Maryborough Sugar Factory Limited (the)

Australian Market Report of December 14, 2010 includes: Mindoro Resources Limited (ASX:MDO) announced exceptional nickel metallurgical results from its Agata nickel laterite project in the Philippines; ZYL Limited (ASX:ZYL) has successfully completed A$4.7 million fund raising to develop the Kangwane Anthracite Project; African Energy Resources Limited (ASX:AFR) has continued to intersect thick, near-surface coal seams over a large area at the Sese coal project in northeast Botswana; Maryborough Sugar Factory Limited (ASX:MSF) completes equity raising to fund sugar milling expansion.

The Maryborough Sugar Factory Limited (ASX:MSF) is now in a position to proceed to the next stage of the planned joint venture with Bundaberg Sugar Limited, a subsidiary of Belgium's sugar mills group Finasucre, after advice from Australia's Foreign Investment Review Board (FIRB).

The Australian shares Wednesday were broadly higher in the last full trading day before Christmas holiday. The market rose in a light trade after the US market gained on the upbeat home sales data. At the close, the benchmark S&P/ASX200 index rose 35.1 points, or 0.7 per cent, at 4739.3, while the broader All Ordinaries advanced 31.7 points, or 0.7 per cent, to 4756.1.

Wall Street rally ended on Thursday as the market was suffering from "rally fatigue". The better-than-expected US jobless claims and corporate news failed to move investors who had been bombarded by positive news in recent sessions. A surge in oil stockpiles also raised concerns over the US recovery.

US stocks climbed to a 2009 new high on Thursday, as the oil prices surge buoyed energy companies. New York crude oil futures rose more than 3 per cent to a one-year high of US$77.58 a barrel after the government said US gasoline reserves fell sharply last week. The financial and IT stocks retreated over mixed economic data and corporate outlook.

Yesterday, the Australian share market closed weaker across the board as the big miners and most of the banks fell. On Thursday the benchmark S&P/ASX200 index slid below the key 5000 mark, losing 80.5 points, or 1.59%, to 4979.5, while the broader All Ordinaries lost 79.6 points, or 1.55%, to 5050.9. Analysts says today investors face a day of turmoil as Wall St slumped overnight on renewed concerns about the economy with reports showing retail sales and employment are weakening.