| Australia Market Update Archive: |
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BHP Revised Rio Bid, Earnings Drop
Feb 06, 11:19 AM EST |
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| Australian stocks fell on global sell-off on the weakness in U.S. service industry index. BHP revised its offer to 3.4 stocks for one Rio stock. |
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| BHP billiton revised its offer for Rio Tinto to $147 billion from $127 billion. The revised offer now values the company at 3.4 BHP stock to 1 stock of Rio. Chinalco and Alcoa may make a offer for Rio after purchasing 9% stake in Rio. Seprately, BHP reported lower earnings on higher operating costs. Stocks in Australia fell 3.2% on the sharp decline in global markets prompted by a weak read on the U.S. service sector in January. Markets in Asia, Europe, and Australia fell sharply. |
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Australian Rates Rise to 7%
Feb 05, 9:07 AM EST |
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| Reserve Bank of Australia raised its rates by 0.25% to 7% on the worries that the inflation is above target and is likely to remain high. |
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| The Reserve Bank of Australia raised interest rate by 0.25% to 7% citing inflationary pressures and fragility of the global financial markets. The bank said that the underlying inflation is running above its target between 2% and 3%. Commonwealth, BankWest and ANZ passed the revised rate to borrowers immediately. News Corp reported second quarter net income of $832 million on 9% rise in revenue. |
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China Investments Lead Australia Higher
Feb 04, 9:32 AM EST |
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| Talks of China investment in Australian mining companies made rounds, lifting loca mining comanies stocks. BHP, Rio, and Fortesecue advacned. |
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| Australian stocks eded higher as metal prices stayed at elevated levels. Chinalco and Alcoa 9% stake in Rio Tinto lifted stocks of other mining companies. Rio Tinto added 5%. Fortescue added 10% as talks of investment from China made rounds. Separrately BHP said that it has approved a plan to invest $1.2 billion in the Western Australian mining faciity.
ASX 200 index gained 0.67% or 39.40 to close at 5,921.70. Mitsubishi facing difficult sales of a new model may shut its Australian plant down. |
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Chinalco, Alcoa Acquire 12% Stake in Rio Tinto
Feb 01, 9:49 AM EST |
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| Chinalco and Alcoa acquired 12% stake in Rio Tinto at 21% premium to block Rio takeover from BHP. |
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| Chinalco and Alcoa have teamed to acquire 12% stake in UK mining company Rio Tinto. The surprise investment appears to have been made to prevent BHP from acquiring Rio Tinto. Chinalco will control 9% and Alcoa will control 3% in Rio Tinto. The 12% stake was acquired with an investment of $14 billion and purchased at 60 pounds per share, a 21% premium from closing price on yesterday. Alcoa contributed $1.2 billion in the stake purchase. |
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Alumina Earnings Fell, Coal Mines Resumes
Jan 31, 5:55 PM EST |
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| Australian stocks are expected to open higher today, after a rally in the U.S. and firmer stock prices in Europe. |
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| Australian stocks gained as market turnover improved and sentiment recovered in Asia. Alumina 2007 earnings in 2007 fell 14.6%. Woolworth and Foodstuff were ordered by court to not make an offer for Warehouse Group before March. MFS asserted that Stell sale talks are on target. Rio Tinto announced full production shcedule at two of its coal mines and also expanded its smelting capacity in Canada. Origin Energy second quarter gas and oil sales increased to $126 million. |
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MFS Freezes Fund, Lihir Gold production Up
Jan 30, 4:44 PM EST |
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| Australian stocks fell ahead of the rate decision from the U.S. Fed. The Fed lowered rate by 0.5% as expected. U.S. markets closed lower. |
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| ASX 200 index declined 1.7% or 97.8 to close at 5,618.70. BHP Billiton today signed an agreement with China''s leading steelmaker Baosteel to supply an additional 94 million tons of iron ore at a price that is to be determined. MFS, fund manager froze one of its funds for six months to prevent run on the fund. Woolworth sales rose 8.3%, less than projected. Lihir Gold production in 2007 rose 7.7% to 701,000 ounces. |
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Australian Stocks Fell 2.5%
Jan 29, 4:13 PM EST |
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| Stocks in Australia fell, even though commodities prices fell. St George business survey projected a rise in interest rate in Australia. |
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| ASX 200 index declined 2.5% or 168.1 to close at 5,716.50. The Preliminary market turnover was 1.84 billion shares worth $6.73 billion, with 515 shares moving up, 723 moving down and 308 unchanged. Building, automotive and plastic products maker, Nylex share shed 17.5% today after an interested private equity firm withdrew its takeover proposal. |
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Australian Stocks Gain 10%, 3-Day Rally
Jan 24, 2:50 PM EST |
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| Stocks in Australia gained for the third day in a row tracking gains in Europe and Asia. NAB denied direct loans to Allco. |
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| Australian stocks rallied for the third day in a row as investors hoped that lower interest rates will help the U.S. to cope with declining economic growth. ASX 200 index gained 3.1% or 168.1 to close at 5,580.40. ASX 200 index Of the ASX 200 index stocks, Centro Group led the gainers with a rise of 39% and Perilya led the decliners with a loss of 5.5%. Zinifex gained 11% after it reported a rise of 2.9% in zinc production in the first half. Newcrest revised its cost for Telfer project by 9%. |
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Australia Rises 4% on US Rate Cut
Jan 23, 1:57 PM EST |
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| Stocks in Australia rallied on the hope that a rate cut in the U.S. will help it avert economic recession. |
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| Australian stocks rallied after the Federal Reserve Bank in the U.S. cut the interest rate by 0.75%. ASX 200 index gained 4.4% or 225.5 to close at 5,412.30. MFS plans to resolve the asset sales and debt repayment issue in less than few weeks according to its newly appointed chif executive. Allco Financial plunged 26% after margin calls forced asset sale. Zinifex raised its hostile offer to $1 per share for Allegiance Mining. The revised offer was rejected by the company. |
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Australia and Asia Decline Sharply
Jan 21, 12:00 PM EST |
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| Australian stocks fell for two weeks in a row on a sharply lower mining and financial stocks. Stocks in Asia closed lower led by 7% decline in India. |
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| Australian stocks fell for the eleventh session in a row after Asian markets fell sharply. ASX 200 is now 18% lower from its peak in November 2007. Rio Tinto fell after news reports suggested that BHP is not likely to revise its offer. MFS stock was halted after it fell 70% and the company repalced its chief executive. Lachlan Murdoch and James Packer are in a deal to acquire Consolidated Media at implied price of $4.80 per share. |
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