Nice rebound today — up 50. The SFE futures suggested a 11 point rise in the market this morning. All sectors making gains. Resources up 2.1% with RIO rebounding 8% after falling 18% the last 5 days – remains committed to the $19.5bn Chinalco tie-up and receives US foreign investment approval for the deal. BHP up 2.0%. Banks all up — WBC up 1.5%. Property stocks up 1.2%

The Dow was up 46. Up 92 at best. Down 11 at worst. 9 out of 10 sectors up — only utility stocks down. Worse-than-expected weekly unemployment figures. Financials bounced 4% after recent heavy falls. Insurers did the best. BHP and RIO both up in ADR form overnight — 1.33% and 5.65% respectively. Oil up. Gold up. Bonds up. A$ up.

Nufarm (NUF) in a trading halt as it plans to raise $300m via an $11.25/share institutional raising. Reaffirms FY NPAT guidance of $220m — expects strong sales demand in the final three months of the FY.

  • Paladin Energy (PDN) up 5% posting quarterly gross profit up 44% on-year to US$10.8m.
  • Leighton Holdings (LEI) secured $290m in new contracts for the WA Mandurah Entrance Road.
  • Skilled Group (SKE) entered into a JV and secured an agreement with Chevron Australia to supply marine vessels and labour to the WA Gordon Project.
  • Origin Energy (ORG) up 4c to 1554c acquiring 180MW’s in long-term power purchase agreements from Babcock & Brown Power (BBP) for the Osborne cogeneration plant in SA.
  • Cabcharge (CAB) released inline 3Q09 results for its 49% owned JVs with Australian buses and UK taxis.
  • Macmahon Holdings (MAH) successfully completed its $46m share placement and entitlement.
  • Monadelphous Group (MND) has won $100m in new contracts from BHP and RIO.
  • Woolworths (WOW) will acquire 25% of Gage Roads. WOW also told the Sydney Morning Herald that it was limiting its search for overseas acquisitions.


  • Brokers generally cut Leighton Holdings’ (LEI) price target and cut their recommendations after LEI downgraded FY09e operating NPAT guidance by 5% yesterday — 3 SELLS and 1 HOLD this morning.
  • Goldman Sachs JB Were put a SELL and 105c price target on Fairfax Media (FXJ) saying the trading environment remains very difficult.

The Dow Futures suggest a 4 point rise 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

Peter Fray

Get your first 12 weeks of Crikey for $12.

Without subscribers, Crikey can’t do what it does. Fortunately, our support base is growing.

Every day, Crikey aims to bring new and challenging insights into politics, business, national affairs, media and society. We lift up the rocks that other news media largely ignore. Without your support, more of those rocks – and the secrets beneath them — will remain lodged in the dirt.

Join today and get your first 12 weeks of Crikey for just $12.


Peter Fray
Editor-in-chief of Crikey