You are currently browsing the Online Stockmarket Trading Update blog archives for December, 2011.
Toxfree Solutions (TOX) announced on the 15/12/2011 that they would be conducting a Share Purchase Plan to raise additional capital. The record date was the 14/12/2011 on which shareholders must own the share to participate in the SPP. The closing date is still to be announced. A maximum of $15,000 can be purchased by each shareholder at $1.91.
Discount : 8.2% Liquidity : Good Profitability : Good Stability : Good
*Note: Discount is based on the closing price on the 15 December 2011.
Tox Free Solutions Limited (TOX) announces that it has signed a binding acquisition agreement with DoloMatrix International Limited under which (subject to the satisfaction of certain conditions precedent) Toxfree will acquire Chemsal, BCD Technologies, Entech Industries and Waste Audit, from DoloMatrix, for $58.0 million. Chemsal and BCD Technologies are leading waste management businesses specialising in waste collection, recycling and destruction services within the hazardous waste sector. Chemsal and BCD Technologies operate facilities in Brisbane, Sydney, Melbourne, Adelaide and Perth. Entech Industries and Waste Audit are environmental consulting businesses.
The acquisition represents an attractive opportunity for Toxfree to expand its services in hazardous waste and enhance its hazardous waste strategy throughout Australia. Chemsal and BCD Technologies operate in an attractive and expanding segment benefiting from a structural shift from landfill towards environmentally sustainable waste treatment and resource recovery.
Steve Gostlow, Managing Director of Toxfree, said, “Chemsal and BCD Technologies will enhance Toxfree’s earnings and asset base, and will position Toxfree as the industry leader in the hazardous waste sector in Australia.“ “Hazardous waste management is an attractive market for Toxfree, with strong growth underpinned by increased processing of hazardous materials and demand for specialist treatment and destruction services.” “Chemsal and BCD Technologies will add significantly to Toxfree’s existing presence in the hazardous waste sector and will materially expand our service offering for clients throughout Australia,” said Steve Gostlow.
Toxfree is acquiring the business assets, PP&E, intellectual property, inventory and trade receivables in the businesses. Toxfree will assume trade creditors and certain employee entitlements, but will not be assuming any of the cash or bank debt within DoloMatrix. Tox Free Solutions Ltd (TOX) is one of the largest integrated waste management, industrial service and environmental businesses in Australia. The Company offers a full range of waste management services through its national network of licensed waste treatment facilities. In addition Toxfree are fast becoming the leaders in onsite industrial services, waste minimisation, resource recovery and total waste management services.
http://www.traderdealer.com.au/Fundamentals/tox
Aspermont Limited (ASP) announced that it has reached an agreement to fully acquire Sydney-based Waste Management and Environment Media. Aspermont previously held a 30 per cent interest in the company. Established in 1988, WME Media is a significant and well respected brand in the environmental management and waste management sectors.
Aspermont CEO Colm O’Brien said: “We are delighted to welcome WME Media into the Aspermont Group. WME has numerous high quality print and online products and a strong membership base; and we anticipate expanding that market presence across all its current offerings. “The acquisition reflects Aspermont’s intention to continue its expansion into new sectors and we view WME Media as a strong addition to our existing products domestically and overseas.” WME Media CEO Ross May will continue to run the business through the transition period and work closely with Aspermont’s Australian General Manager Trish Seeney to identify synergies and a wide range of opportunities. The deal has a two year earn out and Aspermont will fund this through internal cash flow. Mr May said he was pleased the WME business would become a part of Aspermont. “Aspermont has been a tremendously supportive partner for WME over the past six years and this next step provides WME’s people and publications with a strong platform for future growth.”
WME Media is committed to helping Australian business and the environment industry build a sustainable vision for the future through its publications and other activities. WME serves the waste, water, air and environment business industries with a range of print and online publications. Products include WME and Inside Waste magazines, as well as the recently launched Business Environment Network online service, an umbrella for a suite of channels targeting sustainable business, the waste sector and water sensitive cities.
