daytrades march 29 afternoon, page-2

Thanks HLL


After opening slightly higher, the Australian share market has slipped into the red at midday following a lack of direction from offshore trading.

All Ordinaries index was down 2 points, or 0.03 per cent, at 4,903.

PanAust Ltd (PNA) directors have approved a gold and silver mining operation in Laos following a successful feasibility study. The company says the study was based on an open pit mining operation feeding ore to a process plant to produce over 100,000 ounces of gold and 700,000 ounces of silver per year. The mineral resource has been estimated at 42.7 million tonnes, grading 1.1 grams per tonne of gold and 8 grams per tonne of silver for 1.6 million ounces of contained gold and 11 million ounces of silver. The total ore reserve is estimated at 28 million tonnes of ore.

Internet service provider iiNet Ltd (IIN) has requested a trading halt for the second time in a fortnight to allow it to prepare an announcement regarding a material acquisition. On March 11, the company was forced to issue a share suspension to respond to media speculation that it was going to take over rival Netspace for between $60 and $75 million. The company confirmed it was in talks with Netspace about a possible acquisition, but said the figure quoted was well below the price being discussed. Shares in iiNet last traded at $2.45.

The best performing sector at midday is the Real Estate Investment Trust index, up 4 points at 871.

The worst performing sector is the Energy index, down 105 points to 15,834.

Gold is trading at US$1,107.10 an ounce and the Aussie dollar is trading at 90.62 US cents.

Short EWC and COH
OBL: Watching to re enter

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