Australian shares rose 1.96 percent on Thursday as investors pushed up resources stocks on optimism that global growth would recover more quickly than expected, based on the latest U.S. industrial output and oil inventory reports.
All Ordinaries rose 91 points, or 1.96 per cent, to 4743.
Some analysts are saying "Our resources are starting to get a lot of interest. Commodities are looking good again. A lot of people are suggesting it's a hedge against inflation, so a lot of people are looking around for gold stocks,”
A private survey on industrial trends has shown the best result since before the Lehman Brothers crash threw the world into financial chaos a year ago. The Westpac - Australia Chamber of Commerce and Industry (ACCI) Survey of Industrial Trends' main index has risen 9.8 points to 48.2.
Overnight the giant US oil and gas explorer Andarko Petroleum Corporation announced the discovery at the Venus exploration well, offshore from Sierra Leone.
The Perth-based Woodside Petroleum(WPL) owns 25 per cent of the gas project, Andarko owns 40 per cent, the Spanish company Repsol owns 25 per cent, while European explorer Tullow owns 10 per cent.
Brewer Lion Nathan’s Ltd (LNN) board has unanimously recommended that shareholders vote in favour of Japan’s Kirin Holdings takeover offer. Chairman Geoff Ricketts told shareholders at a meeting to vote on the offer today, that the company believes the offer to be fair and reasonable and in the best interests of shareholders.
In May Lion signed an agreement to implement a scheme of arrangement allowing Kirin to acquire the remaining 53.87 per cent of Lion it doesn’t already own at $12.22 a share. The Australian Associated Press says the deal values Lion Nathan at $6.5 billion on an equity basis, and $8.2 billion on an enterprise basis.
New Zealand based telco Telecom of New Zealand Ltd (TEL) has had its proposal for the country’s planned national broadband network rejected.
CEO Paul Reynolds says given the company’s strongly principled support for the government’s vision to bring ultra-fast broadband to 75 per cent of New Zealanders, Telecom is disappointed the benefits of its national approach have been overlooked. The telco’s proposal involved integrating the national broadband network into an expansion of its own network.
Australian engineering company Monadelphous Group Ltd (ASX:MND) has secured a contract from mining giant BHP Billiton Ltd (BHP) for works associated with the Rapid Growth Project 5 in the north west of Western Australia. The company says the package of work at Yandi is valued at approximately $70 million.
Pay TV provider Austar United Communications Ltd (AUN) says it has secured an extension to its senior debt facility originally due to expire in August 2011. The company says lenders have agreed to extend $176 million of its $225 million existing Tranche A debt by three years to August 2014. CEO John Porter says the refinancing demonstrates Austar’s solid reputation in the marketplace. Shares in Austar United shares gained 4.17 per cent to $1.25.
All sectors are in positive territory at midday, however the sector with the biggest gain is the Real Estate Investment Trust index up 23 points to 938. Shares in Mirvac Group up 4.24 per cent at $1.72. Shares in Stockland and Westfield Group are also higher at noon.
The sector with the smallest gain at midday is the Health Care index, up 42 points at 8,830. Shares in ResMed down 2.06 per cent to $5.23. Shares in Sirtex Medical and Cochlear are also lower.
Gold is trading at $1017.40 US an ounce and the Aussie dollar is trading at 87.38 US cents.
WHN: This one is taking a breather at the moment before heading up north again.
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http://www.thebull.com.au/
http://www.news.com.au/business/
Did you know?
The Five Most Common Trading Mistakes Made by Almost All New Day Traders
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