The Australian share market gave up its early gains to finish 0.3 per cent lower on Monday while Asian markets were weaker. The benchmark S&P/ASX200 index was down 16.6 points, or 0.39 per cent, at 4,222.1, while the broader All Ordinaries index shed 14.3 points, or 0.34 per cent, to 4,250.6.
CSR Limited (ASX:CSR) said it has agreed to sell its sugar and renewable energy business, Sucrogen, to Singapore listed agribusiness Wilmar International Limited (SIN:F34) for A$1.75 billion.
China Magnesium Corporation Limited (ASX:CMC) is raising up to A$8 million pursuant to an IPO to be followed by an ASX listing. It has (through a JV company, in which it is earning a minimum 75% interest) a pure magnesium plant in China - using the simple, cheap and proven pidgeon process - which has a rare permit in place to substantially expand production to 105,000tpa (which would make it one of the world's largest producers), an option to acquire the supplying dolomite (magnesium ore) mine and will have the new capability to produce higher value magnesium alloys at effectively the same cost as producing the pure magnesium.
The Maryborough Sugar Factory Limited (ASX:MSF) is now in a position to proceed to the next stage of the planned joint venture with Bundaberg Sugar Limited, a subsidiary of Belgium's sugar mills group Finasucre, after advice from Australia's Foreign Investment Review Board (FIRB).
Brickworks Limited (ASX:BKW) today announces two key financing facilities that will further strengthen its balance sheet and financial position.
The Australian share market sank massively at opening on Friday, after Wall Street and European markets overnight slumped again due to Europe debt jitters. The Dow Jones industrial average experienced its deepest one-day plunge in more than a year, as investors feared that the European debt crisis might spread around the world.
The Australian shares continue to suffer a stock market downturn caused by debt crisis in Europe. Yesterday the Australian market closed nearly unchanged in a day of fluctuating trade. The benchmark S&P/ASX200 index Wednesday shed more than 1.5 per cent in early trade after Wall Street resumed its slide on a surprise move by Germany to restrict some financial transactions against banks.
