Press Releases

Sydney, Jan 29, 2010 (ABN Newswire) - The Australian share market Thursday broke its losing streak. The market was boosted by US President Barack Obama's first State of the Union address to Congress. Mr. Obama said jobs must be the number one priority in 2010 and offered proposals for financial reform, education, health care reform, government spending, national security and more. At the close, the benchmark S&P/ASX 200 index rose 28.7 points, or 0.62 per cent, to 4673.3, while the broader All Ordinaries lifted 0.59 per cent to 4697.7.

Key Economic Facts and Figures

The Conference Board on Friday releases its leading index of November 2009, which is designed to predict the direction of the economy. Reserve Bank of Australia publishes the report on private sector credit for December.

M&A News

Commonwealth Bank of Australia (ASX:CBA) and its China's Bank of Communications (HKG:3328), launched an insurance joint venture in Shanghai on Thursday. The partners plan to increase the registered capital of the insurance unit to 500 million yuan from 200 million yuan initially, Bank of Communications said. The Australian bank is considering selling part of its 49 per cent stake in the insurance joint venture to its Chinese partner, Commonwealth Bank's regional managing director for North Asia said Thursday. CBA will maintain a stake of more than 25 per cent in the joint venture.

Important Corporate News

Building and construction products company Alesco Corp. (ASX:ALS) said that it hasn't yet noticed a sustained positive turnaround in customer demand after it reported a steep fall in first half profit. Alesco reported a 23 per cent fall in net profit for the six months to Nov. 30 from a year earlier to A$9.71 million, compared with A$12.65 million in the prior corresponding period. The company's earnings were in line with recent guidance.

Oil Search (ASX:OSH) said production in the December quarter was up 6 per cent on the previous quarter. Fourth quarter sales revenue was $US192.8 million, up from $US117.9 million in the September quarter, driven by both higher oil prices and sales volumes. Oil Search expects production in 2010 to be about 10 per cent lower than in 2009, partly reflecting natural oil field decline.

Gold miner Newcrest Mining's (ASX:NCM) gold production in the quarter to the end of December 2009 was 442,333 ounces of gold in the quarter to the end of December 2009, up 17 per cent on the previous quarter. Its copper production in the December quarter was 12 per cent higher than the first quarter. The company maintained its guidance of full year production at 1.81 million to 1.91 million ounces of gold in fiscal 2010.

HFA Holdings Ltd (ASX:HFA) expects to report EBITDA (before non-cash equity settled transactions) of A$13.8 million and EBITDA (after equity settled transactions) of A$11.4 million for the six months ended December 31. The company expects operating profit of A$2.1 million.

Online travel agent Webjet Ltd (ASX:WEB) posted a 40 per cent rise in its first half profit to A$5.2 million, up from A$3.7 million in the previous corresponding period to December 31. The company said it would be disappointed if its second half profit was dissimilar to the six months to December 31.

Car and truck retailer Adtrans Group Ltd (ASX:ADG) has upgraded its results guidance for the current financial year to a net profit increase in the order of 25 per cent to 30 per cent. The company's unaudited pre-tax profit for the half-year ended December 31 2009 was A$7.5 million, with unaudited net profit up 87 per cent to A$5.1 million from A$2.7 million in the previous year.

Contact

Michelle Liang Asia Business News Asia Bureau TEL: +61-2-9247-4344 Email: michelle.liang@abnnewswire.net