daytrades april 9 afternoon, page-2

Thanks HLL

The Australian share market was marginally stronger at noon, driven by gains in energy and mining stocks amid heightened takeover activity in the coal sector.

All Ordinaries index had added 9.6 points, or 0.19 per cent, to 4,969.9 points.

Analyst said "There's not been huge movement anywhere in particular, but the energy sector and the miners are doing pretty well. For the week, the market has gained about one per cent."

Petroleum and gas explorer Icon Energy Ltd (ICN) has signed a memorandum of understanding with a subsidiary of Chinas SinoGas Group on a deal worth close to $32 billion for the supply of liquefied natural gas. The exclusive deal with Shenzhen Sino Industrial Development Company is for the delivery of 40 million tonnes of liquefied natural gas over a 20 year period. Icon says detailed terms of the gas sale agreement are to be negotiated and executed by August 31, 2010. The company says the deal positions Icon Energy as the exclusive supplier of around 2.2 trillion cubic feet of LNG over the 20 year life of the agreement. Icon says it plans to meet the contractual requirements via its current tenements in South Australia and Queensland, arrangements with existing joint venture partners, new farm-in agreements and the securing of additional tenements. Icon Energy posted a loss for the 2009 calendar year.

Following the success of BHP Billiton Ltd (BHP) and Brazils Vale in securing quarterly iron ore pricing contracts, global miner Rio Tinto Ltd (RIO) says it is currently negotiating similar contracts with its customers. The move is a shift away from the traditional annual contracts that have been in place. Chief executive of iron ore and Australia, Sam Walsh, says Rios position reflects the recent structural shift in the iron ore market away from benchmark pricing. Rio Tinto earned $5.4 billion in 2009.

Iron ore miner Gindalbie Metals Ltd (GBG) says it has signed a mandate letter and term sheet for a US$1.2 billion loan facility for the companys Karara iron ore project in Western Australia. The 12 year Karara project loan facility is being provided by China Development Bank and Bank of China, with Gindalbie saying both have shown enormous support and enthusiasm for the project. The conditions of the facility agreement and security documentation for the loan are currently being negotiated to complete the project debt arrangements. Gindalbie Metals fiscal 09 profit came to $26.22 million.

The best performing sector at midday is the Telco Services index, up 8 points at 1,058.

One of the worst performing sectors is the Health Care index, down 23 points to 8,975.

Gold is trading at US$1,151.50 an ounce and the Aussie dollar is trading at 92.84 US cents.

MY TRADES
ICN: Bought at .385 and still holding. (This is going to rally)
IPL: Watching



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