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Transurban Group shares fell more than 5% in early trade after the Australian government Future Fund said that it has withdrawn from discussions with the Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan to join the Canadians in their bid to acquire the Australian toll road operator.

Transurban rejected a $6.78 billion takeover offer from the Canadian pension funds in November. At the time the share price spiked from $4.39 to $5.55 within 48 hours – a 26% jump.

This mornings 5% fall in its share price saw Transurban shares trading at $4.88 by 1053 AEDT.

Nufarm Limited (NUF) said the tender offer by Sumitomo Chemical Company Limited to acquire up to 20% of the total issued shares in Nufarm received acceptance offers of 5.52% of all Nufarm shares. The company said due to the terms of the offer Sumitomo would not acquire more than 20% of the issued shares in Nufarm.

Nufarm added that pursuant to relief granted to Sumitomo by the Australian Securities and Investments Commission on 2 March 2010, Sumitomo’s relevant interest in Nufarm, as a result of acceptances received, would not exceed 20%.

“Under the terms of the Shareholder Deed between Nufarm and Sumitomo, dated 22 January 2010, Nufarm will have the power to control the exercise of voting and disposal of Sumitomo’s Nufarm shares, under certain conditions,” the company said.

“On this basis, Nufarm has a relevant interest in the shares in which Sumitomo has a relevant interest.”

As at 1035 AEDT, Nufarm shares were up 1c to $8.81.

Transfield Services Limited (TSE) said it has secured a US$27.7 million five-year contract with the North Carolina Department of Transportation. The company said Transfield Services North America Transportation Infrastructure would deliver operations, maintenance, emergency response, asset management and construction services on 135 miles of interstate roadway and associated assets.

Managing Director and CEO, Dr Peter Goode, said the contract was a further endorsement for the company’s North American transport infrastructure business.

Transfield said it commenced work in North America’s transport infrastructure sector in 2007 and achieved revenues in excess of US$100 million in FY09.

The company said the business has secured more than AUD$800 million worth of contracts this financial year, with the North Carolina project being the first in that particular state.

As at 1023 AEDT, Transfield shares were down 3c to $4.06.

New Zealand reported today seasonally adjusted current account balance deficit of $3.1 billion for the December quarter, a swing from a $39 million surplus in the prior quarter – the first such surplus posted in more than 20 years. The swing from a surplus to a deficit was driven by an increase in income earned by foreign investors from their New Zealand investments, Statistics New Zealand said.

The result is worse than analysts’ consensus and is likely to put more pressure on the New Zealand central bank to keep interest rates at 2.5% – a figure that has remained steady for the last eight months, and something they have already indicated they would do until at least mid-2010.

The result also means that New Zealand investors are more likely to invest in Australia’s debt market where the Australian Reserve Bank looks likely to continue raising interest rates in the short term above the current level of 4%.

The New Zealand central bank is also faced with higher unemployment, currently sitting around 7.3%, easing inflationary pressures.

In the fourth quarter CPI actually fell 0.2%.

Other economic indicators in New Zealand also continue to underwhelm, with retail sales falling 0.4% from November to December.

And not including auto sales, retail sales fell by as much as 2%.

Retail sales is an important economic indicator the shaky isles with around 59% of GDP coming from domestic consumption.

Looking at the current account result, the June and September 2009 quarters, after tax profits of foreign owned New Zealand banks were reduced by unusually large company tax transactions.

”In the December 2009 quarter, some of this tax was reversed, contributing to a rise in profits earned by foreign owned banks.”

"Company profits are returning to levels seen before the effects of the tax charges and the financial crisis," government and international accounts manager John Morris said.

For the year, the current account deficit was NZ$5.5 billion, or 2.9% of GDP – worse than the widely expected 1.9% of GDP.

Meanwhile, The New Zealand Herald reported this morning that the NZ oil industry could reap NZ$30 billion annually by 2025, more than the country’s dairy industry.

The country earned just NZ$2.8 billion from oil in 2008.

Noble Mineral Resources Limited (NMG) announced a 605,000 ounce Ore Reserve for its Bibiani Gold Mine in Western Ghana. The company said independent consultants estimated a Proved and Probable JORC Code compliant Ore Reserve of 8.4 million tonnes at an average grade of 2.24g/t Au for 605,000 contained ounces. Noble said this was based on an open pit cutback and a cut-off grade of 0.7g/t Au.

Azumah Resources Limited (AZM) announce a 45% increase in resources at its Wa Gold Project in north-west Ghana to over 1.1 million ounces of contained gold following a maiden 350,100 ounce Mineral Resource estimate for the Julie prospect. The company said the addition of near-surface Indicated and Inferred Mineral Resources of 4.9 million tonnes grading 2.2g/t for350,100 ounces at Julie has added further weight to the Company’s decision to accelerate development of the project to make it the first commercial-scale gold mining operation in the emerging Ghana gold province. Azumah said the Julie resource also contains in two, near-surface high-grade zones 1.8 million tonnes grading 3.57g/t gold for 211,000 ounces. The company said it remains on track to complete by the end of CY10 a Feasibility Study based on a 1.0Mtpa gold project producing an initial 70,000 ounces gold per annum.

