- NAB warned on Friday it had made an additional provision of $830 million for its exposure to complex credit derivatives, known as collateralised debt obligations, or CDOs.
- ANZ profit warning - said its cash earnings per share for the year to September 30 were expected to fall by 20-25 per cent from the previous year. Bad debt provisions in the second half would likely be around $1.2 billion due to sour loans to commercial property groups and margin lenders, up from $980 million in the first half.
- In the past - involvement (masive exposure) of ANZ banking group with Opes Prime, Tricom.
- More pain to come?
Bank's Trouble in Our Yard
As a relatively new investor, I have been annoyed for some time (heck.. more or less for a year?) with the behaviour of the Australian Stock Exchange. Fair enough, it's a global meltdown, it's affecting everybody in the world. But down here, where (almost) everything is booming, we're experiencing stock market downturn even more than the US. Have been trying to understand, and seems like things are slowly revealing themselves.
Mount Gibson Iron (MGX.ASX)
Fair enough, there are heaps of shares on the ASX, who are currently oversold. But have a closer look on MGX. This is an iron producer who secured nearly 90% of price increase recently and have no problem with their production (or doesn't seem to be from my bare eye..). Current share price is $2.60, this is after an increase of 12% yesterday.
A quick peek from FN Arena Broker Call:
MOUNT GIBSON IRON LIMITED - 23 July,2008
Macquarie rates MGX as Outperform - The quarterly production result came in as expected. The broker notes Mt Gibson is "drilling madly" and organic growth is timed well for the peak of the iron ore price cycle.
A quick peek from FN Arena Broker Call:
MOUNT GIBSON IRON LIMITED - 23 July,2008
Macquarie rates MGX as Outperform - The quarterly production result came in as expected. The broker notes Mt Gibson is "drilling madly" and organic growth is timed well for the peak of the iron ore price cycle.
Oxiana
Well, it looks like I have made a big mistake on OXR. Fish for the bottom is not really my thing, I have to admit that. I bought some more oxiana on $2.75, thinking that the price was low enough. Wrong! It went downward to $2.10 at some stage, before it creeping back up. slowly.
This is Oxiana, made of OXR, Zinifex and AGM. It has Martabe and Prominent Hills, also more than a billion in cash. Commodity price is also higher.
The price now is the price of Oxiana some years ago, before all that I mentioned above.
This is Oxiana, made of OXR, Zinifex and AGM. It has Martabe and Prominent Hills, also more than a billion in cash. Commodity price is also higher.
The price now is the price of Oxiana some years ago, before all that I mentioned above.
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