The Australian stock market closed slightly lower on Friday after investors used an early rise to book profits and sold out of the major banks.
Amidst earlier projections made by Access Economics that resource prices would slide down by 2013 and 2014, a senior resources experts said that while iron ore price may see some softening over the next four years coal prices would still flex some muscles due to continuous high demand.
Synthetic gas specialist Cougar Energy Ltd (ASX: CXY) said on Friday that it has struck a partnership with China’s Shanghai Limitedless Investment Group Co Ltd for up to three percent of interests in the company’s business operations in China.
The Australian bourse has erased morning gains but is still trading higher on the first day of the new quarter, despite negative offshore leads overnight.
Uranium explorer Cameco Corporation has admitted on Friday that the decision by the Northern Territory government to block its mining project near Alice Springs caught the company off-guard as it lamented that the initiative would carry industry-wide repercussions.
On the Sydney Futures Exchange this morning, the share price index futures contract was 11 points higher at 4611 points.
The Australian currency retreated on Thursday after disappointing domestic building approvals data gave investors an excuse to sell into some of its recent hefty gains.
BHP Billiton Ltd. (ASX: BHP) and Rio Tinto Group (ASX: RIO) has sought a little more time from the competition regulator in order for them to submit another set of documents to make their proposal more viable.
The Australian stockmarket fell to its lowest in three weeks on Thursday after weak building data encouraged steep end of month profit-taking, particularly in bank shares.
Finally, Japan’s Mitsubishi Corporation formally came out on Thursday and denied media reports that it has abandoned its Australian partner, Murchison Metals Ltd (ASX: MMX), on their joint venture of constructing the Oakajee port and rail project in Western Australia.
Still reeling from the series of its financial and operational woes, Cougar Energy Ltd (ASX: CXY) came out scrambling for the right solutions as the company announced on Thursday that it is currently conducting discussions that could lead to an alliance in developing further underground coal gasification (UCG) projects.
The Australian dollar dipped on Thursday noon after disappointing domestic building approvals data gave investors an excuse to sell into some of its recent hefty gains.
The Australian sharemarket is trading sharply lower at Thursday noon after receiving some mixed local data and negative leads overnight.
Figures were flying high for Qantas Airways Ltd (ASX: QAN) as the company reported on Thursday that travellers using the airline’s services have risen by 8.5 percent in August though the company’s revenue seat factor has retreated a bit by 0.9 percent to 79.6 percent for the year.
The International Monetary Fund (IMF) said on Wednesday that the Australian economy is robust enough to absorb global financial shocks as the world body praised the country’s economic managers for bringing it into budget surpluses while noting that it is one of the few advance economies which emerged largely unscathed from the global financial crisis.
The recent rally in the AUD continued overnight with the local unit breaching USD0.9700 to record its highest level since July 2008.
US mortgage applications fell by 0.8pct in the past week - marking the fourth straight week of declines. However the MBA purchase index (a early indicator of home sales) rose 2.4pct.
Stocks stumbled modestly as declines in the more economically sensitive materials and financial sectors offset a rise in oil prices and energy stocks.
Early yesterday it appeared as though we were in for another quiet Asian session with the AUD/USD sitting contently within a 25 pip range for the majority of the day.
On the Sydney Futures Exchange this morning, the share price index futures contract was five points lower at 4668 points.
The surging Australian currency held ground to nudge closer to a 2008 peak on Wednesday noon, as US dollar weakness persists and traders balance concerns about global risk factors.
The Australian sharemarket closed lower on Wednesday after it was led down by a weak financial sector during afternoon trade.
The International Monetary Fund has downplayed the impact of global currency war among countries, but admitted it is possible to occur.
Market confidence on Australian companies improved further as credit-default bonds fell anew.
Qantas Airways Ltd (ASX: QAN) had a first crack on the recently approved alliance by Abu Dhabi-based Etihad Airways on its close competitor Virgin Blue, according to the airline top honcho Alan Joyce.
Mineral explorer NGM Resources Ltd (ASX: NGM) expressed dismay on Wednesday as it reacted on last week’s revelations by Paladin Energy Ltd (ASX: PDN) of backing out from the two companies’ merger deal that the latter has attributed to the worsening security situation in Niger.
Rare earths explorer Lynas Corporation Ltd (ASX: LYC) announced on Wednesday that it has struck a deal with a major Japanese firm for supply of rare minerals with pricing wholly based on the China free-on-board (FOB) market price during the delivery time.
The Australian stock market was slightly firmer at Wednesday noon, boosted by mining gains on the back of higher metals prices overnight.
The Western Australian government confirmed on Wednesday that it has initiated communications with Mitsubishi Corporation of Japan to clear out circulating stories that the Japanese firm is abandoning its role on the Oakajee Port and Rail project.
The Australian dollar rallied again last night, trading to a new 2 year high of 0.9685, as investors continued to sell the USD.
