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Toro Energy Limited (TOE) said that the West Australian Government had approved the explorer to establish a Resource Evaluation Test Pit at its Wiluna uranium project. The test pit, 30kms south of Wiluna, would be tested for uranium. The test pit would require the removal of 45,000 tonnes of earth, which, the company said, would be returned as the site is rehabilitated.

Mineral Resources Limited (MIN) said it has increased the cash offered under its takeover offer for all of the shares in Polaris Metals NL (POL). Mineral Resources said it would offer one of its own shares for every 10 Polaris shares plus 10.1c cash for every one Polaris share held. The company said the increased consideration would be provided to all accepting Polaris shareholders, including those who have already accepted and been issued their consideration. Mineral Resources said the increase is conditional on achieving sufficient acceptances, before the closing date of the share offer. The company said the increased consideration under the offer values Polaris shares at 82.1c each, based on the closing price of Mineral Resources shares of $7.20 on 6 January 2010.  

Perseus Mining Limited (PRU) announced the granting of two 15-year mining leases in relation to the 5.3 million ounce Central Ashanti Gold Project in Ghana. The company said granting of the leases leaves the Environmental Protection Agency permit as the final major approval required before project construction can commence. Perseus said the leases cover an area of 93.13sq km. As previously announced, the company has committed to initial expenditure of US$30 million for plant design, purchase of long lead items and initial site construction works.

Fortescue Metals Group Limited (FMG) announced the appointment of Stephen Pearce to the role of chief financial officer. The company said the former managing director of Southern Cross Electrical Engineering Limited would commence his appointment on 2 March 2010. Fortescue said Mr Pearce previously held senior appointments with Alinta, Woodside and Sons of Gwalia.

Atlas Iron Limited (AGO) responded to an article in the media by saying the company has received strong interest from steel mills seeking to acquire off take to iron ore from its Wodgina DSO Project development. The company also said it has received strong interest from organisations in relation to engaging the development partner for the Ridley Magnetite Deposit. Atlas Iron said that while discussions are advancing well in relation to both matters, they remain incomplete.

Retail Food Group Limited (RFG) said it has reached agreements by which the Brumby’s Bakeries master franchise territories for Western Australia and the Northern Territory would be reacquired. The company announced on 27 November 2009 it had reached agreement to acquire the North Queensland and New Zealand master franchise territories. Retail Food Group said there are currently 50 outlets within the Brumby’s WA territory and a further 8 outlets in the Northern Territory. The company said the agreement announced today remains the subject to normal contractual terms and finalisation of due diligence enquiries and that the acquisitions are scheduled to be complete prior to 20 February 2010.

VDM Group Limited (VMG) said its wholly owned subsidiary, Wylie & Skene Pty Ltd, has been awarded a $14.1 million contract by BHP Billiton Nickel West Pty Ltd for work at the Talc Redesign Project at Mt Keith. The company said its order book now stands at over $415 million. VDM said the contract involves extensive earthworks and concrete work, and is scheduled to commence in April this year for completion in late 2010.

Directors' Interest Notices
06 January 10

Symbol	Shareholder	+/-	Prior	Now
NAB	Michael James Ullmer		155,407	233,233
NAB	Cameron Anthony Clyne		94,996	254,565
NAB	Mark Andrew Joiner		299,420	373,197
OZL	Terry Burgess		84,432	92,899
PGA	Timothy James Hughes		6,853,825	6,905,355

 

Substantial Shareholder Changes 
06 December 09

Symbol	Shareholder	+/-	Prior	Now
AMC	Mondrian Investment Partners		7.66	6.64
BKN	BlackRock Invest. Mgt. (Aust.)		7.86	6.01
CFX	National Australia Bank		-	5.29
CRG	Schroder Invest. Mgt. Aust.		7.23	9.22
ERA	BlackRock Invest. Mgt. (Aust.)		-	5.03
KMD	Ausbil Dexia Limited		-	5.26
KMD	Orion Asset Management		-	5.38
KMD	Westpac Banking Corproation		-	6.31
MTS	National Australia Bank		5.03	-
NUF	Credit Suisse Holdings (Aust.)		-	5.61
TEL	BlackRock Invest. Mgt. (Aust.)		5.19	-

All movements are percentage changes.

Wall Street finished flat Wednesday, as investors remain cautious ahead of the release of the monthly jobs report Friday. The greenback continued to lose ground against most major currencies after the Federal Reserve indicated interest rates were unlikely to rise in the near future due to uncertainty surrounding an economic recovery.

The government is expected to report no change in non-farm payrolls in December. Meanwhile, forecasts are for the unemployment rate to increase from 10% to 10.1%.

