Minara Resources Limited
US stocks closed weaker overnight after the US Commerce Department lowered its estimates of third quarter GDP and consumer spending. US economic growth in the third quarter was revised down to 2.8 per cent, down from an early estimate of 3.5 per cent expansion. Investors also worried Chinese banking regulator's capital-adequacy requirements would force the nation's lenders to tighten bank lending in China.
The nickel price is expected to rebound by about 9 per cent in 2010 as China's stainless steel market shows some signs of recovery, according to Minara Resources Ltd (ASX:MRE) chief executive Peter Johnston.
The Australian shares ended higher yesterday on the back of some better-than-expected earnings reports. The benchmark S&P/ASX200 index rose 35.7 points, or 1.1%, to 3448.9, while the broader All Ordinaries index gained 31.1 points or 0.9% to 3398.
Yesterday the Australia market closed lower dragged by resource sector although the central bank's aggressive rate cut of 100 basis points lifted some sentiment in late trading. The benchmark S&P/ASX200 index closed down 153 points, or 4.16 per cent, at 3,528.2, while the broader All Ordinaries index was 145.6 points, or 4.02 per cent, lower at 3,473.4. Analysts anticipate a rise today in local market with positive lead from the US and the RBA rate cut.
Wall Street tumbled Thursday as further troubles in the financial sector and higher unemployment raised fresh concerns about the economy. But analysts said the Australian share market would soon become a buying opportunity.
Emerging nickel producer Nickelore Ltd (ASX:NIO) is pleased to announce that it has raised a total of A$1.02 million from a sale of the nickel rights in the Bardoc Nickel Project (BNP) to Minara Resources Limited, and a small capital raising book build. The purchase agreement signed today is expected to complete on 4 June 2008 subject to the parties' satisfaction of usual and appropriate conditions precedent.
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