Thanks HighlandladAustralian stocks slipped 0.7 percent on...

Thanks Highlandlad

Australian stocks slipped 0.7 percent on Friday, snapping three days of rises as investors took profits and paused to digest the latest round of data pointing to global economic recovery.

All Ordinaries was down 37 points, or .08 per cent, to 4676.
Some analysts are saying "This is a healthy breather. We have gone too far, too quickly, but I think we will ease back on an upward trend. The economy is only now turning around and starting to move upwards. The last two days have been extraordinary,"

Junior gold producer Allied Gold Ltd (ALD) says it intends to make a takeover offer for all of the outstanding shares in Toronto listed Australian Solomons Gold.

Allied is offering 0.85 Allied Gold shares for every Australian Solomons Gold share valuing the company at $56.3 million.

Professional service provider to the resource and energy sectors WorleyParsons Ltd (WOR) has been awarded a contract by United States Steel Corporation to form a Capital Projects Alliance to support four major integrated steel works and its U.S. tube making operations. WorleyParsons says it expects the contract to generate revenues in excess of US$50 million. WorleyParsons profits have been gradually rising over the past four years.

Specialist infrastructure company Babcock & Brown Infrastructure Group (BBI) has warned that its proposed recapitalisation plan and asset disposal may result in a $900 million impairment charge.

The company’s proposed plan involves a comprehensive equity recapitalisation transaction combined with the sale of certain assets and says it is in active dialogue with a cornerstone investor about a potential recapitalisation transaction.

Babcock & Brown Infrastructure says given the range of potential outcomes of the transaction, it stresses that the current position is still highly uncertain and there is no assurance that an agreement will be reached. The company only recently incurred a pre-tax impairment charge of $895 million in its accounts for the year to June 30 resulting in a reported loss of $977 million.

All sectors are in the red at midday, however the sector with the smallest loss is the Utilities index down 4 points to 4,141. Shares in Geodynamics up 2.22 per cent at $0.92. Shares in Challenger Infrastructure Fund and AGL Energy are also higher at noon.

The sector with the biggest loss at midday is the Materials index, down 177 points at 11,631. Shares in Arafura Resources price as mentioned before. Shares in Extract Resources and Centamin Egypt are also lower.

Gold is trading at $1012.10 US an ounce and the Aussie dollar is trading at 86.88 US cents.

PRICE RANGE

EXT:9.50 to 10.00
FML: 0.38c to 0.43c

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

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