daytrade diaries... february 1 part 2, page-10

The Australian share market starting falling after lunch, as the market continued downwards on the back of Friday's losses.

All Ordinaries index had fallen 30 points, or 0.67 per cent, to 4,566 points.

Analyst said "I just think we've had an almighty move up since March, which means we need to build a base again. I don't think we'll fall too much further."

The Australian Industry Group/PricewaterhouseCoopers performance of manufacturing index rose by a seasonally adjusted 2.5 points in December to 51.

Litigation funder, IMF Australia (IMF) expects to announce a first half gross profit of around $11million with an after tax profit of approximately $8 million. As announced in August, the company says its full year forecast was based upon four cases coming to a successful conclusion during the 2010 financial year and if so expects to achieve the forecast $20 - $24 million in after tax profits for fiscal 2010. IMF reported a profit of $20.76 million dollars for fiscal 2009.

Global education provider, Navitas Ltd (NVT) has reported its fifth consecutive quarter of revenue growth to post a net profit of $27.5 million, up 45% on the previous corresponding period. CEO, Rod Jones says one of the most significant milestones for the company is the execution of three new College agreements in the United States with plans for up to ten more colleges in the UK, US, Australia and Canada. Navitas reported a profit of $49.19 million dollars for fiscal 2009.

AWE (AWE) has downgraded its production guidance for fiscal 2010 to 6.2 million barrels of oil equivalent. The company has cited a further extension of the BassGas maintenance shutdown and work-over project in addition to some production decline in the onshore Perth Basin. AWE reported a profit of $88.58 million for fiscal 2009.
Argo Investments Ltd (ARG) has reported a 14.7% decline in profit for the December 2009 quarter to $82.7 million. The company says the results were despite the value of stock rising from 2.9 to $3.9 billion by year end. Argo says its operating profit after tax and before net gains was $71.6 million, down from $93.8 million. Shares in Argo Investments rose 0.45% at $6.75.

The best performing sector at midday is the Materials index up 110 points at 11,728.

The worst performing sector at midday is the Utilities index, down 57 to 4117.

Gold is trading at US$1,085.35 an ounce and the Aussie dollar is trading at 88.59 US cents.

MCC: In $9.07/Out $9.38

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