Half-time report:
The announcement of an iron ore joint venture between Australia's two big miners sparked a massive buying spree in the materials and mining sectors this morning.
At lunchtime, the ASX 200 was up 52 points or 1.3% at 3986 after earlier touching a 2009 high of 4021. There were huge gains in BHP (+8%), RIO (10%) and FMG (14%) after Rio abandoned its joint venture with Chinalco in favour of a rights issue and a tie-up with BHP.
Asian markets were more restrained. The Nikkei rose 0.59% in morning trade and the Hang Seng added 0.58%. Dow futures were recently +7. Gold drifted lower, recently trading at $977.10. Oil continued to build on overnight gains, adding 50 cents to $69.31.
A profitable if slightly disappointing morning here, given the opportunities. Bought AWC after the run in aluminium and the 6% rise in Alcoa overnight but took profits too early. Was lucky to escape LGL with a peanut profit when it stalled. Solid bounce-trade scalps in HVN and NWH. Reluctantly closed out BGD when the volume failed this morning - small profit but was hoping for much more. Dumbest move of the morning was buying ALL for a bounce trade after overlooking the share placement putting pressure on the price. Careless.
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