ASX Shares and Market News Commentary

Below is the latest hot Stock Market News and ASX Market Commentary /Summaries for the Australian Share Market and Popular Local Shares.

Buy Aurox Resources Shares (AXO) takeover by Atlas Iron

Atlas Iron Ltd., an Australian iron ore producer, announced today they had agreed to buy Aurox Resources Ltd. for $143 million in shares. The deal will see Atlas with increased ore resources and port capacity.

Lihir Gold (LGL) Shares Fall As Company Exit Ballarat Operations

Lihir Gold Shares may have finally freed itself of the very expensive mistake on the Ballarat goldfield in Victoria that has cost it more than $400 million. The end of this expensive disaster will come when the would be buyer, Castlemaine Gold, raises around $20 million in a share issue which started Friday after the sale deal was revealed.

Buy Arrow Energy Shares (AOE) – Takeover Bid offer

Arrow Energy Ltd (ASX:AOE) says it has received a conditional takeover offer from a company jointly owned by Royal Dutch Shell and PetroChina. The gas explorer and producer says the non-binding indicative proposal would allow shareholders to receive consideration of $4.45 cash per share plus an interest in a new entity comprised of Arrow’s international business.

Iron Ore Price Rise – Steel Shares a Buy for 2010

Iron Ore Price Rise – Steel Shares a Buy for 2010. Since the second quarter of this year global iron ore consumption and steel production have been heading higher, a trend Resource Capital Research (RCR) suggests has been driven by strong Chinese demand, cuts to iron ore production levels and increasing levels of optimism on the part of consumers. The other driver has been fiscal stimulus measures from governments around the world, which have boosted infrastructure construction levels and as a result the iron ore market.

Gold Bullion To Rally as IMF Sells 191 Tonnes of Gold Reserves.

Part of the gold investment community, otherwise known as the gold bugs, is getting excited about the pending sale of some 191 tonnes from the IMF gold reserves. Last time, the news that the central bank of India turned out the buyer of 200 tonnes of IMF gold triggered an overall buying frenzy, pushing gold swiftly past US$1200/oz for the first time in history.

Australian Share Market ASX Wrap up Feb 22nd 2010

The Australian share market rallied today, as positive earnings results and upbeat guidance buoyed investor sentiment. The All Ordinaries Index (XAO) gained 76.4pts or 1.6pct to 4732.7 while the S&P/ASX 200 Index (XJO) firmed by 82.4pts or 1.8pct to 4717.5. The financial sector increased by 1.9pct as all the majors recorded solid gains

Australian Share Market Update – Feb 19 2010

The defensive tone continued today with money flowing out of the materials and energy sectors, and into consumer staples, healthcare and telco stocks. An interesting development this morning was the FOMC’s move to lift the emergency Fed fund’s rate up to 75 basis points, from 50. It’s now clear that China and the US are laying the foundations to move away from emergency settings.

WDC – Westfield Shares Report Profit Earnings Increase

Westfield Group, the world’s largest shopping mall landlord by market value, posted an operating profit of A$2.06 billion ($1.86 billion) last year and said sees distribution of A$0.64 per security for 2010.

ASX Market Update -Daily Recap 17th Feb 2010

The ASX took on a distinctly more favourable tone today with solid gains across the board. Nerves over Greece’s sovereign debt worries seem to have abated for the short term as Eurozone authorities iron out its fiscal issues, and manufacturing numbers out of the US also helped bring back the risk trade.

OST One Steel Profit Earnings Update Feb 2010

OST Profit Earnings Update – OneSteel Ltd, Australia’s No. 2 steelmaker, reported a halving of half-year net profit on Tuesday but beat forecasts, and said the rest of the year would remain tough as steel demand recovers slowly.
It cut its dividend, but the trimmed level was still ahead of broker forecasts, which could help its shares.