MMX

Murchison Metals (MMX), a company that operates in the mineral exploration and mining industry with core concentration on iron exploration in Western Australia has reported sharp fall in its yearly profit despite a higher level of output. The result is seen as the reflection of a market that is declining for the bulk of commodity after the Chinese steel makers reduced their production.

WorleyParsons (WOR), a company that is engaged in the business of providing engineering project and design related services along with maintenance and reliability support services for diversified industrial segments was the worst performer in the ASX100 index losing 8.9 percent or $2.05 in its stock price and was closed for the week at $20.80.

Murchison Metals (MMX) - one of the leading iron ore exploration companies in Australia was the worst performing stock in ASX 200 on week 25. The company lost 23.4 percent or 51 cents on the share market. Some other worst performing stocks of this list were Gloucester Coal (GCL), Kagara Zinc (KZL), Paper Linx (PPX), ING Industrial Fund (IIF) and Paladin Energy (PDN).

Primary Healthcare (PRY), a leading company in the Australian healthcare industry that offers medical and healthcare based services in different parts of the country was the top performing company in the ASX100 which had an increase of 37 cents or 8 percent in its stocks.

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.