Aspermont Limited is an Australian-based international media group. Aspermont specialises in the production of business to business and business to consumer information services delivered through print, conferencing and online media channels. The company produces 17 print magazines and 10 online news services, numerous world leading conferences and a suite of additional services including industry specific search engines, archives and directories, tailored editorial facilities, and marketing and design capability. Aspermont offers its readers independent and newsworthy insights into carefully selected target markets, whilst offering its advertising partners end-to-end targeted advertising solutions.
http://www.traderdealer.com.au/Fundamentals/asp
Sandfire Resources NL (SFR) is pleased to advise that it has entered into a contract for the product (DSO) to be produced from its 100%-owned DeGrussa Copper-Gold Project in Western Australia. The contract is for the purchase of a minimum of 70,000 dry metric tonnes (dmt) of DSO between April 2012 and March 2013, representing the remaining 50 per cent of DSO production. The DSO will be produced as part of an initial open pit mining operation which is well advanced and on track to extract first chalcocite DSO in March 2012. Yunnan Copper will purchase the DSO on a CIF (Cost, Insurance and Freight) basis with the remaining commercial terms of the contract being confidential. The first shipment under the contract is scheduled for the second Quarter of 2012.
“I would like to take this opportunity to thank everyone within the Sandfire team for the diligent and focused way they have gone about their business this year, ensuring that 2012 will be the most important sales agreement with Yunnan Copper Corporation Ltd for the remaining high-grade Direct Shipping Ore second-largest alumina producer and largest aluminium producer in China, holds a controlling stake in Yunnan Copper. Sandfire’s Managing Director, Mr Karl Simich, said he was pleased to have commenced a relationship with one of China’s leading copper producers for the sale of DSO which completes off-take arrangements for DSO production from the DeGrussa Project. “This builds on the strong relationships and strategic partnerships we already have in place globally and ensures that we have comprehensive off-take arrangements in place to cover the entire output of high- grade direct shipping ore that will be produced during 2012 and into early 2013,” Mr Simich said.
http://www.traderdealer.com.au/fundamentals/sfr
* US stock markets traded lower for a third session, as US dollar strength produced crumbling commodity prices. News out of Europe continued to disappoint, with traders unimpressed by the details that have come out of the EU summit.
* European stock markets plunged overnight, as the euro dollar fell sharply below $US1.30 to its lowest level since January. The Stoxx Europe 600 index fell 2.1%.
* Asian stock markets ended mostly lower yesterday, with China approaching 3-year lows. Traders headed for the exits after the US Federal Reserve ruled out additional stimulus in the near-term and the European debt crisis remains front of mind.
* Commodities prices traded sharply lower. Gold prices moved to $US1,575 and crude-oil closed around $US95.
The SPI Futures is trading above the key pivot level of 4180, ending down -0.8% (or -32 points) at 4,147. The key levels for our index today are 4200 to 4080.
Yesterday Australian shares recouped early losses, despite the Reserve Bank of Australia dampening the mood and new economic data showing consumer confidence collapsed in December. The Westpac-Melbourne Institute index of consumer sentiment plunged -8.3% in December after a 6.3% rise in November. The index now stands at 94.7. These figures were especially disappointing in light of the RBA’s cut to interest rates at the start of November aimed at boosting economic activity.
In a speech yesterday the RBA’s deputy governor Ric Battellino dampened investor sentiment by saying that the Australian economy will inevitably suffer spillover effects from the European government debt crisis. However he tempered his remarks by saying that with few direct trade links to Europe, strong government finances, and our resilient banking system, we should be able to withstand the impact of the global crisis, providing the eurozone does not go into complete meltdown.
On a brighter note data released by the Bureau of Resources and Energy Economics (BREE) forecasts gold prices will recover to $US1,850 in 2012 and the Aussie dollar is forecast to trade around parity in 2012.
Shares in the All Ordinaries (XAO) generally eased again, closing flat at 4250, while the S&P/ASX 200 (XJO) closed flat at 4191.
Aussie traders are expected to be cautious again today, after the negative leads from the US and European markets, as traders fears over the eurozone debt crisis continued to undermine confidence, particularly after ratings agencies left national economies on “credit watch negative” after the promises from the EU summit failed to reassure. Materials stocks will again come under pressure after sharp falls in commodities prices overnight. Note there will be a flurry of activity early today with index options expiry.
See below for ASX listed companies in the news today.
US stock markets traded lower for a third session, as US dollar strength produced crumbling commodity prices.
News out of Europe continued to disappoint, as traders are unimpressed by the details that have come out of the EU summit. Traders also continue to be disappointed by the Fed’s comments that it’s in no rush to stimulate the US economy.
The Dow Jones Index sold down from the open, closing down over 100 points and below 12,000, as the index has fallen around -3% for the week. In the broader market the S&P500 fell over -1% and the Nasdaq underperformed down over -1.4%.
Commodity-driven stocks plunged led by energy related stocks, but resource and mining services stocks also plunged, with Caterpillar dropping -4.3%.
