Online Stockmarket Trading Update

Making the news today…

• The OZ Minerals share price dropped 15.4% yesterday, with investors fearful that OZ s banks won t come to the party by tomorrow s deadline. There were plenty of buyers as well though, with over 125 million shares being traded.

• Economic recovery in the US could happen as early as 2010. With a rare spark of optimism, US Federal Reserve Chairman Ben Bernanke told Congress that recovery was possible if policymakers were successful in restoring financial stability.

• Sol Trujillo will be departing Telstra in June, after four years of aggressive and often controversial changes as CEO. Let s see if the change of leadership brings about a reconciliation between the telco and the federal government.

• Fortescue Metals has scrapped plans for a $500 million capital raising, as Chinese Hunan Valin is willing to pay a much higher price for its shares than Australian institutional investors.

Stocks for your watchlist:
OZ Minerals: OZL.AX (ASX)
Fortescue Metals Group: FMG.AX (ASX)
Telstra: TLS.AX (ASX)

Further Information:
The Age
The Australian (1)
The Australian (2)

Tags: ASX, ASX News, Australian financial news, Business News, Fortescue Metals, global recession, investors, OZ Minerals, shareholders, Telstra

This entry was posted on Thursday, February 26th, 2009 at 11:12 am and is filed under ASX Company News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.