MMX

It was officially revealed today that Rudd government has officially prohibited any move by China's state owned Sinosteel to acquire stakes in Murchison Metal. The Foreign Investment Review Board would delay its decision for 90 days about Chinese take over bid on West Australia's mining company. Rudd government is planning for new regime that would limit foreign stakes in Australian companies or their take over.

Chinese steelmaking giant Sinosteel Corporation is finally edging nearer to takeover management of control of Midwest Corporation (MIS). Sinosteel has made significant changes in a notice to its shareholders stating that it now has voting stake of 33.82 percent in Midwest Corporation which means it owns nearly one-third voting power in Midwest. It raised its stake in Midwest to 28.37 percent which is about 20 percent higher than its previous bid.

Sinosteel claimed today that it has got a nod on the Midwest deal and it shall not have to get a re-endorsement from Foreign Investment Review Board on combined take over of Midwest-Murchison Metal group. It also distanced itself from last weeks comment from one of its senior executives regarding improvement of its $6.38 a-share bid.

Paladin Energy (PDN) was the overall worst performing stock taking in 18.33 percent decrease. Among the worst performing stocks for the week 46 of 2007 of the Australian sharemarket were a mixture of energy, petroleum, mining and oil exploration: Paladin Energy (PDN), Woodside Petroleum (WPL), Lihir Gold (LHG), AED Oil (AED). These worst performing stocks for week 46 of 2007 recorded losses above 10.77 percent by the end of the trading week.

Lynas Corporation (LYS) was the overall best performing stock taking in a 20.09 percent increase. Among the best performing companies for the past week (week 39 of 2007) on the Australian sharemarket were a mixture of financial services, aviation, metal and mining: Allco Finance (AFG), Babcock & Brown Air (BNB), Fortescue (FMG), Lynas Corporation (LYC), Mt. Gibson Iron (MGX), Murchison Metals (MMX). The majority of the best performing companies were metal & mining companies.