daytrade diaries... september 14 part 2, page-2

The Australian share market was more than one per cent lower at noon with weakness in the financial sector and as some investors anticipate the "September effect".

All Ordinaries had dropped 53 points, or 1.15 per cent, to 4543.3.

Some analysts are saying "Even though the markets in the US weren't down too much, some of the individual sectors were quite weak - financial in the US got hit quite hard. Everyone has been talking about the September weakness and this really is the week to watch if it’s going to occur. In the US over the last 112 years most of the falls for September have actually started on September 12 then gone through to the end of September - so this is the key week to watch”

Rio Tinto Ltd (RIO) says it has received approval from the Brazilian National Defence Council on the sale of its Corumba iron ore mine in Brazil to Brazilian miner Vale S.A. The transaction worth US$750 million, is expected to close shortly.

In January Rio announced that it had reached an agreement with Vale to sell its Corumba iron ore mine and associated river logistics operations in Paraguay, the Potasio Rio Colorado potash project in Argentina and the Regina exploration assets in Canada for US$1.6 billion.

Over the last 18 months, Rio has announced US$6.6 billion in asset sales in an effort to reduce its debt.

Healthcare company Sigma Pharmaceuticals Ltd (SIP) has reported a five per cent rise in net profit for the half year and says it maintains its guidance for modest growth in net profit for the full year. Net profit after tax for the six months to July 31 came to $32.2 million, up from $30.7 million for the same period a year ago. Net external sales revenue rose 3.5 per cent to $1.5 billion.



Coal miner Felix Resources Ltd (FLX) says its Chinese suitor Yanzhou Coal Mining Company has withdrawn and resubmitted its application to the Foreign Investment Review board to acquire Felix, unchanged. Yanzhou Coal has made a takeover offer for Felix that values the company at over $3 billion.

Online advertising company Seek Ltd (SEK) says it has acquired the Australian National College of Beauty. Seek subsidiary Think: Education Group completed the acquisition for 100 per cent of the specialised beauty college. In a statement on the acquisition Seek says this acquisition represents a further strengthening of Think’s capability in the high growth health and wellness sector. Seek shares fell 0.9 per cent to $5.48.

The only sector at midday in positive territory is the Utilities index up 1 point to 4,053. Shares in Challenger Infrastructure Fund up 2.03 per cent at $1.51. Shares in APA Group and Duet Group are also higher at noon.

The worst performing sector at midday is the Financials excluding Real Estate Investment Trust index, down 71 points at 5,258. Shares in AMP down 2.81 per cent to $6.22. Shares in ANZ and NAB are also lower.

Gold is trading at $1003 US an ounce and the Aussie dollar is trading at 85.68 US cents.

DLS : Be positive and stay focused.

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

Did you know?

Low Risk Day Trading

Get A Clearer Picture Of The Market
A lot of people get a little too myopic when they're entering their trades. Let's say you're using 5 minute intervals to enter trades. You should also be looking at 30 minute and 1 hour intervals as well to make sure you can see what's happening.