daytrades april 8 afternoon, page-3

Thanks HLL


The Australian stock market remained in the red at noon after a weak US lead and profit-taking activity.

All Ordinaries had fallen 23.1 points, or 0.46 per cent, to 4,960.1 points.

In economic news: Data released by the ABS shows that the unemployment rate remained steady at 5.3% in March, as expected. The result, which follows the RBAs decision to lift rates by 25 basis points to 4.25% on Tuesday, is being seen as a good sign that Australias job market is firming.

Arrow Energy Ltd (AOE) says it has found a potentially major coal-seam gas resource in New South Wales. The company says it will move swiftly to confirm the gas production potential of the find. According to The Australian, CEO of Australia Shaun Scott says early test results confirm the presence of a significant gas resource located only 15 kilometres from an established gas market in Newcastle. Arrow says it could earn up to a 50% interest in the relevant NSW tenements where the find has been made, with the rights to the acreage contained in a new de-merged entity called Dart Energy. Junior Apollo Gas Ltd (AZO) is a partner in the project with Arrow. Arrow earned $366.85 million in the 12 months to June 30, 2009.

The best performing sector at midday is the Telco Services index, up 12 points at 1,047.

The worst performing sector is the Materials index, down 141 points to 13,126.

Gold is trading at US$1,147.05 an ounce and the Aussie dollar is trading at 92.68 US cents.

Morning trades

MTE: .275/ sold at .30c
EER: .20c/.215c but second trade lost .195/ out at .18
watching EER to re enter.

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