Australian Market Report of August 3, 2010

The Australian stock market swung higher this morning after Wall Street hit a ten-week high after better-than-expected manufacturing data and strong European bank earnings. Almost all sectors have performed strong, leading by Materials, Information Technology and Energy. In early trade, S&P/ASX200 index was up 0.85 per cent, at 4580.1 points, while All Ordinaries index had risen 0.87 per cent, to 4593.8 points. In economics news on Tuesday, the Australian Bureau of Statistics released data on retail trade and building approvals, both for June. Commonwealth Bank and the Australian Chamber of Commerce and Industry released their business expectations survey for the June quarter. Companies News Rio Tinto Limited (ASX:RIO) announced today that it will invest US$170 million to further expedite the development of its world-class Simandou iron ore project in south-eastern Guinea. The investment will optimise the mine design, mine infrastructure, rail system and port facilities, and enable further work on drilling operations. The announcement came after Rio signed a binding agreement with Aluminum Corporation of China Limited (SHA:601600) (HKG:2600) (NYSE:ACH) last week, under which a joint venture will be established to develop and operate the Simandou iron ore project. Expected to start operations within five years, the project targets an initial annual production of about 95 million tonnes of high-grade iron ore, which will be largely used to satisfy strong demand from China ...

View Count: 2 Date: August 3, 2010

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