Archive for May, 2009

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    • Aussie dollar s rally thrills the analysts

    Tuesday, May 26th, 2009

    The Australian dollar s recent rally is causing analysts to describe it as being at the vanguard of a global recovery .

    According to this Bloomberg report, the AUD s recent upswing is an indicator of optimism among analysts that economies worldwide are recovering.

    The Aussie dollar has risen 21% since Feb 25, the fastest gain since it began freely trading in 1983. It s tipped to outpace all other top currencies.

    The good signs:

    • retail sales and export figures jumped in March
    • jobless numbers dropped in April
    • the continuing growth in India and China will secure a demand for our commodities
    • Australia s recession is considered shallow compared to those of the other G-10 economies

    On the other hand:

    • some analysts feel the AUD s rally doesn t have staying power
    • investors may turn instead to emerging markets with higher interest rates, such as Brazil and South Africa

    Source: Market Analyser Click here for a free trial.

    To get the details in the Bloomberg article, click here.

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    Tuesday, 26th May 2009 Morning Wrap

    Tuesday, May 26th, 2009

    Presented by Michael Hevern
    MDSFinancial

    Click here to watch the presentation.

    or

    Click here to download the mp3 audio recording (798Kb).

    General Advice Only

    *************************************************
    In this morning s wrap

    DOW: closed (Flat Last Week)
    3-day Weekend

    NASDAQ: closed (up 0.5% Last Week)

    FTSE: Closed (up 0.6% Last Week)
    Closed;
    DAX flat 0.01% & CAC up 0.4%

    NIKKEI: up 1.3 % (down 0.5% Last Week)
    GS says Buy: Komatsu
    &Hitachi Construction

    Hang Seng: up 0.4 % (up 43% from March Lows)
    India up 14% Last Week (1992)

    Oil: down 0.3% ($61) (up 9% Last Week)
    Low Volumes;
    US Inventories Down

    Gold: flat ($958) (up 3% Last Week)
    Commodities Closed;
    USD Lower (4 month Lows)

    SPI down 8 (0.2%) (up 1% Last Week)
    SPI: Critical Level(s): 3800 to 3600
    Financials Drag; Swine Flu Weighs

    A$: Approaching 80 cents (AUDUSD)
    Commodities Improving;
    Interest Rates Higher

    ASX News

    RIO FIRB pre-meeting – Chinalco deal concerns
    OZ Prominent Hill; Minmetals deal
    ASIC removes the Short-Selling Ban on Financials see Special Report
    MQG & PPT Biggest losers down 6.6% & 9% respectively
    $A Strength starting to hurt our exporters; helps importers
    Golds to support
    Materials, Financials and Energy flat
    ASX to open flat; US & UK closed

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    US Markets Closed for Memorial Day on 25/5/2009

    Tuesday, May 26th, 2009

    US Markets were closed last night for the Memorial Day holiday.

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    Bondi Mining Share Purchase Plan

    Tuesday, May 26th, 2009

    Bondi Mining Ltd (BOM) is pleased to announce that it has reached agreement to raise up to $795,150 by placement of up to 8,835,000 shares at $0.09 per share to clients of Taylor Collison and to other sophisticated investors in accordance with section 708 of the Australian Corporations Act 2001 (Cth).

    Bondi is also pleased to announce that it intends to undertake a Share Purchase Plan following completion of the Placement. The subscription price for each Share under the Share Purchase Plan will be 9.0 cents per share, in line with the pricing of the placement.

    Details of the SPP with respect to timing will be announced shortly.

    www.bondimining.com.au

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    Nufarm Share Purchase Plan

    Tuesday, May 26th, 2009

    Nufarm (NUF) announced on the 15/5/2009 that they would be conducting a Share Purchase Plan to raise additional capital. The record date was 20/5/2009 on which shareholders must own the share to participate in the SPP and the closing date is 17/6/2009.  Shares will be issued on 24/6/2009 and begin trading on 25/6/2009.   A maximum of $15,000 can be purchased by each shareholder at $11.25 or a 2.5% discount to the Volume Weighted Average Price (VWAP) prior to the issue date.  

    Discount : 6.8% Liquidity : Good Profitability : Good Stability : Good

    http://www.nufarm.com/

    * Note: Discount is based on the closing price on the 25 May 2009.

     

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    Nufarm Share Purchase Plan

    Tuesday, May 26th, 2009

    Nufarm (NUF) announced on the 15/5/2009 that they would be conducting a Share Purchase Plan to raise additional capital. The record date was 20/5/2009 on which shareholders must own the share to participate in the SPP and the closing date is 17/6/2009. Shares will be issued on 24/6/2009 and begin trading on 25/6/2009. A maximum of $15,000 can be purchased by each shareholder at $11.25 or a 2.5% discount to the Volume Weighted Average Price (VWAP) prior to the issue date.

    Discount : 6.8% Liquidity : Good Profitability : Good Stability : Good

    http://www.nufarm.com/

    * Note: Discount is based on the closing price on the 25 May 2009.

