daytrading july 29 morning, page-98

News Summary

Ferret's MARKET REACTORS - what's hot and what's not

29 Jul 2011 12:00:00



Sydney - Friday - July 29: (RWE Australian Business News) -

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Some share price moves to keep an eye on in the market:

OCEANAGOLD (OGC) down 35c to $2.33: Plumbed $2.17 after net profit fell 48pc to $US4.15m in the June quarter from $US7.96m a year ago. For the half-year, net profit rose 94pc to $18.92m from $9.77m.

KORAB RESOURCES (KOR) up 6.5c to 21c: Went as high as 25c after being approached by a major Japanese trading house in relation to securing offtake agreements for supply of 150,000 tonnes per annum of Geolsec organic phosphate.

SCANDINAVIAN RESOURCES (SCR) up 4c to 44c: Has announced an updated global JORC-compliant resource of 412.1Mt at 39.9pc Fe for the Kiruna Iron Project in northern Sweden.

VIENTO GROUP (VIE) up 0.5c to 14c: Follows takeover bid by Mariner Corporation (MCX) of 17c a share, subject to 90pc acceptance. Mariner is trading steady at 0.4c.

WESTFIELD GROUP (WDC) down 9c to $7.96: Has agreed in principle with The Port Authority of New York and New Jersey on commercial terms for a JV of the retail premises at the World Trade Centre site. Westfield will invest $US612.5m for a 50pc share of the JV.

ORBITAL CORPORATION (OEC) down 5c to 33c: Expects underlying net profit of $200,000 compared with a loss of $2.6m last year.

NSL CONSOLIDATED (NSL) down 1.3c to 6.7c: Will raise $4.3m with a 1-for-8 issue and a placement at 5.5c a share to support the Kurnool beneficiation strategy, which will process low-grade iron ore from the existing Kuja and Mangal iron ore mines in Kurnool in India.

NOVOGEN (NRT) down 3.5c to 20c: Rose 7c yesterday after subsidiary Marshall Edwards reported results from a pre-clinical study of NV-128 showing activity in chemo-resistant ovarian cancer stem cells.