All ten company groups that make up the S&P index traded generally lower with Materials down -1.2%, Energy down -2.8%, Financials down -0.4%, Industrials down -1.2%, Technology down -1.5%, and Consumer Staples down -1.0%.
The Dow Jones closed down -1.1% (or -131 points) at 11,823, the S&P 500 index closed down -1.1% (or -14 points) at 1,211, the Nasdaq ended down -1.6% (or -40 points) at 2,539 and the smaller cap Russell 2000 was down -1.3%.
European stock markets plunged overnight, as the euro dollar fell sharply below $US1.30 to its lowest level since January. The Stoxx Europe 600 index fell 2.1%.
Continuing concerns over the European sovereign debt crisis combined with disappointment over policy inaction by the US Federal Reserve to provide stimulus to their economy near-term. Commodities sold down sharply due to a surging US dollar. There were sharp losses across the region and across all sectors.
The French CAC-40 plunged -3.3% with financials leading the declines after rumours that the French economy was the next in line to be downgraded. The German DAX 30 index fell 1.7%, as growth-sensitive auto makers were hit hard and energy stocks sold down sharply. In bond auctions overnight Italian 5-year borrowing costs have surged again with the government paying the highest yields of the euro era. The Italian market fell almost -3% on this news.
In London the FTSE 100 index closed down -1.1% (or 61 points) at 5,366, the German DAX was down -1.7% (or -99 points) at 5,675 while in France the CAC was down -3.3% (or -103 points) at 2,976. Spain was down -0.3% and Italy ended down -0.2%.
Asian stock markets ended mostly lower yesterday, with China approaching 3-year lows. Traders headed for the exits after the US Federal Reserve ruled out additional stimulus in the near-term and the European debt crisis remains front of mind.
Regional markets touched positive territory during the session, but the bears resumed control and markets were unable to hold on to gains. Trading volumes were low again as investors chose to stand aside with the Christmas break just over a week away. The Japanese Nikkei Stock Index closed lower again and in China the Shanghai Composite ended lower for a fifth straight session and looks set to retest 3-year lows in the near-term.
In China the SSE Composite was down -0.9% (or -20 points) at 2,228, while in Hong Kong the Hang Seng Index was down -0.5% (or -93 points) at 18,354 and in Japan the Nikkei 225 Index closed down -0.4% (or -34 points) at 8,519. The South Korean KOSPI was down -0.3% for the session, while the Indian market was down -0.9%.
The Dollar Index was higher at 80.54 on a lower Euro, while the Australian Dollar last traded lower at 99.03. Commodities prices traded sharply lower.
For the session the benchmark crude NYMEX for December delivery plunged -5.2% (or -$US5.22) to settle at $US94.95. Copper prices are seeking a support level as Copper for December delivery was lower -4.7% (or -16.2 cents) at $US3.2675. December gold was down sharply -5.2% (or -$U75.60) at $US1,575.
DOW – Downer EDI has sold its architectural and design business CPG Asia to China Architecture Design and Research Group for $147 million.
GOLD – Data released by the Bureau of Resources and Energy Economics (BREE) forecasts gold prices will recover to $US1,850 in 2012 and the Aussie dollar is forecast to trade around parity in 2012.
IAG – IAG the insurer is reported to be considering purchasing a stake in a Malaysian insurer, Kurnia Asia at a cost of around $690 million.
TLS – Telstra says its revised submission to the competition regulator regarding its participation in the national broadband network does not require further shareholder approval.
WBC – Westpac, Australia’s third-largest lender, says higher funding costs will put pressure on margins and it needed to balance economic realities before passing on central bank interest rate cuts to customers.
WES – Wesfarmers anticipates a $190 million writedown in its Coregas business as a result of amendments to its contracts with BlueScope Steel.
ASX – to open sharply lower
Commodities Stock Index down -2.4%
Gold Stocks Index down -2.2%
Oil Stocks Index down -3.0%
US ADRs – Broadly Lower
BHP down -1.5% & RIO down -2.5%; AWC down -2.7%
ANZ down -0.1% & NAB down -1.2%
NEM down -2.4%, JHX down -2.9% , NWS down -0.5%
By Michael Hevern
Head of Research
Independence Group (IGO) announced on the 14/12/2011 that they would be conducting a Share Purchase Plan to raise additional capital. The record date was the 13/12/2011 on which shareholders must own the share to participate in the SPP. The closing date is 31/01/2012. Shares will be issued on 7/02/2012 and begin trading on 9/2/2012. A maximum of $15,000 can be purchased by each shareholder at $4.00.
