tweets, news source, 1.25 chart resistance

First post did have (Dow Jones) on it. $1.25 is the technical resistance on the chart that needs to hold imo.


0133 GMT [Dow Jones] Decision by East China Exploration & Development Bureau, or ECE, to stand back from rare earth explorer Arafura Resources's (ARU.AU) A$90 million placing seems anomalous given China's strategic interest in controlling rare earths. But BBY analyst Andrew Sullivan sees attractions of such stakes to Beijing dwindling since Australia's Foreign Investment Review Board signalled unwillingness to countenance Chinese majority stakes in rare earths miners last year, in attaching minority-holding condition to China Nonferrous Metal Mining (Group)'s bid for Lynas Corp. (LYC.AU). ECE has already ducked one capital raising earlier this year, reducing its ARU stake from original 25% to 22.2%; will fall to 17.6% after latest cash call. "Originally when they were buying in they thought they'd be able to push for a position of control but since that's not the case they're happy to just sit where they are," says Sullivan. Arafura last down 6.5%, or 9 Australian cents, at A$1.295. ([email protected])


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November 01, 2010 21:33 ET (01:33 GMT)