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Early Movers: Sky & Space Global, Prima Biomed Ltd, Galaxy Resources, XJO, National Australia Bank

The ASX was trading sideways early on, while there was a big update from one of the market's most talked about stocks
women in front of ASX board
The mood was a little subdued as traders returned to market

The ASX 200 opened little changed, ignoring the record highs posted on US share markets Friday. At 10.30am the index was off 5.2 points at 5,759.90. The Small Ordinaries index was up 3.6 points at 2,393.8.

Sky & Space making stellar progress….

Sky & Space Global Ltd (ASX:SAS), a favourite with bulletin board warriors, weighed in with an encouraging progress report. It said its three nano-satellites are on track for commercial demonstrations and immediate revenue generation “within a few weeks”. Communication between the satellites has been carried out (a first for technology of this size), and the trio – known as Diamonds Red, Green and Blue – are now pointing at the earth. Read the full announcement here.

It was a big day for Prima BioMed Ltd (ASX:PRR, NASDAQ:PBMD); although how big exactly we don’t know. Here’s the thing: it has received a second clinical milestone payment from Novartis (VTX:NOVN). The size of the payment, however, hasn’t been disclosed. The Swiss giant is currently assessing the potential to use Prima’s LAG-3 antibody alongside a Novartis-developed PD1 inhibitor to treat cancer. The shares rose 8% in the first half hour of trade.

Galaxy a star performer….

Galaxy Resources Ltd’s (ASX:GXY) quarterly report for the period to June 30 sparked a lot of chatter early on. It revealed the Mt Cattlin operations boosted production by a year-on-year 41% to almost 33,000 dry metric tonnes. This generated cash flow of $13.2 million, while the company is well capitalised with $40.4 million on the balance sheet. Click here for the presentation.

Australia’s banks are braced later this week for the findings from a probe by the Prudential Regulation Authority that could herald a tougher capital regime for the country’s lenders.

The Sydney Morning Herald quotes Investors Mutual portfolio manager Michael O'Neill as suggesting the big four banks may need to increase their capital bases by around $20 billion.

In early trade the four major banks were unchanged. 

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March 12 2009
December 17 2008

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