daytrades march 10 afternoon, page-2

Thanks HLL

The Australian stock market had moved into the red at noon on Wednesday after eight straight session of gains, led by weaker materials and property sectors.

All Ordinaries index had dropped 5 points, or 0.11 per cent, to 4,824 points.

The RBA?s decision to raise interest rates this month has done little to dent consumer confidence judging by a new survey. The Westpac/Melbourne Institute index of consumer sentiment rose 0.2% to 117.3 points in March from 117 points in February.

Analyst said ?The market was due for profit-taking with investors now taking money out of cyclical fast-moving stocks and moving into more defensive shares. Disappointing housing finance figures released on Wednesday morning also had affected the market. Property trusts are getting hit the most but also materials are down on the back of weaker leads from the US and weaker base metal prices in London. On the upside, the market is fairly defensively postured at the moment with telecommunications and utilities the best performing sectors. The market was likely to drift further into the red.?

Explorer Molopo Energy (MPO) says it has lifted proven and probable reserves at its Queensland coal seam gas fields by over 250%. The company says the reserve estimate at its Mungi gas field and surrounding areas has increased from 50 to 176 pet joules, giving it the largest 2P reserves position in Queensland not subject to firm supply contracts.
As a result of Molopo?s development focus over the past two years, the company?s share of Mungi reserves should now increase to 71.9%. Molopo Energy reported a profit of $72.59 million for the 12 months to June 30, 2009.

Atlas Iron Ltd (AGO) and junior iron ore developer Aurox Resources (AXO) have agreed to merge via a scheme of arrangement. The merger will see Aurox shareholders receive one Atlas share for every three Aurox shares held. Aurox says the agreement implies a price per Aurox share of $0.74 based on Atlas Iron?s last closing price of $2.21, representing an increase of 173% on Aurox?s last share price. Aurox?s board has unanimously recommended that all shareholders vote in favour of the merger. Aurox says the merger will provide shareholders with the chance to participate in Atlas Iron?s rapidly growing production profile, which will help to position the company as a global iron ore producer. The merged company will have 187 million tonnes of resources. Shares in Atlas Iron are 1.81% lower at $2.17.

The best performing sector at midday is the Telco Services index, up 15 points at 1,016.

The worst performing sector at noon is the Real Estate Investment Trust index, down 18 points to 874.

Gold is trading at US$1,121.90 an ounce and the Aussie dollar is trading at 91.36 US cents.

QUICH TRADES

AKK: 6c/.069c
WRR: .014c/.016c and .012c/.013c
AXO: Holding from .64c
AKK:Q @.041c

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

Take profits - Nothing is more frustrating than watching a winning trade turn into a loser. Small consistent gains will add up. You will fail in the long run if you always swing for the fences.