daytrade diaries... september 28 part 2, page-2

The Australian share market was over one per cent lower at noon on speculation that more evidence of improving company performance is needed to justify the recent run to a 12-month high.

All Ordinaries fell 56 points, or 1.19 per cent, to 4658.

Clean green energy company Eden Energy Ltd (EDE) has entered into an agreement with major energy utility Origin Energy Ltd (ORG) for Origin to farm-in to Eden’s Cooper Basin Geothermal Licence No. 185 in South Australia. The company says Origin will pay it $1 million cash and will bear the first $500,000 of expenditure on the licence to earn a 70 per cent interest.

Eden says both companies will then contribute proportionally to further expenditure, with Origin the operator of the project.

Manufacturer and supplier of agricultural chemicals Nufarm Ltd (NUF) has reported a 42.1 per cent fall in net profit to $79.9 million for the year to July 31. Revenue fell 7 per cent to $2.68 billion, the company saying the result due to a very difficult second half.

Miner and metals traded OM Holdings Ltd (OMH) says it has secured a $294 million deal to acquire a major stake in a South African manganese project which it says will help the company transform into one of the world’s largest independent manganese companies. The company says it is to acquire a 49.9 per cent interest in the Tshipi Project from a group of five non-related co-investors in exchange for 139.9 OM Holdings shares valued at $245 million.

The company has also agreed to acquire a 20 per cent interest in a South African Black Economic Empowerment company which owns the remaining 50.1 per cent of the Tshipi Project for $49.2 million in cash.

All sectors are in the red at midday, however the sector with the smallest loss is the Utilities index which is down 11 points to 4,162. Shares in Envestra advanced 1.82 per cent to $0.56. Shares in Energy Developments and Duet Group are also higher at noon.

The worst performing sector at midday is the Materials index, down 225 points at 11,102.

Gold is trading at $991.50 US an ounce and the Aussie dollar is trading at 86.09 US cents.

29 September

China Leading Index, Aug
EU Business Climate Indicator, Sep
EU Confidence surveys, Sep
Japan Natl CPI, Aug
UK Current Account, Q2
UK GDP, 2Q revision
UK GfK Consumer Confidence, Sep
US Case-Schiller home prices, July
US Consumer Confidence, Sep
US Fed's Fisher speaks on economy

CMW Ex-Div. 2c
KEN Annual General Meeting (10:00 AM)
OCE Ex-Div. 1.5c
RCR Ex-Div. 2.5c
SKE Ex-Div. 1.5c
VGH Ex-Div. 2.5c
ZDX Annual General Meeting (08:00 AM)

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

Did you know?

Follow strict trade management as soon as you enter a trade - Take small profits as your trade runs positive. Stay focused when you are in a trade and be prepared to move your stop losses as the trades require.