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ASX Midday Market Wrap – 7th January 2009 – Miners Propel Market Higher
Australian shares moved higher in morning trade as recently buoyant commodity prices lifted miners and energy producers.
Investors took their lead from Wall Street which closed higher overnight in spite of the poor economic outlook released by the Federal Reserve.
At 1200 AEST the ASX 200 was up 72.8 points to 3815.5 and the All Ordinaries had risen 71.2 points 3760.4.

At midday the majority of sectors were posting gains with the health care sector posting the highest losses.
In company news, m2m Corporation Limited has announced that a mandate has been provided to Melbourne Capital Limited to raise by January 31, 2009 up to $400 000 through the issue of 100 million shares at 0.4 cents per share. In addition to this proposed raising the company received in December $190 000 on account of the proposed share issues which had yet to be allocated. Funds raised will be applied to complete and implement the company existing business strategy and plans.

Atlas Iron limited has announced the discovery of high grade direct shipping iron ore from exploration drilling immediately east of its Alice ore body at the Pardoo Iron ore project. The company has reported that the bending potential of the mineralisation could significantly enhance the economics of the other lower grade Pardoo ore bodies. The nature of the discovery suggests that ongoing exploration at the project could deliver more of these types of deposits.

Santos has signed a new contract to supply natural gas to CITIC Pacific’s Sino Iron Project. The gas would be supplied from the Reindeer gas project offshore Western Australia through a new 105 kilometres offshore pipeline and a new onshore has sales processing facility at Devil Creek. The Reindeer project will have the capacity to produce 215 TJ of gas per day. The company’s new share of the expected revenue over the seven years of the contract will amount to approximately $US585 million.

