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.


  • 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.

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