Crikey

The market is up 14 compared to the 7 point gain the SFE Futures predicted this morning.

Dow up 32 — was up 139 at one point. Fell 100 points in the afternoon. US Bonds up on an $11bn 30 year note auction that went off at the highest yield in two years (4.72% versus the expected 4.8%) and saw a good 49% bid for by international central banks. Oil price up again to $72.69, Gold up $7 to $962 and A$ was up again. Now at 82.11c.

Quiet day to finish off the week with not a lot of company related news…

• Transurban (TCL) announces it will pay an 11c distribution, in line with guidance.
• Origin Energy (ORG) says the Kupe Gas project will begin production in the 4Q of 2009. The project is expected to meet around 15% of New Zealand’s current gas demand.
• Boom Logistics (BOL) has reduced its debt by $14.7m due to a tax refund.
• Australia Agriculture Co (AAC) has held it AGM  — CEO says 2H09 result is unpredictable and a FY profit is unlikely if cattle prices subdued.
• Foster’s Group (FGL) has appointed David Dearie as CEO of Australasian Wine Business.
• BHP Billiton (BHP) has settled 2009-10 term iron ore prices with Japan’s second largest steel maker, JFE Steel.
• Linc Energy (LNC) has provided an update on its Galilee Basin program.
• OZ Minerals (OZL) expects a Mill at its Golden Grove operation to be out of action for 3-4 weeks.

In other news…

• Arrow Energy (AOE) doing well after its JV partner Royal Dutch Shell says its LNG plant at Gladstone is targeting its first gas by 2014 or 2015.
  JP Morgan cuts Incitec Pivot (IPL) to Neutral from Overweight and its target price to 286c from 296c saying IPL is now trading on 11.9x FY09 PER, “approaching a market multiple”.
• Credit Suisse has reinstated coverage on BlueScope Steel (BSL) at Neutral down from Outperform after its recent market update saying demand remains “very depressed”.
• JP Morgan upped its target price on Computershare (CPU) to 924c from 800c and maintain their Neutral recommendation saying the company has benefited from secondary capital raising in FY09.
• Retailers continuing to do well. The Reject Shop (TRS) has hit a fresh yearly high today. JB Hi-Fi also up 1.4%.

The Dow Futures suggest a 1 point gain on Wall Street tonight.

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

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