Boart Longyear LTD posted today’s greatest gains up 5.5 cents or 22.92% to 29.5 cents
At midday there were not reported losses.
At 1200AEST the 12 GICS indices were:-
Discretion 1,217.8 up 3.0
Energy 13,317.6 up 340.4
Financials 3,631.6 up 49.6
Fin-x-property 4,013.8 up 47.5
Gold 4,580.1 up 3.6
Healthcare 7,992.6 down 56.6
Industrials 3,337.3 up 27.0
Info Technology 449.5 down 3.0
Materials 9,392.8 up 376.1
Metals and Mining 3,303.1 up 133.4
Property Trusts 919.1 up 20.7
Consumer Staples 6,141.5 up 50.9
Telecommunications 1,286.7 up 24.8
Utilities 4,230.1 up 68.3
Individual stock performances
BHP Billiton was at $33.01 up $1.31. Rio Tinto was at $46.81 up $3.39
Banks
Westpac at $16.98 down 5 cents. NAB at $20.95 up 21 cents. ANZ at $15.60 up 20 cents. Commonwealth Bank was at 29.25 down 22 cents.
Media
News Corp at $14.38 up 20 cents. The Seven Network at $6.48 down 29 cents. John Fairfax at $1.69 up 4.5 cents.
Retail
Woolworths at $26.13 up 3 cents. Harvey Norman at $2.60 and was unchanged. David Jones was at $.11 up 6 cents.
Toll Holdings at $6.34 up 14 cents. Qantas at $2.64 up 7 cents.
Gold
Gold dropped in spite of modest gains overnight which came on speculation that the US dollar’s rally will pause increasing the appeal of the precious metal as an alternative investment.
Gold is currently trading at $US860.30 down $US5.70 an ounce.
Oil
Crude oil dropped on forecasts the US economy will worsen, restraining demand in the world’s largest energy-consuming country.
One barrel of light sweet crude oil is currently trading at $US48.45 down US13 cents.
Dollar
Australia’s dollar rose versus the US dollar as gains in equities and commodities revived appetite for higher-yielding assets.
At 1205 AESDT the Australian dollar was:
AUD/USD .7231
AUD/EUR .5344
AUD/GBP .4840
AUD/JPY 67.749
AUD/NZD 1.208
US Stock Market Report – 7th January – US Market Gains in Spite of Poor Fed Outlook.
Stocks rallied Tuesday as investors looked beyond the Federal Reserve's poor outlook for the economy and instead bought up shares hit in last year's big selloff.
The Dow Jones industrial average rose 0.69 per cent or 62.21 points to 9 015.10 and the Nasdaq composite climbed 1.50 per cent or 24.35 points to 1 652.38.
Stocks retained morning gains and then moved higher, even after the 2 p.m. ET release of the minutes from the last Fed policy meeting.
In the minutes, the central bankers reported gross domestic product growth will likely decline in 2009, and that even by using non-traditional methods to try to help the economy stabilise, the outlook will remain weak for some time.
The report also showed that the bankers think unemployment will rise significantly into 2010.
Technology and financials were among the leaders as investors scooped up some of last year's losers.
In economic news, the number of homes under contract to be sold fell 4 per cent in November, according to an industry trade group.
The National Society of Realtors reported its pending home sales index fell to 82.3 in November, coming in worse than expected and the lowest level since the group began tracking the index in 2001.
The government's November factory orders report showed activity declined by 4.6 per cent following a loss of 6 per cent in the prior month. Economists thought orders would fall 2.3 per cent.
The services sector of the economy was more positive showing some improvement in December, although activity remained weak.
The Institute for Supply Management's services sector index rose to 40.6 from 37.3 in November. Economists anticipated it would slip to 36.5, according to a Briefing.com survey.
In credit markets lending rates were mixed.
The 3-month Libor rate slipped to 1.41 per cent from 1.42 per cent on Monday, a 4-1/2-year low.
Overnight Libor rose to 0.13 per cent from 0.12 per cent Monday.
In stock news, Toyota Motor reported it will halt production at its Japanese plants for 11 days in February and March in an effort to move inventory.
On Monday, Toyota reported a 37 per cent year-over-year drop in December auto sales.
Auto sales overall were poor, with Ford Motor and General Motors reporting December sales fell more than 30 per cent from a year ago.
Endo Pharmaceuticals said late Monday that it will buy fellow biotech Endevus Pharmaceuticals for $370 million, or $4.50 per share.
In commodities, US light crude oil for February delivery fell US23 cents to $US48.58 a barrel on the New York Mercantile Exchange.
COMEX gold for February delivery rose US70 cents to $US859.50 an ounce.
In currency trading, the US dollar gained versus the euro and yen.
One Australian dollar currently buys:
AUD/USD .7231
AUD/EUR .5344
AUD/GBP .4840
AUD/JPY 67.736
AUD/NZD 1.209
In overseas trade Britain’s FTSE 100 rose 1.29 per cent, Germany’s DAX climbed 0.85 per cent and France’s CAC 40 was up 1.08 per cent.
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Market News
[ADO] Revenue and Royalty Agreement – NZDX
07-Jan-2009
[LEP] Distribution Reinvestment Plan
07-Jan-2009
[GIR] More positive Iron Ore results at Earaheedy and Western Creek
07-Jan-2009
[AZS] Promontorio Resource Estimate Completed
07-Jan-2009
[STO] Santos signs US$585 million Sino Iron gas supply contract
07-Jan-2009
[MCL] Corporate Update
07-Jan-2009
[CSS] Tuna spawning progress update
07-Jan-2009
[AGO] Atlas Intersects high grade at Pardoo DSO Project
07-Jan-2009
Morning Market Mood - Gold
07-Jan-2009
Morning Market Mood - Oil
07-Jan-2009
Morning Market Mood - Dollar
07-Jan-2009
[PSA] Humphreys Sale
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[PRW] Proto Placement
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[GER] 2 GDP Applications Submitted
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[WFL] Willmott secures Bombala pulpwood supply in deal with Visy
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[MIK] MIKOH Tags Implemented in AVI Applications in the Americas
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[RRT] Sale of ATO Building, Mt Gravatt, Queensland
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[JRV] Capital Raising
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[BLR] Acquisition of Jonesville Coal Project in Alaska
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[VMS] 50 Per Cent Increase in Iron Resources at the Mount Lindsay Project
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[IXR] Additional High Grade Nickel Mineralisation at Nachingwea
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[POH] Insulin Trial on Type 1 Diabetic Patients Completed
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[HGO] West Papuan Copper Gold Project
06-Jan-2009
[WEC] Agreement with Buckskin Mining in Powder River Basin
06-Jan-2009
[TMX] Entitlement Issue
06-Jan-2009
Morning Market Mood - Gold
06-Jan-2009
Morning Market Mood - Oil
06-Jan-2009
Morning Market Mood - Dollar
06-Jan-2009
[AEZ] City Mall Debt Facility Restructure Completed
05-Jan-2009
[PCP] Paramount Mining Placement
05-Jan-2009
[NFE] Off-take Agreement with Corus
05-Jan-2009
[OEL] Development Drilling to Commence Thrace Basin Turkey
05-Jan-2009
[ATJ] ATG Signs Exclusive Chinese Distribution Agreement
05-Jan-2009
[COE] Cooper Energy awarded onshore Otway Block C
05-Jan-2009
[GDN] Golden Eagle Oil and Gas Prospect
05-Jan-2009
[GLM] Significant Drill Intersections
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[ECM] East Coast Minerals Placement
05-Jan-2009
[BON] Initial Resource Estimate for Namibian Phosphate Project
05-Jan-2009
[WEB] Webjet Strong Result
05-Jan-2009
[PNA] Debt Facility Rollover and New Working Capital Facility
05-Jan-2009
[PVE] First Gas off-take Sale Announced
05-Jan-2009
[CYU] Drilling Results - Gold Mineralisation at Pentland Prospect
05-Jan-2009
[CXE] Celtex Ltd signs contract for $A10 million Capital Raise
05-Jan-2009
MOrning Market Mood - Gold
03-Jan-2009
Morning Market Mood - Oil
03-Jan-2009
Morning Market Mood - Dollar
03-Jan-2009
[BLR] Letter of Intent with Uranium One to Jointly Develop Project
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[RAT] Conditional sale of four GSAII properties
02-Jan-2009
[EMS] Rights Issue Offer Document
02-Jan-2009
[APH] Aquisition of Green Cross Pharma
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ASX Implements AQUA Rules.
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Austrade Enhancing Australia ICT Links with Taiwan.
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(Updated: 28-10-2008)
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ASIC Designs Proposals to Improve Disclosure by Unlisted Mortgage and Property Schemes.
The Australian Securities and Investment Commission (ASIC) has released consultation papers and draft regulatory guides.
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