In a Mar 14 Bloomberg article, when there was gloom and doom everywhere, former Morgan Stanley chief strategist Barton Biggs was quoted as saying that the Dow could rally 1,000 points. He didn't give a time frame. (See article)
Subsequently, on Mar 18, the Dow rallied over 400 points, the most in five years.
Today, another guru, Jim Rogers, was quoted in a Bloomberg article saying that US stocks, will likely continue their rally this year because the ``out of control'' Federal Reserve is cutting interest rates to save investment banks from collapse.
Jim Rogers, 66, is best known for, among other things, predicting the start of the global commodities rally in 1999. He is also a strong bull on China.
Read full Bloomberg article.
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AUSGROUP wins new blue-chip client
AUSGROUP today said it has secured a new contract amounting to approximately A$26 million from a global mining & resources firm.
The work is to fabricate, supply and install structural, mechanical, piping and electrical systems for a new iron ore facility in Western Australia.
The work is scheduled to commence in May 2008 and will be completed by Nov 2008.
The order takes AusGroup’s order book to A$180 million.
The contract was awarded by a new “blue chip” client in the booming Western Australian iron ore industry.
AusGroup said it is well positioned to continue to secure opportunities in both the oil and gas and minerals sectors, and build on its order book.
The latest Australian Bureau of Statistics survey data point at continued strong capex growth for Australia’s mining and resources sector. The first estimate for FY08 has been released and is recorded at A$30.0 billion, 12.6% higher than the corresponding estimate for FY07.
“On the back of this strong outlook we are experiencing record levels of enquiries from current and new clients across the Group. We are implementing a more focused tender selection process to ensure we target and secure projects that will deliver strong returns to our shareholders,” said Mr John Sheridan, managing director of AusGroup.
Recent NextInsight story: AUSGROUP: Record half-time earnings of A$12.1 m
