Woodside Petroleum (ASX: WPL) stock soared to near a year high after the company announced an oil discovery in west Africa. The discovery was made by US oil and gas explorer Anadarko Petroleum Corporation (NYSE:APC) at the Venus exploration well off Sierra Leone. Woodside Petroleum owns 25 per cent interest of Venus Well. Analysts predict the site could hold "multi-billions of barrels of oil".
Sydney, Sep 18, 2009 AEST (ABN Newswire) - Wall Street ended its three-day rally after mixed economic data overnight. New claims for unemployment benefits in the US fell for the second consecutive week, but housing starts rose a less-than-expected 1.5 per cent compared with the prior month.
The Australian share market remained strong yesterday with a broad-based rally. The benchmark S&P/ASX200 index closed 64.5 points, or 1.39 per cent higher, at 4714.9, while the broader All Ordinaries index gained 61.2 points, or 1.32 per cent, to 4714.
Key Economic Facts and Figures
RBA data showed that the value of purchases and cash advances on credit and charge cards fell 1.4 per cent to A$19.139 billion in July compared with the month before. Purchases on credit and charge cards fell 1.1 per cent in July. But consumers increased their repayments on credit cards by 2.8 per cent as households are attempting to shun debts in response to the financial downturn.
The Melbourne Institute survey also indicated households are more optimistic about their financial future. Household financial conditions index rose 7.4 per cent in September to 33.9 points, from 31.5 points in June.
Today the Melbourne Institute publishes its bulletin of economic trends for September.
M&A News
Arafura Resources (ASX:ARU) investors have approved East China Mineral Exploration & Development Bureau's to increase the Chinese party's stake in the rare earths explorer to 24.86 per cent. Arafura chief executive Alistair Stephens will step down from the top job after shareholders endorsed the A$23 million investment from its Chinese partner. The rare earths company said China's East China Exploration, its new shareholder, had expressed an interest in future joint ventures.
Important Corporate News
Woodside Petroleum (ASX: WPL) stock soared to near a year high after the company announced an oil discovery in west Africa. The discovery was made by US oil and gas explorer Anadarko Petroleum Corporation (NYSE:APC) at the Venus exploration well off Sierra Leone. Woodside Petroleum owns 25 per cent interest of Venus Well. Analysts predict the site could hold "multi-billions of barrels of oil".
John B Fairfax is believed to have the backing of at least two fund managers in his bid to block the re-election of Fairfax Media (ASX:FXJ) chairman Ron Walker and seek an urgent renewal of the publisher's board. Mr Fairfax and his son Nicholas declared in a statement their private family company Marinya Media would be voting against Mr Walker's re-election at Fairfax's annual general meeting in November.
WorleyParsons (ASX:WOR) has been awarded a contract, which will generate over US$50 million revenue to the company, by United States Steel Corporation (NYSE:X) to form a capital projects alliance to support four major integrated steel works and its US tube making operations. The Alliance agreement covers engineering projects with an installed value between US$100,000 and US$100 million; together with ongoing production support.
Shares in Babcock & Brown Infrastructure Limited (ASX:BBI) are placed in trading halt pending an announcement regarding a recapitalisation proposal. BBI said it last night received an indicative non-binding recapitalisation proposal which is currently considering.
Linc Energy Ltd. (ASX:LNC) said Friday it expects to stop taking non-binding, indicative bids for three of its coal properties in Queensland state by the end of the month ahead of the commencement of a due diligence process.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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