You are currently browsing the Online Stockmarket Trading Update blog archives for March, 2009.
The US markets closed higher after a strong rebound during the last hour . The Dow closed up 89 points or 1.1% at 7749, the S&P500 was up 7 points or 0.9% at 813 and the Nasdaq was up 12 points or 0.8% at 1528.
Gold reboundedclimbing $12.00 to $938/oz and crude oil fell down by $1.21 to $52.77/bbl.
Maxi Trans (MXI) announced on the 26/03/2009 that they would be conducting a Share Purchase Plan to raise additional capital. The record date is 19/03/2009 on which shareholders must own the share to participate in the SPP and the closing date is 16/04/2009. Shares are expected to be issued on 24/04/2009 and commence trading on 29/04/2009. A maximum of $5,000 can be purchased by each shareholder at a discount of 5% to the VWAP.
IM Medical (ASX:IMI) announces that it has entered into an ‘in principle’ agreement’ to acquire, a Melbourne Radiology and Imaging business, as a complement to its Intelliheart testing product and as a part of increasing the suite of diagnostic products that the company is able to offer. The in principle agreement is to acquire the business of Melbourne Specialist Imaging (MSI) which is owned by Melbourne radiologist, Mark Scott and associates.
MSI currently has 6 locations providing a range of diagnostic imaging services. It is recognised as the leading Head and Neck imaging practice in Victoria. Based on information provided to date and subject to the Independent Expert’s Report, the directors anticipate that the acquisition will provide close to $7 million in revenue over the next 12 months and will be earnings accretive in 2008/09.
Origin (ORG) today outlined plans to capture more than one quarter of the carbon dioxide (CO2) output of the Lang Lang BassGas gas plant for commercial reuse. Origin, on behalf of the joint venturers in the BassGas project, AWE and CalEnergy, has signed an agreement with Air Liquide to supply CO2 to a new recovery unit which will be constructed at the Lang Lang gas plant in Gippsland, Victoria. The CO2 recovered will be purified, liquefied and can then be re-used for various purposes including fire fighting, wine making, soft drink carbonation, food preservation and freezing. Origin’s Executive General Manager, Upstream Oil & Gas, Paul Zealand said, “Working with Air Liquide and supplying CO2 to their new and innovative CO2 recovery unit demonstrates our commitment to cleaner energy.”
http://www.originenergy.com.au/
LaserBond Ltd (LBL) the innovative engineering company specializing in environmentally friendly surfacing technologies, and maintenance/reclamation services, has been awarded a 3 year supply contract with Weir Minerals Australia (formerly Warman International) for the supply of a range of machined and coated components. This contract, worth approximately $9.6M over the next three years ($3.2Mper/year), is a further step in the development of a close relationship between Weir and LaserBond that began in 1993. This contract will commence July 1st, 2009 and will represent a 30% increase in turnover at the Ingleburn location.
Australia and New Zealand Banking Group Limited (ASX:ANZ) announces a three-point plan to accelerate its progress in becoming a leading foreign bank in China through local incorporation, opening additional branches and establishing a new rural bank in western China. ANZ’s growth strategy in China through its own brand and partnerships focuses principally on three high-growth regions – the Yangtze River Delta including Shanghai; the Pearl River Delta including Guangzhou; and the Bohai Bay area including Tianjin and Beijing. In addition, ANZ will use its agri-business expertise to seek further banking opportunities in rural China in support of the Chinese Government’s rural reform strategy.
Speaking in Hong Kong, ANZ Chief Executive Officer Mike Smith said ANZ had a clear plan for organic growth in China and was making good progress toward its aspiration to be a leading foreign bank in China by 2012. Mr Smith said: “With the significant slowdown in the US and European economies, the importance of China and Asia to the future of the world economy is now more obvious than ever.“ Our plans in China build on an involvement dating back to 1947. By continuing to expand our presence, we want to play our part”
Myer was able to give us some good news yesterday, announcing a significant profit increase despite the anticipation of falling sales, and the adverse impact of the GFC on plans to open 15 new stores.
