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Asian Activities Report for April 28, 2011: Sinotech To Invest A$12.4 Million In Enterprise Metals Limited (ASX:ENT)
Asian Activities Report for April 28, 2011 includes: Sinotech Minerals Exploration Co., Ltd. will subscribe for 62 million shares in Enterprise Metals Limited (ASX:ENT) at A$0.20 per share; Resource Star Limited (ASX:RSL) defines rare earth targets in Malawi; Computershare Limited (ASX:CPU) is to acquire The Bank of New York Mellon Corporation's (NYSE:BK) Shareowner Services Business for USD 550 million; Spitfire Resources Limited (ASX:SPI) expanded a manganese discovery in Western Australia.
The Australian sharemarket closed lower on Tuesday led by financial stocks as investors were nervous ahead of earnings reports by US banks. At the close, the benchmark S&P/ASX200 index lost 49.9 points, or 1 per cent at 4861.2, while the broader All Ordinaries index fell 46.5 points, or 1 per cent, at 4889.6.
US stocks fell overnight ahead of the Federal Reserve's latest decision on monetary policy and guidance on the outlook for recovery from the recession. The market was also weighed down by the worries that the banking sector has yet to fundamentally improve.
Wall Street ended the last trading session of July with a positive note on Friday. The Dow increased 0.86% for the week and 8.58% for the month thanks for the better-than-expected earnings reports. The US government reported on Friday that gross domestic product declined by 1% in the second quarter, while economists had expected that number to be around 1.5%. The result gave investors stronger confidence that the worst recession since the Great Depression is likely coming to an end.
On Friday the Australian stocks posted a strong gain with financial sector soaring 5.3%, capping the best week for the market in three months. The benchmark S&P/ASX200 index ended 3.4% higher, or 109.7 points, at 3345.2, while the broader All Ordinaries index was up 3.3%, or 104.3 points, at 3294.7. The ASX200 rose 6% for the week. But analysts say that it is too early to say the bear markets end, although the US banks delivered turnarounds.
Yesterday, the Australian share market closed slightly lower following weaker commodity prices. The benchmark S&P/ASX200 index was down 17.3 points, or 0.34%, to 5118.3, while the broader All Ordinaries index fell 15.5 points, or 0.3%, to 5200.
Summary of Australian Companies Profit Percentages offshore investments.