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Market Update : 
BHP Miners Return in Colombia, Just Rejects Bid
Author: 123jump.com Staff
123jump.com
Last Update: 2:29 PM EDT April 01 2008

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Mine workers at BHP mine in Colombia return after a month long strike but it may take one month to reach normal production. The mine will lose nearly 20% of its production in the current fiscal year. Roc Oil Company''s share fell 14% today after disclosing that a well drilled in the area may fail to produce oil. Iron ore miner Midwest Corp blamed its operating loss in the fiscal 2007 year on costs incurred in defending a failed $900 million takeover bid by Murchison.

 
The acquisition of INTEC completes the missing link in our hydrocarbons business which we have been seeking to fill for several years and strategically positions the company to service our clients operating in deepwater locations. As such we would expect the realization of revenue synergies and additional opportunities to follow in due course.""

WorleyParsons'' share rose 5.4% and Incitec fell 0.9%.

FKP''s share buoyed by debt refinancing

Retirement village operator, FKP Property''s share rose 7% after the company disclosed that it had managed to refinance its debt. FKP said it borrowed $375 million, helping the Brisbane-based company reduce the amount of debt maturing in the coming year.

The company led a recovery in Australian property stocks from their worst quarter since 2000. FKP Property surged 14%.

FKP fell sharply in the last six months of trading after property and investment companies declined on the troubles of Allco Finance and Centro Group. Investors also shunned the stocks on concerns property values may fall. Centro fell 3.3% and Allco Finance Group Ltd shed 9.5%.
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