Crikey

The market is having another good day  — up 41. The SFE Futures were up 35 this morning. All sectors doing well today.

Quiet night on Wall Street despite Goldman Sachs announcing a better-than-expected profit result. Dow Jones closed up 27. Dow up 30 at best and down 46 at worst. Oil price fell slightly, Gold was up 30c and the Aussie dollar was up to 7944c.

Suggestions that China will allow price negotiations on iron ore with RIO to lapse with some Chinese steelmakers accepting the RIO temporary offer of a provisional 33% cut. The Umetal research institute says there may be no official announcement and that RIO, in light of the arrest of its employees, would not be budging on price. Resources up 1% which BHP up 14c to 3393c and RIO up 70c to 4980c

In the news today…

• Alliance Resources (AGS) closed up 15% yesterday. They own 25% of a South Australian uranium mine that has got a lot of media coverage in the last 24 hours as the fourth uranium mine to get approval from Peter Garratt. AGS up another 20% today to 89c.
• Transurban Group (TCL) has completed the refinancing of $515m of non-recourse project debt for its M1 Eastern Distributor motorway in Sydney.
• Dioro (DIO) has told its shareholders that Avoca’s (AVO) bid has failed to meet an independent valuation and that its board unanimously recommends it be rejected. DIO is in discussions with third parties.
• Consolidated Media Holdings (CMJ)  — James Packer has upped his stake by 1.04% to 40.77%.
• ING Office Fund (IOF) has completed its retail entitlement offer and has raised $84m. Total proceeds from equity raising has reached $415m.
• Cape Lambert (CFE) has announced an exploration update and taken a 18.7% stake in the Cauldron project.

In other news…

• Linc Energy (LNC) up 10.5% on speculation of coal assets sales. It ended exclusive talks with China’s Yanzhou Coal Mining last month.
• The Australian leading index came in down 3.9% in May from a revised 4.1% fall in April. Basically suggests the economy is slowly recovering.
• Citi expect Woolworths (WOW) 4Q sales numbers which are due on 22 July to “impress” thanks to the government stimulus package and sore refurbishments.
• James Packer has upped his stake in Consolidated Media Holdings (CMJ) to 40.77% in response to Kerry Stokes buying up a 18.3% stake last week.

The Dow Futures are up 51 at noon.

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

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