daytrades march 11 afternoon, page-4

Thanks HLL

The local share market has inched higher at midday, investors cautious after mixed leads from offshore markets but shares in the miners edging up on expectations for stronger iron ore and coal prices.

All Ordinaries index had lifted 7 points, or 0.16 per cent, to 4,837 points.

In economic news, a new survey shows consumer price pressure fears were flat in March. The Melbourne Institute Survey of Consumer Inflationary Expectations reveals the median expectation remained at 3.2%. But the number of people who expect prices to remain stable over the coming year fell to 18.6%, down from 21.7% in February.

AGL Energy Ltd (AGK) says it is open to deals with Royal Dutch Shell if it succeeds in acquiring Arrow Energy Ltd. The company, which shares the Moranbah coal seam gas field with Arrow, has told the Australian Financial Review that it will consider selling its stake in the gas field in the event of an offer from Shell. CEO Michael Fraser says the company is also likely to accept any offers to sell Moranbah gas into Shell?s proposed LNG facilities. International energy giants Shell and PetroChina made a joint $3.3 billion bid for Arrow on Monday, offering shareholders $4.45 in cash per share, plus a share in a new entity comprising Arrow?s international business. Analysts have valued AGL?s 50% stake in the Moranbah gas field at $1.4 billion. Shares in AGL Energy are 0.47% lower at $14.92.

Two long-term supporters of Fortescue Metals Group Ltd (FMG) have reportedly sold large chunks of their shareholdings in the iron ore miner. The company says it has received no explanation from its two biggest US shareholders, New York hedge funds Harbinger Capital and Leucadia Capital, about why they have each sold about 30 million shares. Leucadia told the ASX this week that it sold 30 million shares on February 20 for $US121.5 million, cutting its stake in the company from 9% to 8%. Fortescue Metals Group booked a profit of $626.13 million for the 2009 financial year.

Most sectors are in positive territory at midday. The best performing sector is the Telco Services index, up 21 points at 1,048.

The worst performing sector is the Industrials index, down 16 points to 3,970.

Gold is trading at US$1,108.60 an ounce and the Aussie dollar is trading at 91.32 US cents.

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