Discount : 0.0% Liquidity : Good Profitability : Good Stability : Good
*Note: Discount is based on the closing price on the 14 December 2011.
The Board of Tox Free Solutions Ltd (TOX) is pleased to announce it has entered into an agreement to acquire MMS Enterprises (Qld) Pty Ltd (MMS) based in Mackay, Queensland. The purchase price for the MMS business is four times achieved EBITDA over the next 12 months with an upfront payment of $3.9 million, comprising $3.3 M in cash and $600,000 in existing asset finance. This price also includes approximately $450k of net working capital assets. MMS achieved historical Earnings Before Interest, Taxes and Depreciation (EBITDA) of $1,000,000 in FY11 and is experiencing solid operating performance year to date. The value of MMS plant & equipment assets are $2 million which are included in this sale price. The acquisition of MMS provides Toxfree with access to MMS’s blue chip client base throughout the coal sector in the Bowen Basin in central Queensland. MSS complements Toxfree’s existing operations in Rockhampton, Gladstone, Brisbane and the Gold Coast.
Mr Geoff Bird, Director of MMS, and Graham “Buster” Seymour General Manager have combined experience of over 40 years in the provision of industrial services to the coal sector in Queensland. Geoff and Buster will continue in ongoing employment with Toxfree. Toxfree expects to improve the financial performance of the business through organic growth within the region; introduction of further industrial services and hazardous waste treatment, and synergies with Toxfree’s other resource industry facilities.
Tox Free Solutions Ltd (TOX) is one of the largest integrated waste management, industrial service and environmental businesses in Australia. The Company offers a full range of waste management services through its national network of licensed waste treatment facilities. In addition Toxfree are fast becoming the leaders in onsite industrial services, waste minimisation, resource recovery and total waste management services.
http://www.traderdealer.com.au/fundamentals/tox
CIC Australia Limited (CNB) has signed an agreement with Mirvac Group (MGR), one of Australia’s leading land developers to develop the new Googong township on the ACT/ NSW border just 18 kilometres from Canberra’s CBD. The Googong township will be built on 780 hectares of land, have a life span of some 20 years and will create approximately 5,500 homes, parklands, community facilities and a town centre. The project has already received masterplan approval and development approval for the first stage of 337 lots. Marketing for the first stage release will commence in early 2012. Responsibility for the project will rest with a joint management committee, which will include senior representatives from both CIC Australia and Mirvac.
CIC Chief Executive Col Alexander says the arrangement is a 50/50 agreement between the two companies to create a whole new township that will set the benchmark for masterplanned community development in Australia. “Together, CIC and Mirvac’s expertise will provide the very best in urban design and amenity for Googong, built to the highest standards for quality, liveability and sustainability. We are very excited about this announcement, which means Googong is now ready to roll,” says Mr Alexander.
http://www.traderdealer.com.au/fundamentals/cnb
http://www.traderdealer.com.au/fundamentals/mgr
Australian vaccine development company BioDiem Ltd (BDM) announced that it has acquired Savine Therapeutics Pty Ltd. Savine was incorporated in 2007 to commercialise intellectual property acquired from the Australian National University. Savine’s key asset is the patented Scrambled Antigen Vaccine technology. This platform technology can be used to design antigens that are able to be incorporated into vaccines for different diseases. In addition, as part of the transaction, BioDiem will now own the software used to design such antigens together with a number of SAVINE-manufactured genes, or SAVINEs, that are suitable for vaccines against nasopharyngeal carcinoma (an Epstein Barr virus- related cancer which is prevalent SE Asian cancer), tuberculosis, HIV and hepatitis C.
SAVINE antigens are encoded as synthetic genes which, together with a delivery technology such as BioDiem’s LAIV-based vaccine vector technology, can be used to design novel vaccines. The SAVINE technology has a number of significant potential advantages compared to alternative disease protein delivery strategies. It can incorporate more than one target disease protein (antigen), which may improve disease protection. The scrambling process is designed to enhance safety by removing the dangerous functions of the selected proteins, for example, cancer-associated proteins. By incorporating as much immunologically-relevant information as possible this enhances the ability of the designed SAVINE to provide broader population coverage.
