Game On for Oz Minerals
April 1st, 2009 by Neil Gynther
Closing Data
| current | change | % | |
|---|---|---|---|
| Dow Jones | 7608.92 | 86.9 | 1.2% |
| NASDAQ | 1528.59 | 26.79 | 1.8% |
| S P 500 | 797.87 | 10.34 | 1.3% |
| FTSE 100 | 3926.14 | 163.23 | 4.3% |
| Nikkei 225 | 8109.53 | -126.55 | -1.5% |
| SPI Futures | 3588 | 22 | 0.6% |
| All Ords | 3,532.00 | -21.9 | -0.6% |
| Oil | 49.67 | 1.18 | 2.4% |
| Gold | 922.6 | 7.1 | 0.8% |
| Silver | 12.985 | -0.048 | -0.4% |
| Aluminium | 1492 | 37 | 2.5% |
| Copper | 3071 | 169 | 5.8% |
| Lead | 1040.5 | 91.5 | 9.6% |
| Nickel | 12710 | 1900 | 17.6% |
| Tin | 11550 | 1195 | 11.5% |
| Zinc | 1220.5 | 100 | 8.9% |
U.S. stocks rose in the last session of the quarter with the Dow Jones Industrial up 89 pts or 1.16%.The Dow had its biggest monthly percentage gain since the bottom of the last bear market, as mutual funds loaded up on some of the biggest winners.
Australian stocks are seen starting firmer on Wednesday, breaking a two-day slide, after Wall Street gained on positive news from the financial sector and with resource stocks set to rise on firmer base metals prices.
FMG
Fortescue Metals Ltd ( FMG) is likely to be in focus after the Australian government approved on Tuesday a $438 million Chinese investment in the iron ore miner.
RIO
The decision may also boost Rio Tinto Ltd (RIO) which is, itself seeking approval for a $19.5 billion investment from another Chinese state-owned firm, Chinalco, to help it reduce a hefty debt burden.
BHP
Shares in the world's biggest miner BHP Billiton (BHP) are projected to open up 1.1 percent based on trade on their New York listing.
Game On for Oz Minerals.
OZL have just announced the new deal with Minmetals and the stock will resume trading at 9.45am Brisbane time. Although I don’t agree with selling some of the world’s best metal deposits, the agreement, if fulfilled , will leave OZL debt free while retaining Prominent Hill and other assets.
I say “game on “ because I think this new agreement will flush out the other players who were, undoubtedly, interested in some or all of OZL’s assets but were sitting quietly on the sidelines waiting for the receivership. The OZL Bankers have also agreed to extend finance until the end of April.
I would now say that those that are holding could stay for the ride and if you like a little punt, perhaps buy some but be fully aware of the risks involved.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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