Myer s half-year net profit rose 5.3% to $83 million, due to line by line cost cutting, a streamlined supply chain, and a strategy designed to target a broader range of customers than its upmarket rival David Jones.
The strategy, adopted after Myer was offloaded by the former Coles Myer group and taken up by private equity firm TPG, seems to have afforded the company more resilience to the current financial crisis.
While DJs has targeted a niche affluent demographic, Myer has been able to attract a wider range of customers.
In making these analyses yesterday, the Myer CEO also indicated a public float of the company would not happen until 2011 at the earliest.
In other good retail news, Oroton posted a net profit of $12.5 million, an increase of 20.4% – proving once and for all that people still need quality handbags even in a financial crisis.
More info here:
The Australian Financial Review
Presented by Michael Hevern
MDS Financial
Click here to watch the presentation.
or
Click here to download the mp3 audio recording (1052Kb).
General Advice Only
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In this morning s wrap
DOW: down 1.5% – Breakout?
Market Digests Impact of Public Private
Investment Program (PPIP)
NASDAQ: down 2.5%
Profit Taking
FTSE: down 1% – Breakout?
Miners and Financials see Profit Taking;
DAX up 0.3% & CAC up 0.2%
NIKKEI: up 3.3%
Deflation Looms Consumer Prices Stalled;
Hang Seng up 2%
Oil: down 0.4% – Above $53
PPIPs $1T to Stimulate
World economies
Gold: down 3% ($937)
Commodities Down
USD Up
SPI: Critical Levels: 3640 & 3440
SPI down 25;
ASX200 At Resistance
ASX News
* GCL cashed up; in play says NHC chairman
* NAB Chief to address Chamber of Commerce
* ORL 1H09 profit up 20%; Rev up 11%; cost cuts
* Energy and Gold stock to weaken
* Financials to see profit taking
* RBA Glen Stevens to speak tonight
* ASX to open flat US Fed printing money
Every Day Mine Services Limited (EDS) advises that they have today received firm commitments from investors to raise $537,500 at an issue price of $0.04 per share. The s. 708 excluded investor placement was subscribed for by directors, senior management and existing shareholders of EDMS. In accordance with the ASX Listing Rules and Corporations Law, EDMSwill be required to convene a shareholder meeting to approve the issue of shares to the directors of the Company. In addition to the placement, the Directors are also pleased to advise that existing shareholders are being offered the opportunity to subscribe for shares on the same terms through a share purchase plan.
Under the terms of the SPP, investors registered at the determined record date will be entitled to subscribe for a minimum share parcel of $2,000.00 and a maximum share parcel of $5,000.00. Should the maximum number of shares permitted to be issued be subscribed for, an additional $1.1m will be raised by the Company.
http://www.everydaymineservices.com.au
For More Share Purchase Plans go to http://blog.mdsfinancial.com.au/category/share-purchase-plans/
To Buy Shares And Participate in Share Purchase Plans … use Trader Dealer http://www.traderdealer.com.au/
Ramelius Resources Limited (RMS) advises that the Company has successfully completed a A$13.4 million placement to institutional and sophisticated investors which will strengthen the Company s balance sheet prior to commencement of underground mining at the high grade Wattle Dam gold mine in Western Australia. Ramelius successfully placed 25.3 million fully paid ordinary shares in the Company at an issue price of $0.53 per share raising A$13.4 million before costs.
The placement to Australian and international investment funds and sophisticated investors resulted in strong demand and was managed by Bell Potter Securities Limited.Adelaide Equity Partners acted as corporate adviser to Ramelius.
Ramelius is also pleased to announce that shareholders in the Company will be given the opportunity to subscribe for shares via a Share Purchase Plan ( SPP ) which will raise up to A$7m.
http://www.rameliusresources.com.au
For More Share Purchase Plans go to http://blog.mdsfinancial.com.au/category/share-purchase-plans/
To Buy Shares And Participate in Share Purchase Plans … use Trader Dealer http://www.traderdealer.com.au/