BioDiem’s CEO Julie Phillips commented “We are delighted to complete this transaction as Savine’s technology is highly complementary to our own. In our vaccine business the key elements are a virus, a cell line (to grow the virus), and antigens (disease proteins). BioDiem now has all of these components through the Live Attenuated Influenza Virus, the mammalian cell line recently licenced and now the acquisition of the SAVINE antigen technology. The SAVINE technology will be valuable to our LAIV vector project as it will allow us to expand the number of diseases that can be targeted. In addition, BioDiem will be able to separately licence out the SAVINE technology in specific disease areas.”
BioDiem is an ASX-listed company, based in Melbourne, with an international focus on finding, adding value to and commercialising world-class research and technology for vaccines. The company uses a cost-efficient approach to development through collaborations with academic centres of excellence, contract research organizations and partnerships with international pharmaceutical companies. BioDiem’s lead technology is the Live Attenuated Influenza Virus (LAIV) technology, which has been developed as an intranasal vaccine to prevent infection from seasonal and pandemic influenza.
http://www.traderdealer.com.au/fundamentals/bdm
* US stock markets gave back early gains to close lower. Investors were disappointed by remarks from the Federal Reserve officials.
* European stock markets opened higher but finished off their lows. The Stoxx Europe 600 index closed up 0.5%.
* Asian markets ended lower yesterday, weighed down by a fresh round of concerns over eurozone sovereign-debt problems after ratings agencies renewed their stance of “credit watch negative”.
* Commodities prices traded mixed. Gold prices were higher to $US1,632 and crude-oil closed around $US100.
The SPI Futures is trading above the key pivot level of 4180, ending down -0.3% (or -12 points) at 4,172. The key levels for our index today are 4250 to 4150.
Yesterday Australian shares traded sharply lower from the open, following the negative leads from the US and Europe after a number of US ratings agencies warned that the EU summit resolve failed to change their determination to downgrade Europe in the New Year. Our miners were hit, after commodities traded lower overnight as traders took risk out of their portfolios. The financials were also sold-down in line with their overseas counterparts.
The National Australia Bank released its monthly business survey yesterday, which showed the business conditions index was up by 1 point after softening in the previous month, while business confidence was unchanged. Business conditions improved slightly in November, thanks to a boost in the mining, retail and services sectors.
Meanwhile the forecast for Australian exports has been revised down. The Bureau of Resources and Energy Economics predicts exports of metallurgical coal will be 150 million tonnes, down from the 156 million previously forecast, citing problems with the Queensland floods and strike action that have hit the sector. On a positive note they have modestly increased the forecast for total iron ore exports in 2011-12 by 2.4 percent to 460 million tonnes, citing recent expansions to mine and infrastructure capacity.
Shares in the All Ordinaries (XAO) generally eased again yesterday, closing down -1.4% at 4252, as the S&P/ASX 200 (XJO) closed down -1.4% at 4193.
Aussie traders are expected to be hedging again today, after the negative leads from the US and European markets, as traders’ fears over the eurozone debt crisis continued to undermine confidence, particularly after ratings agencies left national economies on “credit watch negative” after the promises from the EU summit failed to reassure.
See below for ASX listed companies in the news today.
* Dec Westpac – Melbourne Institute Consumer Sentiment Survey
* Dec DEEWR Vacancy Report
US stock markets gave back early gains to close lower. Investors were disappointed by remarks from the Federal Reserve officials that they will not be taking any immediate actions to stimulate the US economy, but they left their options open for 2012.
The Dow Jones Index held above 12,000. In broader market the indexes closed modestly lower, while in the NYSE the decliners outnumber the gainers by 4 to 1, as gains in key stocks in the energy sector failed to be enough to support the overall indexes.
In economics news the US retail sales rose less than expected last month, signalling a disappointing start to the Christmas holiday shopping season, as consumers showed caution given the high unemployment and worries over the eurozone debt crisis.
Commodities prices were mixed, despite the US dollar surging overnight and pushing the euro dollar weaker. Crude-oil futures surged over 3% overnight after rumours that the Iranian government closed the Strait of Hormuz, located between Iran and Oman, the Middle East oil-shipping channel. However oil prices retraced when the rumours proved unfounded. Gold prices ended lower again, as central banks are rumoured to be cashing out to pump liquidity into the eurozone financial system to address the eurozone sovereign debt crisis.
All ten company groups that make up the S&P index traded generally lower with Materials down -1.7%, Energy down -0.9%, Financials down -1.4%, Industrials down -1.3%, Technology down -0.9%, and Consumer Staples were down -0.2%.
