Sundance Resources

Sundance Resources (ASX:SDL) has recommended a $1.65 billion takeover bid from China's Hanlong Mining. The sweetened price represents a 65.3 percent premium to Sundance's volume weighted average price in July.

To win the Sundance board over, Hanlong raised its original 50 cents per share offer to 57 cents a share, a 14 percent increase. The privately-held Chinese company has its eye on Sundance's Mbalam iron ore project in Africa's Cameroon and Congo.

To further develop its Mbalam iron ore venture, metals explorer Sundance Resources (ASX:SDL) said it would place 148.1 million new shares at 40.5 cents without the need for shareholder approval in a $60m placement raising to investors.

Sundance Resources (ASX:SDL) resumed trading on Monday. The stock has been in a trading halt since the mining company's entire board of of directors were killed in Congo, Africa from a plane crash on its way to Mbalam on June 19. Their share price closed down 1 cent to 12 cents with a volume of 65.8 million shares traded and an intraday low of 10.5 cents.

Australand Property Group (ALZD), a diversified property group that runs business in Sydney, Melbourne, South East Queensland and Perth was the best performer of the 15th week in ASX200 with a gain of 8.5 percent closing the week at $2.93 (market capitalisation $1690.1 million). The company traded its stocks for $2.70 last week. It was a mixture of property management, media, exploration and business project management companies in the ASX200 list for the week: Australand Property Group (ALZD), APN News & Media (APN), Beach Petroleum (BTA), Goodman Group (GMG), Sundance Resources (SDL).

Arrow Energy (AOE), one of the major coal seam gas producer and explorer with a current market capitalisation of $2512.1 million was the worst performer in the ASX100 list for the week. The company lost 12.7 percent or 50 cents to its stock price and was closed for the week at $3.43.

Consolidated Media Holdings (CMJ), a company that focuses in the gaming, entertaining, television broadcasting, magazine publishing and distributing, subscription television, investment in internet and other sectors was the worst performer in the ASX100 list that lost 9.8 percent or 33 cents to its stock price closing the week at $3.02.

Arrow Energy (AOE) was the overall best performing stock taking in a 12.61 percent increase. It was a mixture of drilling services, chemical manufacturing, financial services, energy and mining & exploration companies who were among the best performing stocks for the week 23 of 2008 of the Australian sharemarket: Boart Longyear (BLY), Incitec Pivot (IPL), Challenger Financial Services Group (CGF), Arrow Energy (AOE), Sundance Resources (SDL). These best performing stocks managed gains above 6.06 percent by the end of the trading week.

Sundance Resources (SDL) was the overall best performing stock taking in a 47.05 percent increase. The technical chart of the Sundance Resource stock price shows the rise and fall of their stock price. Last week presented a spike which broke the 100 day exponential moving average. Also note that the chart is in logarithmic scale (which displays price movements which is proportional with respect to percentage values) and also the spike in volume.