daytrades march 16 afternoon

Originally posted by highlandlad ↑

Thanks HLL

A disinterested market produced directionless trading on Tuesday morning, with the release of minutes from the Reserve Bank of Australia's (RBA) March meeting adding no impetus by noon.

All Ordinaries index rose 10 points, or 0.21 per cent, to 4,809 points.

The minutes of the RBA?s monetary policy meeting on March 2 reveal that mounting evidence the economy was quickly returning to normal drove its decision to raise interest rates this month. The minutes imply that the central bank will continue to nudge rates higher over the medium term, but is in no immediate hurry and may spare homeowners another rise until May. The underlying inflation rate is expected to fall from its current 3.25% in 2009 to 2.5% in the year ahead.

Analyst said investors had lacked conviction and interest over the past two weeks, and that the local market had hit a flat spot following corporate reporting season in February. That sort of theme is showing itself overseas as well. We're seeing extremely low volumes overseas and domestically. The market continues to be range-bound between 4,500 points and 4,800 points.

Liquefied Natural Gas Ltd (LNG) has stopped work at the Fisherman?s Landing LNG project its shares with Arrow Energy Ltd. The company says it has placed ongoing early site works on hold pending Arrow?s decision on whether to accept a joint takeover bid from Royal Dutch Shell and PetroChina. Twenty workers were stood down and equipment demobilised at the site in Gladstone, Queensland, late last Friday. Liquefied Natural Gas Ltd reported a loss of $19.54 million for the 2009 financial year.

Zinc miner CBH Resources Ltd (CBH) has received an alternative takeover offer to the one made by Belgian metals group Nyrstar. Shares in the company entered a trading halt today pending an announcement about the competing bid. The Sydney-based miner says it expects to make an announcement before the start of trading on Thursday. Nyrstar is offering 19.5 cents per CBH share and $750 per convertible note in a bid worth a total of $290 million. CBH Resources rejected Nyrstar?s initial takeover offer, which valued the company at $213 million. Shares in CBH Resources last traded at $0.17.

The best performing sector at midday is the Telco Services index, up 20 points at 1,061.

The worst performing sector is the Energy index, down 121 points to 15,332.

Gold is trading at US$1,109.55 an ounce and the Aussie dollar is trading at 91.3 US cents.

Quick trades
MOG:.175/.18
KZL: .815/.825

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