daytrade diaries... december 29 part 2, page-3

The Australian share market was up more than one per cent at noon, after broad-based rises following gains overseas.

All Ordinaries index had risen 52.9 points, or 1.1 per cent, to 4,856.2 points.

Analyst said "We anticipated the market would be a little bit stronger today, and it has probably outstripped some of that early expectation. Markets were relatively stable leading up to Christmas, and we are seeing increased support for equity markets abroad, and that is flowing through here today,"

Coal explorer and producer Rocklands Richfield Ltd (RCI) says Chinas Meijin Energy Group has increased its offer for the company to 56 cents a share. Meijins original offer for Rocklands Richfield was 52 cents a share, trumping an offer made by Indias Jindal Steel & Power Ltd to acquire 100% of the company at 42 cents a share. Jindal revised its offer to match Meijins original 52 cents a share, Jindal has until December 30 to revise its proposal in light of Meijin's increased offer. Shares in Rocklands Richfield soared 33.33 per cent to $0.44.

Supplier of agricultural chemicals Nufarm Ltd (NUF) today announced that it has terminated discussions with Sinochem in relation to a takeover of the company, rejecting the revised $2.62 billion offer and instead agreeing for Japans Sumitomo Chemical to acquire a 20% stake in Nufarm. The company has also announced that it will undertake a $250 million capital raising.

All sectors are in positive territory at midday, however the sector with the biggest gain is the Consumer Staples index up 133 points at 7,771.

The sector with the smallest gain at midday is the Health Care index, up 26 to 8,767.

Gold is trading at US$1,105.75 an ounce and the Aussie dollar is trading at 88.66 US cents.

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