Greenland Minerals and Energy Limited (GGG) said it has received notice from the Bureau of Mines and Petroleum, Greenland, that the company’s application for an exploration license has been approved. The company said the new license, which covers the Kvanefjeld multi-element project, was the second in the new license series to be issued by the new self-governing parliament. Greenland said in its view the current zero tolerance towards uranium mining and exploration is likely to be resolved during November 2010. The company said it has decided to accelerate the 2010 work program which would include, amongst other things, environmental and social impact assessments to ensure that Kvanefjeld’s JORC compliant 4.79 Mt Rare earth Oxide and 0.12 Mt Uranium Oxide project, by the end of 2010, is in a position to initiate the full Bankable Feasibility Study.

Riviera Resources Limited (RVE) said that it has executed a Heads of Agreement (“HOA”) with South American Ferro Metals Limited (“SAFM”) to acquire 100% of its Brazilian subsidiary which owns the mineral rights and property at Ponte Verde, located in the heart of the Iron Ore Quadrilateral, some 40 kilometres from the town of Belo Horizonte in Minas Gerais State, Southern Brazil. The Ponte Verde property has been drilled with the geology well understood, and containing an exploration target of between 140 to 150 million tonnes (“Mt”) of Hematite rich Itabirite, grading 39% in situ, upgradeable to +60% Fe.

Despite raising its price target by 45c, Credit Suisse has downgraded its recommendation on AGL Energy (NEUTRAL, price target $16.90). The broker said the recommendation change reflected recent share price strength.

Since releasing its 1H10 result, AGK shares have rallied nearly 10%.

The Swiss broker said the higher price target reflected upside from retail margins and asset sales.

Specifically, Credit Suisse said around 24c of the price target increase was based on its view of continuing margin improvement in the retail business. The broker said AGK is over hurdles from the implementation of its customer business and is not set to extract value from the retail side.

In addition, Credit Suisse sees value for AGK from the sale of non-core assets such as the Moranbah coal seem gas stake and the Loy Yang power station. The broker values the Moranbah stake at $541 million net of tax, sunk costs and a 50% risk weighting.

Skilled Group Limited (SKE) announced the resignation of Executive Director and Chief Operating Officer John Dixon from the group’s board and the appointment of Max Findlay to the board as an independent non-executive director. The company said Mr Dixon’s resignation is effective as of today as he pursue his own interests. Skilled said Mr Dixon would stay on as an advisor to the business, and will chair the Offshore Marine Services Alliance joint venture board. Mr Findlay’s appointment is effective as of today. The company’s board also announced the appointment of Tim Paine as company secretary and group general counsel, effective Monday 29 March.

Nomad Building Solutions Limited (NOD) said business units Nomad Modular Building Queensland and Halley Homes have secured over $28 million of work in the past month. The company said the various contracts include accommodation units, modular housing, rental sales, specialty commercial buildings and education facilities. Nomad said the new works commence shortly and are expected to be completed early in the first quarter of the 2010-2011 financial year. The company said the groups work in hand now stands at approximately $170 million.

Swick Mining Services Limited (SWK) said it has been awarded a new underground diamond drilling contract with global gold major Newmont valued at in excess of $50 million in revenue over three years. The company said the contract is one of the largest it has secured in its history, underpinning the company’s revenue for the next three years. Swick is forecasting a record number of 63 rigs in work across Australia and North America by July 2010. Under the new contract, Swick said it would provide underground diamond drilling services to Newmont at the Jundee and Tanami Gold Mines, commencing in April 2010. There is a one-year option held by Newmont to extend the contract into a fourth year. Swick said it currently has five rigs drilling at Jundee and four rigs drilling at Tanami under an existing contract with Newmont that commenced in April 2007. The company said an additional two underground diamond drill rigs would be mobilised to Tanami for the new contract.

Citi upgraded Valad Property Group to BUY with a $0.14 price target.

Credit Suisse downgraded The Reject Shop to NEUTRAL, but raised its price target to $18.40.

Mirvac Group (MGR) said the group was seeing a number of positive signs in the marketplace, and despite expressing caution, also said it was confident of its direction. Writing in the company’s half-year report this morning, managing director, Nick Collishaw, said that capital management initiatives in the last 18 months meant the group was in a strong position to capitalise on opportunities when they arise.

The property group reported, for the six months to 31 December 2009, a net profit after tax of $47.2 million and an operating profit of $129.4 million.

As has been reported previously Mirvac said that the result of the successful acquisition of the separately listed Mirvac Real Estate Investment Trust in December 2009, had prompted the company to revise its earnings guidance for the 2010 financial year, with earnings per security at 9.2c and the distribution per security remaining at 8.0c – 9.0c.

The company however also struck a cautious tone.

“Nevertheless, the impact on affordability from rising mortgage rates and higher prices, and the removal of the first home buyer boost scheme is expected to moderate the rate of further price growth,” Mirvac noted.

Mirvac shares closed Tuesday at $1.48.