Indophil Resources (ASX:IRN) said Wednesday that the company and its corporate advisor has commenced, in some cases recommenced, dialogue with a number of interested buyers, after termination of the agreement with China's Zijin Mining (SHA:601899) (HKG:2899) relating to a A$545 million takeover offer.
The Australian stocks market ended with a two-week low on Friday due to uncertain domestic and overseas factors, including the weak US housing data and Europe fiscal health, and more importantly, Australia's proposed mining tax. The benchmark S&P/ASX200 index fell 66.7 points, or 1.5 per cent, to 4413, bringing this week's losses to 3.2 per cent. The broader All Ordinaries index plunged 64.7 points, or 1.4 per cent, to 4439.4.
US stocks was slightly higher on Friday, hitting at least 15-month closing highs despite a bigger-than-expected job loss data. US dollar was lowered on the disappointing payroll data. This week the US firms, which are widely expected to show significant improvement compared to the corresponding period last year, will kick off the quarterly earnings reporting season.
US stocks closed higher overnight as Dubai World said it was in discussions with banks to restructure US$26 billion in debt and the talks were proceeding on a constructive basis. Global markets strongly rebounded yesterday as investors realised that Dubai's trouble might be a regional problem.
Wall Street declined overnight on a weak housing report, despite some strong earnings results. The Commerce Department said that construction starts on privately owned homes rose 0.5 per cent to 590,000, lower than expectations.
The Australian share market closed firmer on Friday led by financial stocks. The benchmark S&P/ASX200 index was up 47.8 points, or 1.24 per cent, to 3903.8 points, while the broader All Ordinaries index advanced 48 points, or 1.25 per cent, to 3899.5 points. Trading volume is expected to remain at a low level before the reporting season.
Yesterday the Australian shares ended lower as traders looked to make short-term gains, despite a positive start in the morning. The benchmark S&P/ASX200 share index yesterday lost 1.2%, or 42.7 points, to 3598, while the All Ordinaries index shed 1.1%, or 39.1 points, to 3534.2. But today resource stocks may gain after commodity prices advanced.
Yesterday, the Australian share market closed in the red for a second consecutive day with the broader All Ordinaries index ending 38.2 points lower, or 1%, at 3,883.6. The benchmark S&P/ASX200 share index yesterday lost 33.6 points, or 0.9%, to close at 3927.3. The industrial, materials, energy and consumer discretionary sectors sent the market lower.
On the eve of a crucial vote to give Indophil Resources (ASX:IRN) the authority and flexibility to consider selling its interest in the world-class Tampakan Copper-Gold Project, the Board of the Australian-listed company has called on shareholders to rally behind the Board and vote 'FOR' the resolution.
Yesterday the Australian sharemarket closed lower for the third consecutive day on concerns that Wall Street's latest banking woes would hit Australia. The four major banks deducted the most from the index with their major losses of more than 3% following Lehman Brothers' announcement overnight in New York of asset sales.
Yesterday, the benchmark S&P/ASX200 fell 91.2 points, or 1.85 per cent, to 4,814.3, while the broader All Ordinaries shed 89.9 points, or 1.81 per cent, to 4,871.5.