daytrades april 1 afternoon, page-3

Thanks HLL

Despite losses on Wall St overnight, Aussie stocks are trading higher at midday with mining stocks leading the gains and two high profile takeover approaches are also helping to lift the market. Newcrest Mining has placed a bid on the table for fellow gold miner Lihir Gold, and Chinas Bright Food Group has sweetened its offer for CSRs sugar spin-off Sucragen.

All Ordinaries index had risen 16 points, or 0.33 per cent, to 4,909 points.

The TD Securities/Melbourne Institute monthly inflation gauge rose 0.5% in March indicating a build-up of inflationary pressures. The rise follows a 0.1% rise in February and 0.8% jump in January. It is unsure if this will prompt another rate rise by the RBA in April.

The Australian Industry Group-PricewaterhouseCoopers performance of manufacturing index dropped 3.6 index points to a read of 50.2 in March. Despite the drop the index remains above the 50 mark separating expansion from contraction.

According to the ABS, Australias trade deficit in February stood at $1.924 billion a wider deficit than in January. And job vacancies rose 12.1% in the February quarter.

Analyst said "You can see the moves there, and you can also see across second tier resources that there's a bit of improvement there, as well, with the thought of potentially a consistent flow of corporate activity. That may be a trend which is going to remain in place in the short-term."

According to a Fairfax report, a number of Commonwealth Bank Ltd (ASX:CBA) customers are believed to have begun legal action against the banks financial planning business, seeking $4.3 million they claim they have lost due to bad advice. The report says lawyers at Maurice Blackburn lodged a claim with the NSW Supreme Court yesterday alleging that an employee of Commonwealth Financial Planning had been negligent in the advice given to clients. A spokesperson for the bank says it has not yet seen the claim but will vigorously defend any action brought against the company. Shares in the Commonwealth Bank gained 0.34% to $56.48.


Gold miner Lihir Gold Ltd (LGL) has rejected a takeover offer from Newcrest Mining and appointed a new CEO. The miner has appointed former BHP senior executive Graeme Hunt as managing director and chief executive officer. Mr Hunt spent 34 years with BHP where he fulfilled many roles including president of the global iron ore division, president of the global aluminium division and his final role; president of uranium. And in other news Lihir has rejected the advances of Newcrest Mining who on Monday offered to acquire all the issued shares in the company. Newcrest is offering one of its shares for every nine Lihir shares plus $0.225 cash per share, less any interim dividend declared for the half year to June 2010, valuing the company at around $9.2 billion. However Lihir chairman Ross Garnaut says the offer undervalues the company, both in terms of its existing business, and in terms of the potential value the company expected to deliver to shareholders in the future. Lihir fell deeply into the red in 2009 posting a loss of $260.9 million.

The best performing sector at midday is the Materials index, up 211 points at 13,017.

The worst performing sector is the Health Care index, down 45 points to 8,993.

Gold is trading at US$1,115.10 an ounce and the Aussie dollar is trading at 91.78 US cents.

QUICK TRADES

Beautiful morning for me.
BRD: Since this morning, I was reading the Announcement. It was OK to me but I didnt get at open.

Got in 1m at .016c and sold at .019c
Second was bought at 500k .03c and out at .034c

Watching VLA

TO MAKE PROFIT IN SHARE MARKET IS HARD
TO MAINTAIN THE PROFIT IS EVEN HARDER

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