Macarthur Coal Limited

The last trading day of January ended with a sharp loss on Friday. Australian shares plunged more than 2 per cent while the market was clouded with negative sentiment. At the close, the benchmark S&P/ASX200 index was down 103.7 points, or 2.2 per cent, to 4569.6, while the broader All Ordinaries index fell 100.8 points, or 2.1 per cent, to 4596.9. For the month, a 6.2 per cent, or A$85 billion in value, was wiped off from the market.

The Australian sharemarket sharply fell on Wednesday with all sectors in the red. At the close, the benchmark S&P/ASX200 index lost 73.3 points, or 1.6 per cent, at 4644.6 points, while the broader All Ordinaries index fell 73.1 points, or 1.5 per cent, to 4670.

The Australian shares closed with little change on Friday. The market rebounded from early losses as a surprise guidance upgrade by Commonwealth Bank pushed the financial sector higher in late trade. The benchmark S&P/ASX200 index gained 1.6 points to 4899.6, while the broader All Ordinaries index added 0.1 point to 4929.5.

The Australian share market posted a strong gain boosted by banks and miners on Tuesday after good lead from European markets and Wall Street. At the close, the benchmark S&P/ASX200 index was up 69.1 points, or 1.49 per cent, at 4704.2 points, while the broader All Ordinaries index surged 64.9 points, or 1.39 per cent, to 4724.4.

US stocks Wednesday climbed to near the peak of the year after Dubai's debt restructuring plan. The market was also supported by the optimism about the upcoming holiday shopping season while retailers Staples and Guess saw positive earnings in third quarter and provided guidance above market expectations.

Wall Street closed in negative territory on Friday despite a survey showed that US consumer sentiment rose to its strongest level in three months. But the Dow still surged 164 points, or 1.74 per cent, with four days rally in the week.

China has become a major coal buyer for Australian miner Macarthur Coal Ltd (ASX:MCC) due to weaker demand from its traditional customers such as Japan, Korea and Taiwan.

Yesterday, the Australian market slumped for the third consecutive session as investors locked in gains from recent rallies. The benchmark S&P/ASX200 index was 58.4 points, or 1.47 per cent lower, at 3,904.1 points, while the broader All Ordinaries index fell 53.7 points, or 1.36 per cent, at 3,904.2 points.

Bandanna Energy Limited (ASX:BND) wishes to announce that it has reached an agreement with Custom Mining Dingo Pty Ltd ("CMD" a subsidiary of Macarthur Coal Limited; ASX Code MCC) regarding CMD's withdrawal from the Joint Venture and Farm In Agreement relating to the Dingo West Project in EPC 881. In doing so Bandanna (through its wholly owned subsidiary Dingo West Coal Pty Ltd) will now retain a 100% interest in this Project.

Yesterday the Australian shares were showing their resilience to the bad leads from overseas. The market ended with a modest drop after a rebound from the early losses. The benchmark S&P/ASX 200 ended down 0.6%, or 19.6 points, at 3331.6, while the broader All Ordinaries index also fell 0.6%, or 19.1 points, to 3285.