The Dow Jones closed down -0.5% (or -66 points) at 11,954, the S&P 500 index closed down -0.9% (or -11 points) at 1,226, the Nasdaq ended down -1.3% (or -35 points) at 2,612 and the smaller cap Russell 2000 was down -2.1%.
European stock markets opened higher but finished off their lows. The Stoxx Europe 600 index closed up 0.5%.
The ongoing threat of downgrades by the ratings agencies also weighs on sentiment after Moody’s put eight Spanish banks on review for a possible downgrade. The successful bond auctions were well received by traders, particularly with the strong demand at a European Financial Stability Facility (EFSF) bond auction as it sold EUR1.97 billion of three-month treasury bills, opting to raise shorter-term funding after last month it had problems with a 10-year bond sale in November. Also on the bond front an auction of short-term Spanish debt exceeded target, with the Treasury selling EUR4.94 billion of 12-month and 18-month bills.
The German and French markets finished modestly lower overnight, as investors remained on edge and took profits as the German Chancellor Angela Merkel rejected raising the cap on the European Financial Stability Fund, which currently stands at EUR500 billion.
In London the market finished higher on the back of higher oil prices. The FTSE 100 index closed up 1.2% (or 62 points) at 5,490, the German DAX was down -0.2% (or -11 points) at 5,774 while in France the CAC was down -2.6% (or -83 points) at 3,078. Spain was down -0.6% and Italy ended down -0.3%.
Asian stock markets ended lower yesterday, after a fresh round of concerns over eurozone sovereign-debt problems after ratings agencies renewed their stance of “credit watch negative” after the EU summit resolve.
Commodity linked stocks also weakened across the region, on the back of lower commodities prices. Stocks with exposure to the eurozone were also sold down. Japanese markets were down as shares of exporters fell due to concerns over the growth outlook for the European economy. In China the Shanghai Composite dropped another -1.9%, falling for a fourth-straight session, and setting up for a test of 3-year lows.
In China the SSE Composite closed down -1.9% (or -43 points) at 2,248, while in Hong Kong the Hang Seng Index was down -0.1% (or -10 points) at 18,576 and in Japan the Nikkei 225 Index was down -1.5% (or -129 points) at 8,653. The South Korean KOSPI was down -2.2% for the session, while the Indian market was up 0.8%.
The Dollar Index was higher at 80.30 on a lower Euro, while the Australian Dollar last traded lower at 100.08. Commodities prices traded mixed.
For the session the benchmark crude NYMEX for December delivery was up 2.2% (or $US2.28) to settle at $US100.05. Copper prices are seeking a support level as Copper for December delivery was lower -0.6% (or -2.2 cents) at $US3.3850. December gold was down -0.2% (or -$U4.30) at $US1,632.
BTR – Blackthorn Resources the junior minerals explorer has extracted the first ore from its joint venture Perkoa project in Africa, and production remains on target to begin in the second half of 2012.
EXT – The regulator has said that the Chinese state-owned power company must launch a $2.2 billion takeover for Australian uranium company Extract Resources if the Chinese group is successful for its bid for Extract’s 43 percent shareholder.
ORG – Origin says China Petrochemical Corp (Sinopec) has increased its stake in Origin Energy and US giant ConocoPhillips’ Australia Pacific liquefied natural gas (LNG) project.
ORI – Orica says it is producing ammonium nitrate at its Newcastle plant again after being allowed to restart some of its facilities last week.
QAN – Qantas is still in talks regarding the establishment of a premium Asian airline.
RIO – Rio Tinto has increased its holding in Canadian uranium company Hathor Exploration and extended its friendly offer a second time.
TCL – Toll road operator Transurban has refinanced $375 million of debt maturing in August 2012 with a new bank facility.
TLS – Telstra says its revised submission to the competition regulator regarding its participation in the national broadband network does not require further shareholder approval.
WES – Wesfarmers anticipates a $190 million writedown in its Coregas business as a result of amendments to its contracts with BlueScope Steel.
WHC – Whitehaven Coal and Billionaire Nathan Tinkler’s Aston Resources have agreed to a $5.1 billion merger.
Westpac AGM
ASX – to open lower
Commodities Stock Inde down -1.5%
Gold Stocks Index down -3.2%
Oil Stocks Index down -0.4%
US ADRs – Mixed
BHP down -2.9% & RIO down -1.4%; AWC down -0.4%
ANZ down -1.5% & NAB down -2.1%
NEM down -3.2%, JHX down -0.6% , NWS down -0.9%
By Michael Hevern
Head of Research
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