Australian Market Report of July 20, 2010
The Australian market opened slightly higher on Tuesday. Wall Street posted modest gains overnight as investors focused on the company earnings reports and shrugged off the weak housing data.
The Australian market opened slightly higher on Tuesday. Wall Street posted modest gains overnight as investors focused on the company earnings reports and shrugged off the weak housing data.
Dynasty Metals Australia Limited (ASX:DMA) advises that top-level representatives of Geo-Exploration & Mineral Development Bureau of Ning Xia, a State owned Chinese exploration company, are conducting a series of negotiations in Perth this week regarding Dynasty's uranium and base metal projects.
Uranium miner Energy Resources of Australia Ltd (ASX:ERA) said the full year uranium oxide production dropped due largely to record rainfall. Forecast full-year production was downgraded to 4,300-4,700 metric tons of uranium ore from a previous view that it would be in line with 2009's level of 5,240 tons.
Australian shares rallied on Thursday after a strong lead from overseas market, and the gains were fuelled by the better-than-expected employment data in Australia. Total employment was up by 45,900 in June, compared to expectations of an increase of 15,000. Australia's unemployment rate in June was a seasonally adjusted 5.1 per cent, beating the economists' prediction of 5.2 per cent.
The Australian market fell for an eighth straight session on Thursday and closed at its lowest level in 11 months. The market opened lower after Wall Street fell on disappointing employment data in the US. Sentiment was dented further as a fall in China's purchasing managers' index for June raised concerns of a slowdown in Chinese economy. At the close, the benchmark S&P/ASX200 index slashed 64 points, or 1.49 per cent, at 4237.5 points. The broader All Ordinaries index was down 62.1 points, or 1.44 per cent, at 4262.7.
Toro Energy Ltd (ASX:TOE) says it is commencing its first round of offtake agreement negotiations with international buyers for uranium oxide product from its Wiluna project in Western Australia, which is expected to see a maiden production from early 2013.
FINANCE VIDEO: Marenica Energy (ASX:MEY) CEO John Young Speaks at the Trading and Investment Expo in Brisbane