Mixed fortunes for Asian markets; BHP secures approval to expand Olympic Dam operation
City Index October 10, 2011 9:09 PM
<p>Asian markets are mixed in early afternoon trading, with losses in Hong Kong but gains in Korea and Sydney. Markets are expected to remain volatile […]</p>
Asian markets are mixed in early afternoon trading, with losses in Hong Kong but gains in Korea and Sydney. Markets are expected to remain volatile this week as European meetings around the sovereign debt situation continue. No quick outcome is expected.
In corporate news, BHP Billiton, the world’s largest mining company, received environmental approval to expand its Olympic Dam mine in Australia that will make it the world’s largest uranium operation. The news came as China’s Guangdong Nuclear Power company was set to reopen talks with uranium producer Kalahari as further signs that the stock prices of uranium stocks have possibly bottomed.
In other regional energy news, China Petrochemical, the nation’s biggest refiner (also known as Sinopec), agreed to acquire Daylight Energy for around C$2.2 billion to gain Canadian shale-gas reserves in the company’s largest acquisition this year. The deal will give Sinopec access to more than 300,000 acres of possible oil and natural gas prospects, further diversifying the group’s energy holdings.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.