daytrades april 28 afternoon

Originally posted by highlandlad ↑

Thank HLL

The Australian share market suffered a widespread sell-off on Wednesday morning, as investors digested the double-whammy of lower commodity prices and credit ratings downgrades for Greece and Portugal.

All Ordinaries index had slipped 66 points, or 1.35 per cent, to 4,847 points.

Analyst said "People have been looking for reasons for the market to decline. We've seen a lot more trading from the short side and the (global sell-off) has followed on to our market. There is not a lot of conviction on the buy side,"

In economic news: Data released by the ABS today show that Australias consumer price index rose 0.9% in the first quarter.

Zinc, lead and silver miner CBH Resources Ltd (CBH) has recommended shareholders vote in favour of a takeover bid by major shareholder Japans Toho Zinc. Tohos revised offer of 24 cents a share to acquire all the remaining shares it does not already own, values the company at $262.7 million. Managing director Stephen Dennis, says the offer is very attractive for CBH shareholders, and is above the independent experts valuation range of $0.187 cents to $0.232 cents a share. Shares in CBH Resources are steady at $0.23.

Aussie coal miner Whitehaven Coal Ltd (WHC) has reported a 12% rise in coal production and 4% increase in coal sales for the March quarter. Saleable coal production for the three months to March 31 came to 853,000 tonnes, up 35% for the year to date to 2.578 million tonnes. The coal miner says output and sales for the quarter were negatively affected by wet weather in January and the derailment of a grain train in the lower Hunter Valley in March. However, overall performance remained in line with plan for the three month period. Coal sales for the March quarter came to 1.2 million tonnes up 4%, the miner saying that port capacity of 3.6 million tonnes a year at Port Waratah Coal Services remained a constraint during the quarter. However the new NCIG coal export terminal at Newcastle, of which Whitehaven owns 11%, shipped its first coal in late March and is now ramping up to capacity. Whitehaven says as at March 31 the company had cash on hand of $164 million. Whitehaven Coals earnings for the year to June 30, 2009 came to $244.21 million.

The best performing sector at midday is the Health Care index, up 55 points to 8,489.

The worst performing sector is the Materials index, down 277 points to 12,428.

Gold is trading at US$1,165.90 an ounce and the Aussie dollar is trading at 91.88 US cents.

MORNING TRADES

RAW: .205c/.23c
ESI: .027/.028c

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