Thanks HLL
The Australian share market had fallen back below the 5,000 point level at noon on across-the-board losses amid concerns surrounding the Europe-wide flight ban.
Also driving a heavy sell-off in early trade were lower oil and gold prices, and a negative US lead after Wall Street's most powerful firm, Goldman Sachs & Co, was accused by the US government of misleading investors.
All Ordinaries index was down 62.5 points, or 1.25 per cent, at 4,944.8 points.
Analyst said "It was not a great start for the trading week after what we heard out of the US, with Goldman Sachs being charged with securities fraud. It was probably the last thing investor sentiment needed. The flight ban across Europe is weighing on investor sentiment as well. Financial stocks are not surprisingly bearing the brunt of selling today. Investors are not even keen to put money into defensive stocks, like Telstra."
Diversified services company UGL Ltd (UGL) has secured new freight rolling stock and wagon orders with Queensland-based rail operator, QR Limited, valued at $100 million.The manufacturing and delivery orders include four locomotives for operation in the Hunter Valley and a total of 360 freight wagons for operation in the Hunter Valley and the Bowen Basin. Managing Director and CEO Richard Leupen says the orders reflect the continued strength in the resources sector and expanding opportunities currently being experienced in the Australian freight market. Mr Leupen says the business is experiencing a near record level of tendering activity across all of the companys operations, supporting increasing levels of visibility and confidence as it moves forward. UGL achieved a profit of $142.48 million for the 2009 financial year.
Kimberley Metals Ltd (KBL) has reached an agreement with Chinas largest lead producer to allow it to buy a significant stake in the precious and base metals junior. Under the deal, Henan Yuguang Lead & Gold Co Ltd, will take 15% of Kimberley Metals and 25% of a joint venture to develop the Sorby Hills lead, silver and zinc project in Western Australia. Yuguang will buy the 15% interest at 25 cents per share for approximately 20.8 million shares. It will also pay $5 million for its 25% stake in the Sorby Hills joint venture. Kimberley Chairman Jim Wall says the deal will enable the company to pursue the feasibility study on Sorby Hills and accelerate the commissioning of its Mineral Hills Gold project. Shares in Kimberley Metals are down 4.08% at $0.235.
The majority of sectors are in negative territory at midday. The sector with the smallest losses is the Telco Services index, down 3 points to 1,064.
The worst performing sector is the Industrials index, down 71 points to 3,915.
Gold is trading at US$1,136.85 an ounce and the Aussie dollar is trading at 92.25 US cents.
MORNING TRADES
WEC: 3.00/$3.05
CCC: .06c/.062c
HUN:.83c/.90c
http://www.marketwatch.com/
http://www.thebull.com.au/
http://www.news.com.au/business/
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