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Market Update : 
China May Influence Iron Ore Price Talks
Author: Darlington Musarurwa
123jump.com
Last Update: 6:46 PM ET March 16 2010

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The Australian benchmark index gained a fraction on a strength in precious metals. Reserve Bank of Australia guided a gradual increase in rate if the economy maintains its growth pace close to its long term expectations. ANZ plans to sell 10% in Vietnam Bank as it seeks open wholly owned branches.

 
ASX Movers

St Barbara Limited led the decliners in the S&P ASX 200 index with a loss of 5.5% followed by losses in Gunns Limited of 4.4%, in Atlas Iron Limited of 4.3%, in GUD Holdings Limited 3.9% and in Spotless Group Limited 3.6%.

Sundance Resources Limited led gainers in the S&P ASX 200 index with a rise of 7.1% followed by gains in Adelaide Brighton Ltd 4.4%, in United Group Limited of 4.2% and in Paladin Energy Ltd of 3.2%.

Other Movers

Acrux Limited added 2.1% to A$2.43 after the pharmaceutical company and Eli Lilly and Company announced today that they have entered into an exclusive worldwide license agreement for the potential commercialization of Acrux''s experimental underarm testosterone solution.

Arrow Energy Limited fell 0.3% to A$5.23 after the company is in talks with Royal Dutch Shell plc and PetroChina Company Limited on their joint takeover offer worth at least $3 billion. Arrow is seeking higher valuation.

Liquefied Natural Gas Limited increased 2.9% to A$0.52 after it announced changes to the terms of sale of its Fisherman''s Landing project in Queensland.

Telstra Corporation Limited advanced 2.3% to A$3.11 after the telecom operator announced it has completed a €1 billion or A$1.50 billion Eurobond issue.




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