Midday Market Roundup 02/07/09

  The market is up 29. We were up 36 at best. The SFE Futures were up 16 points overnight.Dow Jones closed up 57. Dow up 133 at best and up 1 at worst. Lowest volume in 3 weeks on the NYSE ahead of the long weekend - 4th July celebrations. US jobs numbers tonight. Expecting job losses of 363,000, but they could well be weaker than that. Gold up & #36;13, Oil down 50c. A & #36; up to 80.91c.IRON ORE NEGOTIATIONS - The China Iron & #38; Steel Association (acting on behalf of Chinese steel mills) has backed down from its tough stance on iron ore price cuts. It is now apparently ready to talk about a price cut of 33% (instead of 40%) on benchmark iron ore fines for the 2009-10 year, in line with the cuts accepted by Japanese and South Korean steelmakers.RIO RIGHTS & #160;ISSUE & #160;CLOSED - Rio Tinto says there was a 96.97% (508.6m shares) take up of its & #36;US15.2bn rights issue in the UK. London listed shareholders were offered 21 new shares for every 40 held. Rio is yet to give an indication of the acceptance level from its Australian rights issue, but they are likely to have had a similar response from such a deep in the money rights offer.Quiet day on the news front...Extract Resources (EXT) up 4% after upgrading the resource at the first zone of its Rossing South uranium prospect in Namibia by 34%.GPT Group(GPT) says it has the facilities to buy a 16.7% stake in the Highpoint Shopping Centre after receiving a put option exercise notice in relation to the Besen family's stake in the centre. Up 1.8% today.NIB Holdings (NHF) announces FY09 policyholder growth of 5.17% (18,899), slightly better than the 4% predicted in April by NIB. It also reaffirmed guidance, expecting a pretax underwriting result for the FY in the range of & #36;35- & #36;40m. Price up 2c to 90.5c.Macquarie DDR Trust (MDT) announces a JV reorganization update.David Clarke will retire as chairman of Goodman Group (GMG) tomorrow. Ian Ferrier will continue as acting chairman.Extract Resources (EXT) upgraded the resource at the first zone of its Rossing South uranium project in Namibia by 34%.GPT Group(GPT) has received a put option exercise notice in relation to the Besen family's 16.7% stake in Highpoint Shopping centre. GPT says it has the ability under existing facilities to acquire a 16.7% in the centre.APA Group(APA) has completed a & #36;US140m US private placement.WestpacChairman Ted Evans has told shareholders in a letter that he expects to see increasing pressure on consumer loans as unemployment rises.Lakes Oil(LKO) up over 60% on news of a successful refracturing of its Wombat-2 well. & #160;In other news...RBS Equities has initiated coverage on Goodman Group (GMG) with a Hold recommendation and 38c target price. They say balance-sheet recapitalization and the debt renegotiation should refocus investors on GMG's operating model.Morgan Stanley has upped its coal price forecasts and upgraded several coal stocks. Ups Centennial Coal (CEY) to Overweight from Equalweight and its target price to 316c from 239c, Whitehaven (WHC) to Equalweight from Underweight, target price to 308c from 184c and Riversdale Mining (RIV) to Equalweight with a target price of 512c, up from 341c.JP Morgan is Overweight Boart Longyear (BLY) with a 40c target price after its Sub-Saharan drilling unit sale. & #160;The Dow Futures are down 7 at noon. & #160; & #160;Information provided to you by Marcus Today & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160; & #160;Register for a one week free trial of Marcus Today CLICK HERE  

Sydney

  [ Change ]
 
Today

Possible shower.
Today

Min: 12°
Max: 19°
Possible afternoon shower.
 

Account

Login

To access your account and listings



Remember me
   
   
   
 
 
Find Hunter Valley accommodation online