Taipan Financial News Country Alert
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Australian Resource Stock Ramp-Up
by Chris DeHaemer
Publisher, Gressor
October 11, 2006
The Australian stock market finished strong last night with the Uranium stocks leading the way. It’s no wonder, since Uranium hit another new high of US$55.75.
At the close, the benchmark S&P/ASX200 Index was up 34.2 points at 5282.8 points, while the All Ordinaries gained 33.6 points to 5245.3.
Australia’s media king, News Corp. (NWS), rose 30 cents to AUS$28.55 while its non-voting shares gained 31 cents to AUS$27.37. On the New York Stock Exchange, NWS rose more than a US$1 to an all-time high of US$21.26. This stock is looking like a breakout. I expect to see US$25 before the year is out.
But gold is down…
The spot price of gold was trading at $US571 an ounce by 4.32 p.m., down $US7.90 on yesterday’s close. The most traded stock was goldminer Anglo Australian with 63.1 million shares changing hands, worth a collective AUS$5 million.
To learn more about the Gressor investing system, access this special report from from Chris and the Gressor team.
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