3:00AM New York, 7:00PM Sydney - ASX 200 index in Sydney trading rose 4.4%.

ASX 200 index gained 4.4% or 225.5 to close at 5,412.30.

The Preliminary market turnover was 2.42 billion shares worth $9.43 billion, with 1,070 shares moving up, 367 moving down and 248 unchanged.

Troubled property funds manager MFS Ltd''s recently appointed chief Craig White today announced that the company is assessing several proposals for a partial purchase and may not take more than few weeks to decide.

White said he could not explain why the market had reacted so negatively to the proposal of spinning off the Stella travel business to pay down debt. The spin-off plan caused MFS stock to plunge 70%.

The MFS group has total debt of $1.687 billion, which includes $1.055 billion in secured term debt, $189 million in asset-backed facilities and $443 million in unsecured notes. MFS said $220 million of the debt was due in less than three months, while another $119 million is due between one to three years.

MFS said the proposals received were conditional on limited further due diligence and satisfaction of any necessary regulatory approvals. The company said it had requested that its shares continue to be suspended on the Australian stock exchange while it considers the offers.

Securities in the related MFS Diversified Group fell sharply on Wednesday after it released an announcement clarifying that MFS holds a 16.9% stake in the fund. Another entity related to MFS, MFS Living & Leisure Group, was halted from trading.

Allco Finance Group Ltd''s share fell 26% today after forced share sales by margin lenders. The company said in a statement that it had engaged the lenders to stop further sales. Today''s rout took the stock''s decline from its record in February last year to 83%.

Allco''s loss came on the back of gains in rivals with Macquarie Group Ltd up 1.3% and a 7.7% increase in Babcock & Brown Ltd.

Allco and its subsidiaries have $1.08 billion of bonds and loans due this year and a $1.28 billion maturing in 2009.

The world''s third- largest zinc mining company, Zinifex Ltd, today raised its hostile bid for rival Allegiance Mining to $1 a share. The company announced that its new offer is on condition that it gains more than 30% of stock or board approval for its $775 million bid.

Allegiance Mining Chairman Anthony Howland-Rose told reporters that the revised offer doesn''t change his company''s recommendation to reject the bid.

Allegiance was up 4% above Zinifex''s bid, indicating shareholders expect a higher offer after the company last week said it received approaches from others.

Zinifex is after Allegiance''s Avebury nickel mine in Tasmania. The mine has a $3 billion supply agreement with China''s Jinchuan Group Ltd. Zinifex rose 6.4 % and Allegiance gained 5%.

Mining giant, BHP Billiton'' share rose 8.7% after the company announced that it has achieved record production of seven commodities in the first half of fiscal 2008. The performance also boosted its production of 13 commodities.

The company said it had recorded half-year shipments across the entire carbon steel materials commodity suite, driven by continuing strong customer demand.

Shipments of iron ore rose 6%, manganese was up 6% and metallurgical coal rose 13%. BHP said record production and sales of iron ore were achieved for the December quarter as well as for the half year, with Western Australian and Brazilian operations performing strongly.

During the first-half, production rose 8% to 53.613 million tons and in the three months to December 31, 2007, production rose 9% to 27.746 million tons.

Lihir Gold today indicated that it has re-opened its Ballarat mine in Victoria, two months after a rock-fall in the mine caused 27 miners to be trapped underground for five hours.

During the past two months, the company has been working with regulatory authorities to restore the mine. Lihir Gold is still investigating the cause the collapse. Chief executive officer, Arthur Hood, said the mine is safe for the workers to enter.

Lihir share rose 18%.