Crikey

The market is down 100. The SFE Futures suggested a 71 point fall in the market this morning. All sectors bar telecom stocks down. Property down 6.9%. Financials down nearly 3.3% after the banking sector fell 11% in the US overnight. Banks all hammered over 3%  — NAB down the most. The Commonwealth Bank and the Westpac have increased fixed-rate home loan rates. Resources down 2.9% on the lower oil and metal prices. BHP and RIO down 3.6% and 4.4% respectively.

The Dow was down 289. Down all session  — negative 291 at worst. Indexes closed on their session lows. Worst one day fall in a month. All 10 sectors down. Gold stocks rocketed on a flight to safety. BHP and RIO both down in ADR form overnight  — 7.31% and 9.97% respectively. Metals smashed. Oil price down 9%. Gold up $19.60.

Wesfarmers (WES) at their investor briefing reported better-than-expected 3Q sales for the Coles food and liquor divisions. 3Q sales for supermarket division Coles were “on track” with total food and liquor sales up 8.3% on-year when adjusted for Easter.

• Aristocrat Leisure (ALL) in a trading halt to raise about $200m at $3.25 each to strengthen its balance sheet.
• Asciano (AIO) is evaluating a range of non-binding proposals for both its individual assets and control of the company.
• Oil Search (OSH) note that their PNG LNG Exxon Mobil led JV has reached agreement on the key terms of an agreement with an unnamed Asian customer.
• Sino Gold (SGX) post a solid quarterly activities report reporting they produced 51,142 troy ounces of gold at an average cost of US$403/oz in the March Q.
• Jabiru Metals (JML) in their quarterly activities report noted they’d repaid all the Jabiru bank debt. Also noted record copper metal production  — up 24%  — and record zinc metal production up 30%.
• Boart Longyear (BLY) said total revenue will be 35-45% lower in FY09 compared to FY08. Also noted their EBITDA will likely be down 11-13%.
• Pacific Brands (PBG) has extended its debt maturity profile so it won’t have any financing deadlines to meet until 2011.
• Paladin Energy (PDN) announce that the Kayelekra Uranium Mine in Malawi has opened and is on schedule for ramp up.
• Gunns Limited (GNS) in their Bell bay project update note they are in substantially progressed talks with a potential JV partner —  expect to finalise a deal in June.
• GPT Group (GPT) has appointed former banker Michael Cameron as its new CEO, effective May 1. Cameron has been chief financial officer at SGB and CBA.
• Giralia Resources (GIR) note excellent frilling results at their Yerecoim magnetite project.

Other

• Deutsche bank cut Amcor (AMC) to HOLD from Buy saying AMC trades at a 16% premium to an average of its North American peers.
• UBS ups Cochlear (COH) to BUY from Neutral saying COH are likely to launch a new smaller, lighter processor in FY10.
• The end of the financial year is almost upon us (only 10 weeks away) and now is the time to finalise your super contributions for this financial year.
• RBA Minutes are out justifying last months interest rate cut.

The Dow Futures suggest a 6 point fall on Wall Street.

MARCUS PADLEY is the Author of the MARCUS TODAY Daily Stockmarket Newsletter.

For a free 21 day obligation free trial of the MARCUS TODAY newsletter (and no we won’t ask for a credit card number) please START A FREE TRIAL — you will receive two daily emails about the stockmarket, our MORNING EMAIL with all the stuff you need to know ahead of the trading day ahead and a DAILY EMAIL with all the midday events, news, comments and Ideas from Marcus and his Team. You will also be given a password to the MARCUS TODAY website including access to all the emails as well as Educational, Entertaining and Researched Articles from Marcus and his Team and an archive where you can catch up on a whole week or month in just a few minutes. Or Browse at length. We are sure you will enjoy and profit from what we offer. Find out now. GET STARTED and hopefully one day we will Welcome you onto the Membership List. We have one of the highest re-subscription rates in the financial newsletter industry. Thousands of subscribers enjoy and profit from our services every day. Join us

MARCUS TODAY – Inform, Explain, Educate, Entertain