fell 7% on Friday, and ratings agency Standard and Poor's reacted negatively to the news. The main concern is that if Leighton is not seen to be independent, it could have negative consequences for its credit profile.
Beadell Resources (ASX: BDR) added 3.9% to 94.5 cents. Bloomberg reported late last week 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. That has seen the company's share rise over the past two business days. 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.
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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 Leighton.