In economic news, the Institute for Supply Management's services sector index rose from 48.7 to a slightly lower than expected 50.1 in December. A reading over 50 indicates expansion.

The Dow Jones added 1.66 points, or 0.02%, to 10,573.68, the S&P's 500 gained 0.62 points, or 0.05%, to 1,137.14 and the NASDAQ lost 7.62 points, or 0.33%, to 2,301.09.

Financials closed higher. Citigroup and Bank of America advanced 3.1% and 1.2%, while Goldman Sachs bucked the trend to be down 1.1%.

Extremely cold weather across the Northern Hemisphere sent oil and natural gas prices higher. The price of Crude advanced for a 10th consecutive day, making it the longest streak since 1996.

Exxon Mobil and ConocoPhillips rose 0.9% and 0.7%.

NYMEX light crude oil for February delivery rose US$1.41 to settle at US$83.18 a barrel.

COMEX gold for February delivery gained US$17.80 to settle at US$1,136.50 an ounce.

Ford climbed 3.7% after the automaker reported a better than expected 34% rise in US sales during December versus a year earlier and a 50% increase on November. The industry reported a 15% rise in US sales for the month, while many expect a recovery is expected in 2010.

Alcoa jumped 5.2% after the price of aluminium rose to its highest level since October 2008. 

Boeing was another stock among the top gainers with a 3% rise.

European Markets

European stocks closed a 15-month high following reports showing service industries both locally and in the US had grown in December. Miners were stronger, while financials were mostly higher.

The UK benchmark FTSE 100 added 7.54 points, or 0.14% to 5,530.04. The French CAC40 gained 4.76 points, or 0.12% to 4,017.67, while the German DAX put on 2.47 points, or 0.04% to 6,034.33.

Miners led gains as copper reached 16-month highs. Xstrata rallied 3.5%, while Anglo American and Antofagasta advanced 1.7% and 1.8%.

Aussie peers Rio Tinto and BHP Billiton gained 2.6% and 1%.

Royal Dutch Shell led miners lower with a loss of 1%.

UK banks Royal Bank of Scotland and Barclays rose 3.6% and 3%.

Commerzbank and Credit Agricole jumped 3.4% and 1.8%, while Deutsche Bank shed 1.1%.

Peugeot surged 6.4% on the back of a broker upgrade on the automaker. Renault added 2.5%.

Marks & Spencer dropped 6.8% after the British retailer missed sales forecasts.

A fall in UK consumer confidence had a negative impact on peers. Home Retail and Tesco weakened 2.2% and 2%.

Japanese Markets

Japanese stocks were boosted by better than expected economic data out of the US, which increased hopes of an economic recovery. Banks were the major movers, however gains were limited by weakness elsewhere.  

The Nikkei 225 added 49.62, or 0.46% to be at 10,731.45.

Banks added the most points to the indices as reports surfaced Sumitomo Mitsui Financial Group is set to raise further capital. Its shares put on 5.5%, while Mitsubishi UFJ Financial Group and Mizuho Financial Group surged 4.4% and 6.1%.

Trading houses Mitsui & Co and Mitsubishi Corp gained 1.5% and 2.2% due to exposure to rising commodity prices.

T&D Holdings put on 4.1% after Nomura Holdings upgraded its rating on the life insurer.

Nintendo jumped 6.9% after the company said Wii sales reached record highs in December, beating expectations.  

Japan Airlines fell 6.7% on reports the company’s main creditor and the finance ministry support a bankruptcy procedure as a means of restructuring the airline. 

Casio Computer dropped 2.9% following a broker downgrade.

Hong Kong Markets

Hong Kong stocks continued a recent rally, hitting one-month highs Wednesday. The bourse was buoyed by increases in energy stocks as extreme cold weather hits China, while exporters gained on broader global economic optimism.

The Hang Seng climbed 137.09, or 0.62% to 22,416.67.

Despite the overall gains the banks were mixed by the end of the day.

Bank of China climbed 0.5%. Bank of Communications and ICBC lost 1.4% and 0.7% respectively.

HSBC put on 1.3%.

Meanwhile the bourse operator Hong Kong Exchanges & Clearing surged 4.8% on speculation IPO’s in 2010 would increase volumes traded on the exchange.

Shippers outperformed their peers as the Baltic Dry Index, a measure of the cost of shipping commodities, jumped more than 4%.

China Shipping Development surged 5.2%, while China Cosco Holdings put on 1%.

Aluminium Corp put on 4.9% as prices increased.

Coal producer China Shenhua Energy rallied 2%.