daytrades march 8 afternoon, page-2

Thanks HLL

The Australian share market was almost one per cent higher at noon, led by the major resources stocks, as BHP Billiton secured a coking coal contract and Arrow Energy received a takeover offer.

Ordinaries index rose 50 points, or 1.06 per cent, to 4823.

Analyst said "It's a perfect storm for rising share markets. We had a strong lead out of the US on the back of some better than expected jobs numbers. We've seen BHP secure 200 tonnes of their coking coal for the quarter, and we've had some corporate activity involving Arrow and Shell."

Arrow Energy Ltd (AOE) says it has received a conditional takeover offer from a company jointly owned by Royal Dutch Shell and PetroChina. The gas explorer and producer says the non-binding indicative proposal would allow shareholders to receive consideration of $4.45 cash per share plus an interest in a new entity comprised of Arrow?s international business. The cash offer values Arrow at almost $3.26 billion. Arrow has previously announced its intention to conduct an initial public offering (IPO) of its international business. Arrow shareholders have been advised to take no action in relation to their shares at this stage. Arrow Energy posted a profit of $366.85 million for fiscal 2009.

JB Hi-Fi Ltd?s (JBH) outgoing CEO Richard Uechtritz has sold half a million shares in the electronics retailer to raise almost $10 million. In documents filed with the ASX today, the company has revealed Mr Uechtritz sold the shares between March 1st and March 5th for $9.87 million. He still holds one million ordinary shares in JB Hi-Fi and 621, 923 options over shares in the group. Last month, Mr Uechtritz, said he would step down in July or August to be replaced by the company?s COO Terry Smart. Shares in JB Hi-Fi dropped 1.19% to $19.93.

And all sectors are in positive territory at midday. The Energy index is the frontrunner, up 567 points at 15,435.
The worst performing sector at midday is the Industrials index, up 3 points to 3,967.

Gold is trading at US$1,134.30 an ounce and the Aussie dollar is trading at 90.9 US cents.

QUICK TRADES
KTE: Twice .095/.11 and .10/11c
NIP: Sold..Small lost with over night kept.

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