daytrades march 12 afternoon, page-2

Thanks HLL

The Australian stock market was little higher at noon making broad-based gains following an ultimately positive lead from Wall Street overnight.

Ordinaries index had risen 3 points, or 0.06 per cent, at 4,828 points.

Analyst said ?The market seemed to be stabilising after an encouraging week. It's backed off a little bit from where it was trading this morning, but it's still an absolutely positive day. It's been gradually creeping higher without being on fire. The market was experiencing broad-based gains after a positive lead from the US overnight. Nothing is really leading it, but nothing is having a negative impact on the market, either."

Healthcare products maker Pharmaxis Ltd (PXS) says it has completed its phase 2 dose-profiling study with its anti-inflammatory drug, ASM8, in patients with allergic asthma. The company says the drug was found to be safe at all doses tested and particularly effective at an inhaled dose of 8 milligrams a day. CEO Alan Robertson says he is encouraged by the results, which demonstrate the potential value of the drug for treating asthma. Pharmaxis booked a loss of $35.17 million for fiscal 2009.

Shares in Cape Lambert Resources Ltd (CFE) have surged on the miner?s announcement of the sale of its Lady Annie copper mine to China Sci-Tech Holdings Ltd for $135 million. The company says it will return 8 to 10 cents per share from the proceeds of the sale to shareholders. Cape Lambert tried to sell the Lady Annie project through an initial public offering but called off the sale early last month due to adverse market conditions. Hong Kong-listed China Sci-Tech, which mainly invests in financial instruments and property, bought Oz Minerals? Martabe gold and silver project in Indonesia for $211 million last year. Shares in Cape Lambert Resources rose 11.24% to $0.495.

The best performing sector is the Financials excluding the Real Investment Trust index, up 21 points at 5,642.

The worst performing sector is the Industrials index, down 12 points to 3,950.

Gold is trading at US$1,111.20 an ounce and the Aussie dollar is trading at 91.58 US cents.

QUICK TRADES
KTE: .10/.11
EXM: Overnight hold sold at .013c


http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/