标题: 最新市场updates [打印本页] 作者: jothfer 时间: 22-3-2010 11:33 标题: 最新市场updates 1051 [Dow Jones] Royal Dutch Shell (RDSB.LN) sets aggressive timetable for LNG plant at Gladstone in Queensland, with joint press release from Shell, PetroChina (0857.HK) saying they are aiming to make a final investment decision, or FID, "by 2012". While Shell hadn't provided an FID target before, it has estimated that first gas from the plant could be shipped in 2014 or 2015. LNG plants typically take about five years to build. Joint release makes no mention of proposed small-scale Fisherman's Landing LNG project at Gladstone, which Arrow had preliminary agreements to buy and supply with gas. ([email protected])
1033 [Dow Jones] AUD/USD perks up on news Arrow Energy Ltd (AOE.AU) agreed to sell bulk of Australian assets to Royal Dutch Shell PLC (RDSB) and PetroChina Co. (PTR) for A$3.44 billion. One trader at an Australian bank says deal anticipated, but amount of cash set to move through FX markets was enough to give the pair some renewed buoyancy. Since confirmation of the deal was announced, AUD/USD up from around 0.9134 to 0.9148 now. ([email protected])
1032 [Dow Jones] Arrow (AOE.AU) agrees to sell just about all of its Australian operations to Royal Dutch Shell (RDSB), PetroChina (PTR), keeps international assets, to be listed on ASX through new company Dart Energy. Arrow offered A$4.70 a share, up from original A$4.45 bid two weeks ago, says it will also hold onto A$45 million cash, stakes in small Australian companies Apollo (AZO.AU), Bow Energy (BOW.AU), Liquefied Natural Gas (LNG.AU). Arrow doesn't provide estimate for value of international assets and new A$4.70 offer falls short of what market was expecting. Arrow says shareholders to vote on offer in "mid-July", with regulatory approval also required. Australian government cautious on Chinese investment in country's natural resources, although few expect opposition to the deal. ([email protected])
1028 [Dow Jones] STOCK CALL: Metcash (MTS.AU) upgraded to Neutral From Underperform by Macquarie. Price target lowered to A$4.47 from A$4.67, based on DCF valuation. "We are still of the view Metcash has created a near monopoly distribution asset and it earns excess returns which we don't see as sustainable," says broker. "Some of these returns need to be invested back into the retailers to support volume growth." MTS last up 0.5% at A$4.14. ([email protected])
1022 [Dow Jones] STOCK CALL: Mirvac (MGR.AU) downgraded To Underperform from Neutral by Macquarie, on relative valuation grounds. Price target A$1.51 based on sum of the parts. Despite expected earnings improvement in FY11, broker says recovery in residential recovery is already priced in by the market. Estimates total return of about 8% for Mirvac vs forecast sector return of about 13%. MGR last down 2 cents at A$1.475. ([email protected])
1018 [Dow Jones] GPT (GPT.AU) upgraded to Outperform from Underperform by Macquarie. Price target 62 cents based on sum of the parts. "Whilst non-core asset sales will likely drive some earnings dilution, GPT offers compelling value," says broker. Points to March 17 announcement that GPT sold one of its Homemaker City centres for A$25.2 million, or 5.5% premium to Dec. 31 fair value. "This is consistent with our view that Australian property values have generally bottomed," says broker, adding that GPT's 28% exposure to office sector puts it in a position to benefit from expected recovery in office market. Notes to 2010 earnings guidance of operating income to be above 2009 result. GPT up 0.5 cents at 56.5 cents. ([email protected])
1006 [Dow Jones] Premier Investments (PMV.AU) reported a 14% decline in half-year profits but with comparable figures skewed by a change in the group's calendar, it's difficult to say how the group performed. Sales during the period rose 9%. Curiously, management said it's on the lookout for acquisitions but didn't reiterate prior commentary that an acquisition was likely this year. Portmans weighed on results--like-for-like sales figures were up 1.1% for the period including Portmans but up 4.7% excluding that division. Management said it's focused on turning around Portmans. The group gave similar guidance to its peers--that the retail environment is challenging but it's cautiously optimistic. Stock unlikely to rally on these results. PMV last at A$9.01. ([email protected])
0955 [Dow Jones] S&P/ASX 200 may test potential support from former chart resistance at 4840.1 after DJIA broke 8-day winning streak and suffered its biggest falls in a month. IG Markets tips 0.4% opening fall to around 4853.0. With heavyweight Australian sectors including financials, materials and energy leading the declines on Wall Street, S&P/ASX 200 may underperform. However, with Japan remaining closed for a long weekend holiday, trading volumes should be very light. Focus will remain on the energy sector, with reports suggesting Arrow (AOE.AU) will accept a revised takeover bid from Shell/PetroChina. CBA (CBA.AU) may lead banks down today as it's poised to break down from rising wedge pattern, according to Dow Jones Newswires technical analysis. Index last 4872.2. ([email protected])
0949 [Dow Jones] Base metals lower Friday as India interest rate hike sparks concerns for similar moves elsewhere, particularly China, where latest inflation data was above expectations. Investors concerned that further fiscal tightening measures by China may curb demand for base metals in world's largest commodities consumer, says Sydney-based trader. LME 3-month copper closes down $54 vs PM kerb Friday at $7,432/ton. Base metals need fresh upward impetus to overcome concerns for future China demand. LME copper currently rangebound; buy stops around $7,650, little support until around $6,225. A close below $7,225 would break a technical double bottom, likely to prompt aggressive selling. ([email protected])
0932 [Dow Jones] Commodity Roundup: Base metals, gold pull back amid broad commodities selloff Friday, risk aversion hits markets, investors flock to USD after India's Reserve Bank raises key interest rates, signalling a wind down of efforts to stimulate its economy. India raises lending and borrowing rates by 0.25 percentage points. Bank's decision isn't likely to have significant, direct impact on commodities demand or amount of funds available to investors. But move spooks markets as an early warning that other central banks, such as China's, may follow with rate increases of their own. LME copper inventories continued to fall Friday but Shanghai Futures Exchange weekly copper inventories were up nearly 14,000 tons, more than offsetting the decline in LME copper stocks last week. In the news, Boliden says it will restart its Harjavalta copper smelter over the weekend after a Finnish harbor strike ended earlier than expected. LME 3-month copper ends down 54 vs PM kerb Friday at $7,432/ton, aluminum down $17 at $2,258, lead down $50 at $2,195, zinc down $39 at $2,294, nickel down $335 at $22,425, tin down $145 at $17,645. Gold sharply lower but stays within the range, above $1,100/oz. EUR/USD weakens to 3-week low of $1.3503, currently at $1.3524. India's rate hike also spreads concern for physical gold demand from world's largest gold consumer. Spot gold trading at $1,106.10, silver at $16.91, platinum at $1,604, palladium at $463. Nymex April crude futures down 51 cents at $80.17/bbl. ([email protected])