    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/

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    Diploma Group Signs $550 million Contract

    Tuesday, May 26th, 2009

    Diploma Group LLC, a wholly owned subsidiary of Diploma Group Limited (DGX) signed a Memorandum of Understanding with Baniyas Investment & Development Company (BID) for the construction of Phase 2 of the Bawabat Al Sharq project in Abu Dhabi. The AED $550 million (approximate AUD $200  million )  Bawabat Al Sharq project is a multi-use development in Abu Dhabi, Bani Yas.  Diploma will construct  170 to 200 residential  villas and 13 apartment buildings varying from 6 to 7 storeys  high.  The project will be undertaken as a cost plus contract. Phase 3, a proposed further stage of the Project,  may commence during the construction of Phase 2 which is expected to run for 2 years. A construction contract will now be prepared and executed by the parties prior to 30 June 2009. 

    Diploma Construction’s Managing Director, John Norup said “The company is pleased to have secured the MOU with Baniyas on such terms. It is a great result given Diploma’s involvement over the past 4 months in the design and cost planning of the project,” Mr Norup said. 

    Diploma Group Limited established an entity, Diploma Group LLC, in the Emirate of Sharjah, United Arab Emirates. It secured an unlimited building license is this Emirate in June 2008. The Company was established with an initial paid up capital of  AED $10 million and is 100%  beneficially owned by Diploma Group Limited.  The Al Naboudah Group of Companies has diverse business interests including transport, construction, general contracting and provider of other services. Diploma sees the United Arab Emirates as providing significant future  growth for the company. The level of Government spending, the strength of the local banking system and vision of the Government for future growth and investment all bodes well for the business. 

    http://www.diploma.com.au/ 

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    RCR Tomlinson Secures $150 millon BHP Contract

    Tuesday, May 26th, 2009

    RCR Tomlinson Ltd (RCR) is pleased to announce that a contract has been received from BHP Billiton Iron Ore, for the design and construction of primary and secondary crushing facilities including overland conveyors. The contract is associated with BHP Billiton Iron Ore’s Rapid Growth Project 5 in the Pilbara  and  is  valued  at  approximately  $150  million.  Design  work  will  commence immediately with construction completion scheduled for the first quarter 2011. The contract will be carried out by LORRCRPT, a 68/32 joint venture between Laing O’Rourke Australia Construction Pty Limited, RCR Engineering Pty Ltd and Positron Trident Pty Ltd. 

    RCR Chief Executive Officer, Mr John Noordhoek, said that the contract award was a significant result for the joint venture.    “This  announcement provides us with the opportunity to continue to strengthen our valued relationship with BHP Billiton Iron Ore. Our ability to continue winning new work from blue chip clients in the current climate is a testament to the strength and quality of our broad product and service offering.” 

    RCR Tomlinson Ltd (RCR) is  a  leading  multi-disciplinary  engineering  company  specialising  in  the  design, manufacture and maintenance of heavy equipment and industrial boiler systems and site  maintenance  and  construction,  employing  some  2,300  personnel  and contractors. 

    www.rcrtom.com.au

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    CogState Secures Another $1.8 million Contract

    Tuesday, May 26th, 2009

    Leading cognitive testing technology provider, CogState Ltd (CGS), today announced that is has signed a contract which is a phase 2 schizophrenia study, entailing 75 clinical trial sites in 24 languages, which will be worth in excess of $1.8 million over two years.

    After taking into account the contracts signed over the last seven weeks, CogState’s contracted future revenue has increased to $5.4 million, 170% improvement compared to $2.0 million of contracted future revenue as at 31 May 2008. For the year ending 30 June 2009, CogState has maintained its profit guidance of Net Profit After Tax (NPAT) in the range of $1.5 – $1.75 million for the year. The average value of each contract signed has increased from $0.135 million in FY2008 to $0.309 million in FY2009 reflecting CogState’s increased use in larger clinical trials.  

    Mr Brad O’Connor, Chief Executive of CogState said: “This is an outstanding result and reflective of the defensive nature of our industry. While we anticipated there was going to be a slight reduction in research and development spend for pharmaceutical companies, we continue to see new business opportunities in larger, later stage clinical trials, particularly in phase 2 clinical trials. Lead indications such as Schizophrenia and Alzheimer’s disease remain important to pharmaceutical companies and this is a key area of specialisation for us. ” 

    CogState Ltd specializes in the development and commercialization of rapid, computerized tests of cognition (brain function). The tests are sold to pharmaceutical, biotechnology, nutraceutical and functional food companies to quantify the effect of drugs or other interventions on human subjects participating in clinical trials.

    Since sales into the clinical trials market began in 2004, CogState has secured agreements with organizations including Pfizer, AstraZeneca, GlaxoSmithKline, Merck, Centres for Disease Control (USA), Lundbeck and Novartis.  CogState is currently expanding its existing activities in the US and European clinical trial markets. 

    www.cogstate.com

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    Special Report – Short Selling Ban Lifted

    Monday, May 25th, 2009

    The Australian Securities and Investments Commission (ASIC) today said it would lift the current ban on covered short selling of financial securities from market open today, 25 May 2009. ASIC will still monitor the market by continuing to require the daily reporting of gross short sales and the publication to the market of aggregate short sales the day after trading.

    We have taken this opportunity to review the sectors and key stocks affected by this move. To view our full report, click here.

    By Michael Hevern
    Head of Research

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