Shares

Shares in biotechnology company, Novogen, more than halved yesterday after the company unveiled disappointing phase II trial results for the ovarian cancer trial of its drug, phenoxodiol. The shares closed down 53.1% at 18.5c, a loss of 21c on the day.

No Change As Japanese PM Goes

The Japanese economy won’t be hurt or hindered by the decision of Prime Minister Yukio Hatoyama to step down.

BP Weakened By Leak

The stockmarket cost to BP’s Gulf of Mexico oil leak has topped the $US100 billion mark for the companies directly involved, and other companies in the sector seeing tens of billions of dollars in market losses as well.

IAG’s UK Loss Shock

There are some nasty profit downgrades emerging that call into question valuations on the Australian stockmarket and the efforts of various analysts who follow these companies.

Growth Down As Rates Bite

As an historical record and explanation, the March quarter national accounts help us understand what the Australian economy was doing in the first three months of the year.

Rates Go On Hold

Don’t look for the Reserve Bank to lift interests rates any time soon; Europe’s problems are dominating its thinking now, perhaps as much as the health of the Australian economy.

Metcash Earnings Up, Outlook Subdued

While the grocery and liquor wholesaler, Metcash, reported a 12.4% rise in its 2010 net profit, it found the going hard in the closing months of the year to April 30, and expects more of the same for the rest of this year.

Downer’s Shock Losses Cause Share Slump

Downer EDI, the engineering group, joined an exclusive club yesterday when it sprung a surprise on the market by revealing write-downs and losses of more than $250 million.

Building Approvals Slump Outweighs Retail Sales Rise

Perhaps some further stimulus might be needed for the home building sector later in the year.

China Slowing?

More signs of the pace of growth in the Chinese economy slowing as the government moves to introduce a tax on property.

The Aussie Economy: No Pressure For Rate Rise- Markets

No evidence from yesterday’s economic data flow for the Reserve Bank board to do anything but leave interest rates steady at its June meeting today.

ASIA: India Growing Strongly, Japanese, Korean IP Up

India has joined China in the front ranks of the world’s fastest growing economies.

Healthcare Action Continuing

More action in healthcare yesterday with Sigma granting its South African suitor, Aspen, due diligence rights and Healthscope revealing that it’s now the most popular girl at the dance, with two more takeover offers.

Orica’s Greenlight For Dulux Spin-Off

All being well, the Orica spin-off, DuluxGroup, should start trading as a separate listed company around June 12.

Wattyl Boosts Guidance

A possible takeover last week, a rare profit upgrade this week.

DIARY: A Big Week For The Aussie Economy

A big, big week for the economy in Australia.

Virgin Blue’s Downgrade Shocks

This week’s first quarter growth figures will tell how the economy went in the March quarter, but we already have some indications that for some parts of business it was tough.

Asia: Japan Still Hit By Deflation, Jobless

A day after reporting a solid rise in exports in April, we had more signs on Friday that the Japanese economy is not as healthy as some figures would suggest.

May Commodities: Gold Up, Oil Weak

Gold rose in late trading on Friday after the Fitch cut of Spain’s debt ratings forced gold investors to cover short positions before the holiday long weekend.

Markets Down On Spain Cut As Rotten May Ends

Trading for May in the US finished on Friday, with the Memorial Day long weekend closing American markets tonight, our time.

Capex Figures Show The Boom Remains In Place

May 28, 2010 - by Glenn Dyer

The Australian investment boom remains on track.

James Hardie Industries has posted a full year 2010 net loss of $US84.9 million ($A102.9 million), after reporting an improvement in fourth quarter operating income.

Westfield Sees Gains, As Does Perpetual

May 28, 2010 - by Glenn Dyer

Shopping mall owner Westfield Group said first-quarter operations confirm positive signs for the markets in which it operates.

Corporates 3: TAH, RGC, CSR

Tabcorp said yesterday that it has no knowledge of a mooted takeover bid for the company, but suggests rumours of a bid may be why its share price rose strongly on Tuesday.

Corporates 1: PRG, NFK

Melbourne-based Programmed Maintenance Services has posted a 7% fall in annual net profit, as suggested in a trading update earlier this month.

Corporates 2: AEC, REX

Perth-based Ammtec Ltd has rejected the takeover offer from Brisbane-based Campbell Brothers as too low, and has forecast strong earnings growth in the 2011 financial year.

Resources Tax Argument Continues

Australia’s major coal miners have found their supposed fears about the proposed resources profit tax no barrier to trying to increase their hold on the Queensland coal transport system.

Fosters To Split, Shareholders To Feel Pain

Talk about dud financial deals, especially takeovers.

Tax Doesn’t Put Off Two Miners

Gindalbie Metals yesterday became the second miner to point out that the proposed mining super profits tax will not impact expansion plans from proceeding.

Campbell Earnings Fall As Forecast

Laboratory and chemicals group Campbell Brothers has posted a 29% drop in annual net profit, as forecast in a February guidance update.

Transurban: Shareholder Wants Issue Scrapped

Sour grapes?

Flight Centre Has Another Upgrade

For about the third time so far this financial year travel group, Flight Centre has upgraded its fiscal 2010 guidance, and the shares take-off.

Thorn Earns More From Rentals