daytrades april 15 afternoon, page-2

Thanks HLL

The Australian stock market was higher at noon, with healthy gains in the resources and financial sectors.

All Ordinaries index had risen 10 points, or 0.22 per cent, to 5,028 points.

Analyst said "Better-than-expected economic data and good corporate results have certainly cemented a positive day for us today. Commodities prices have helped boost the resources sector. A strong result from JP Morgan has certainly helped financial stocks today."

In economic news: The Westpac/Melbourne Institute survey of consumer inflationary expectations showed that the median expectation for inflation rose to a read of 4.1% in April, up from 3.2% in March. The result indicates that consumers believe inflation is likely to rise above the 2 - 3% band targeted by the RBA.

Takeover target Gloucester Coal Ltd (GCL) says it has reached terms with its Asian customers to move to quarterly contracts and also achieved a 100% increase in prices. CEO Barry Tudor says the new coking coal prices represent the second highest price ever achieved for the companys coking coal. Mr Tudor says the price confirms the high value customers place on Gloucesters coking coal properties and the continued strong demand from both existing and new customers in Asia. Gloucester Coal shares rose 1.16% to $12.19.

Macarthur Coal Ltd (MCC) has advised shareholders to reject a sweetened takeover bid from New Hope Corporation Ltd (NHC) saying it does not represent an adequate premium for control of the company. New Hopes revised offer added a cash component to its previous offer, giving Macarthur shareholders the option of cash or shares. Under the revised offer, Macarthur shareholders would receive 2.7 New Hope shares for every Macarthur share or $14.5 cash for each share, capped at $950 million total. Macarthur says it continues to recommend shareholders vote in favour of the proposal to acquire Gloucester Coal and Noble Groups interest in the Middlemount joint venture. Shares in Macarthur Coal gained 1.55% to $15.74.

The best performing sector at midday is the Real Estate Investment Trust index, up 9 points to 890.

The worst performing sector is the Health Care index, down 124 points to 9,057.

Gold is trading at US$1,157.95 an ounce and the Aussie dollar is trading at 93.48 US cents.

MORNING TRADES

OBJ: .035/.038(Wanted to hold but dumping a lot)
LGO: .012/.013c

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