daytrade diaries... september 23 part 2, page-2

The Australian share market was over one per cent higher at noon, lead by oil and gold stocks.

Banks and retail stocks were driven up on optimism that an economic recovery would spur demand.

All Ordinaries rose 58 points, or 1.25 per cent, to 4729.
"The big increases are in resources, the falling U.S. dollar is pushing up commodity prices," said Tom Elliott, a fund manager with MM&E Capital, which oversees about A$50 million in Australian shares. "It's a mixture of optimism about global growth and stronger commodity prices, which is particularly good for Australia," he added.

Australian shares have rallied about 50 percent from a five-year low reached in March on expectations of a turnaround in the global economy. That has made some investors cautious about the short-term market outlook.

"I think the market is due for a correction," Elliott added.
Another company looking to tap the market for equity is property investor Valad Property Group (VPG) who today announced an equity raising to raise $59.5 million before costs. The group says the estimated net proceeds of $56.5 million will be used to settle the Scarborough Vendors Group deferred liability of 29.5 million pounds.

The equity raising is fully underwritten at an issue price of 10 cents a share which represents a 37.5 per cent discount to Valad’s closing price of 16 cents per stapled security yesterday.

Pharmaceutical product manufacturer Probiotec Ltd (PBP) says it is undertaking a capital raising of approximately $12 million. In addition to the placement, the company says its directors and senior management are undertaking a sell down of some of their shares to institutional investors.

Under the placement, 4.7 million shares will be issued to institutional investors at $2.55 a share a discount of 5.2 per cent from its closing price.

The economic slowdown and rising unemployment has resulted in a cut back in wage growth under enterprise bargaining agreements, new government data for the June quarter suggests.

The total average annualised wage increase through enterprise bargaining agreements fell 0.7 per cent in the three months to June from the previous quarter to 3.9 per cent, data released by the Department of Education, Employment and Workplace Relations on Wednesday shows.
Skilled job vacancies rose 1.2 per cent in September compared to the previous month, new data shows. This was the second consecutive monthly increase, having steadily fallen since November 2007.

Grains marketer and rural services provider AWB Ltd expects to report a deeper annual net loss than previously advised and will seek to raise $459 million from the sale of new shares to reduce debt. AWB said on Wednesday that it would raise $359 million in a one-for-one entitlement offer and $100 million in an institutional placement.

AWB will offer the new shares at $1 each - a 31 per cent discount to Tuesday's closing price of $1.445. The equity raising will mean AWB will reduce its net debt to $490 million by September 30, from $1.136 billion the year before.

Engineering and construction company Clough Ltd (CLO) CEO John Smith says the outlook in the short term is mixed, saying that the company lags the economic cycle by about 12 - 18 months. In the release of the company's annual report Mr Smith says the downturn coupled with the declining oil price caused a period of low commitment to new projects particularly in offshore oil and gas and this will cause a soft market for all floating equipment related businesses in 2010. However he says in the medium to long term with a recovered oil price this sector will return to growth. Clough shares lost 0.52 per cent to $0.965.

All sectors are in positive territory at midday however the sector making the most gains is the Energy index up 342 points to 16,648. Shares in Linc Energy advanced 5.59 per cent to $1.985. Shares in Whitehaven Coal and Woodside Petroleum are also higher at noon.

The sector with the smallest gains at midday is the Health Care index, up 2 points at 8,780. Shares in ResMed lost 1.7 per cent to $5.21. Shares in Blackmores and CSL are also lower.

DEBT-LADEN Centro Properties(CNP) has sold its Rosebud Shopping Centre for $13.14 million to two Victorian-based private investors. The Rosebud centre and one at Meadow Heights were in the MCS18 syndicate, which is reportedly due to repay a $31.42 million loan in December.

Gold is trading at $1015.95 US an ounce and the Aussie dollar is trading at 87.54 US cents.

24 September

Aussie RBA Financial Stability Review
Australia HIA new home sales, Aug
EU IFO Bus Survey, Sep
Japan All Sector Activity, Jily
Japan Trade Balance, Aug
US 7-year note auction US$29bn
US Existing Home Sales, Aug
US G20 leaders meeting begins in Pittsburgh
US Jobless Claims, Sep 19
US KC Fed Survey, Sep

APZ Ex-Div. 1.05c
AYF Ex Div. 12.5c
BKW Full Year Results
BLY EGM (10:00 AM)
CAB Ex-Div. 17c
CSV Ex-Div. 2.5c
DJS FY Results
EPD Ex-Div. 0.5c
EPX Ex-Div. 3.39c
FAN Ex-Div. 5.5c
HTE Annual General Meeting (03:00 PM)
LCE Ex-Div. 1c
MIF Ex-Div. 0.4c
MIR Annual General Meeting (10:00 AM)
MIR Annual General Meeting (10:00 AM)
MUE Ex-Div. 0.63c
NQM Ex Div. 0.8c
PLB Ex-Div. 1.2c
PRT Ex-Div. 1c
RNG EGM (10:00 AM)
SNO Ex-Div. 2c


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

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Have a plan, Trade the plan - The most critical approach to your trading is to have a trading plan and be disciplined to stick to your plan. Your plan should consist of why and when you enter/exit trades, the size of your trades, etc. Stick to what works and repeat it like a machine.