daytrade diaries... september 30 part 2, page-2

The Australian share market was relatively flat at noon, holding its position ahead of the release of key US economic data and an overnight fall on Wall St.

All Ordinaries fell 4.3 points, or 0.09 per cent, to 4742.

Some analysts are saying "It might pick up this afternoon... with the release of building approvals and retails sales data today (in Australia). Retails sales are better than expected."

Rare earths group Lynas Corporation Ltd (LYC) is to undertake an equity raising to raise around $450 million. The capital raising will be undertaken at a price of 45 cents a share and will consist of three tranches. An $88 million unconditional placement of new shares to existing institutional shareholders and other institutional investors, a $295 million entitlement offer and a $67 million conditional placement.

Airport owner Macquarie Airports (MAP) meeting for shareholders to vote on a proposal to internalise the company’s management is to go ahead today after a consortium called the Global Airports consortium decided to abandon its attempt to gain an injunction against the meeting. According to a report in the Australian Financial Review, Global Airports Mike Fitzpatrick says the consortium’s decision was after considering the size of damages the Macquarie Airports indicated it would seek if the injunction were granted and the hostile attitude towards its proposal.

Global Airports proposed to takeover Macquarie Airports management rights for between $20 million and $100 million.

New figures show national property values rose by almost 2 per cent in August. The RP Data-Rismark Home Value Indices registered an increase of 1.9 per cent last month, which is the largest monthly movement since the series began in 2005. The figures show property values around Australia have increased 7.9 per cent so far this year.

A proposal by oil and gas explorer Beach Petroleum Ltd (BPT) to acquire a majority holding in junior explorer Essential Petroleum Resources Ltd (EPR) has been given support from the Essential board and the company’s major shareholder. The proposal will see the debt owed to Beach Petroleum by Essential converted to shares representing a 51 per cent of the company’s voting shares on issue.

Iron ore miner Fortescue Metals Group Ltd (FMG) has missed a financing deadline in relation to its agreement with China’s Baosteel Group and China Iron & Steel Association. The deadline was today however the company says it intends to continue working co-operatively with Baosteel and China Iron & Steel Association on the plan. According to Reuters Fortescue has agreed to sell 20 million wet tones of iron ore to steel mills in China at a three percent discount to its competitors provided that they organize financing by September 30 to fund a big expansion program in the Pilbara, Western Australia. Fortescue Metals Group Ltd (FMG) shares dropped 3.08 per cent to $3.78.

The best performing sector at midday is the Consumer Discretionary index which is up 23 points to 1,626. Shares in Photon Group advanced 3.83 per cent to $1.90. Shares in Billabong International and APN News & Media are also higher at noon.

The worst performing sector at midday is the Consumer Staples index, down 37 points at 7,458.

Gold is trading at $996 US an ounce and the Aussie dollar is trading at 88.01 US cents.

Significant Scheduled Events For 1 October

Australia RBA Commodity Index, Sep
US Initial Jobless Claims, Sep 26
US Pending Home Sales, Aug
Australia AiG Perf of Manufacturing Index, Sept
Australia Engineering Construction, June
China Manufacturing Purchasing Managers Index, Sep
China Markets Closed
EU Manufacturing Purchasing Managers Index, Sep
EU Unemployment Rate, Aug
Japan Retail Trade, Aug
Japan Tankan Large Manufacturers Index, Q3
Japan Vehicle Sales, Sep
UK Manufacturing Purchasing Managers Index, Sep
US Construction Spending, Aug
US Fed's Bernanke testifies to House Fin Srvcs Comittee
US ISM Manufacturing Index, Sep
US Personal Income and Spending, Aug
US Total Vehicle Sales, Sep

DJW Annual General Meeting (10:00 AM)
KBC Annual General Meeting
KOR EGM (11:00 AM)
REH Ex-Div. 33c

PGA:It has recently seen a Director purchase over $3.5M worth of shares.This one is definitely worth a look for both a short and long term investment.


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

Did you know?

Don't over trade - One effective way to avoid over trading is to stick to your discipline of only entering highly probable trades. Set a daily goal and quit when you reach it.

Have fun! - Profitable trading will reinforce your discipline and increase your confidence. Enjoy the ride.