Shares in Australia's Icon Energy (ASX:ICN) jumped 48 per cent Thursday after its statement about a big deal with a Chinese company surprised the market.
Sydney, April 9, 2010 AEST (ABN Newswire) - US stocks rose overnight as investors were encouraged by the stronger than expected retail sales figures, which also eased some concerns over the reporting season to kick off next week. Most Asian markets yesterday fell after the negative lead from Wall Street. Japan's Nikkei 225 dropped 1.1 per cent after weak machinery orders data. China's Shanghai Composite lost 0.94 per cent while Hong Kong's Hang Seng Index declined 0.3 per cent. But South Korea's Kospi was 0.4 per cent higher as strong foreign buying came in late trade.
Shares in Australia's Icon Energy (ASX:ICN) jumped 48 per cent Thursday after its statement about a big deal with a Chinese company surprised the market. The junior coal seam gas company said it has signed a memorandum of understanding with Shenzhen Sino Industrial Development Company. The deal, worth as much as A$32 billion, will see Icon supply 40 million tonnes of LNG to China over 20 years from 2014. The company intends to meet its contractual requirements from its tenements in South Australia and Queensland as well as acquiring new ones and through tie-ups with existing joint venture partners.
Japan's Fast Retailing Co. (TYO:9983) has reported its net profit for period from September to February rose 55.7 per cent to 55.36 billion yen compared with a 35.55 billion yen profit in the same period a year earlier. The strong result was largely due to sales from its expansion abroad, with overseas revenue at its Uniqlo stores increased sharply in the period to 40.5 billion yen from Y18.6 billion in the previous year. The company is also considering listing overseas.
Takeover target Macarthur Coal Ltd (ASX:MCC) said it has received a rival bid from fellow Australian miner New Hope Corp (ASX:NHC) which values the firm at A$3.71 billion. The latest offer opens up a bidding war for the miner while Xstrata PLC (LON:XTA) has reportedly approached major shareholders in Macarthur Coal about a possible bid to rival the A$3.56 billion offer from Peabody Energy Corp (NYSE:BTU).
Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: email@example.com