The market is breaking even — up 0.3 — in line with the SFE Futures that predicted an unchanged market this morning.

Quiet start to week with not a lot of company related news around.

The Dow Jones closed down 15 on Friday. Dow up 61 at best down 59 at worst. Both the NASDAQ and the S&P 500 finished higher. Aussie dollar managed to stay above 80c. Metals mostly up. BHP up 37c to 3507c and RIO down 128c to 4944c.

In the news today…

  • Linc Energy (LNC) in a trading halt — Will provide an update on market asset sales.
  • PanAust (PNA) has experienced a breakdown at its Phu Kham Copper-Gold operation. It expects the plant to be down between 11-23 days. On another note, it raised $74m from its institutional raising.
  • Oil Search (OSH) said the Exxon Mobil-led PNG LNG project has reached commercial terms for LNG offtake with three major Asian buyers.
  • Oz Minerals (OZL) expects to complete the sale of its Martable gold project to China Sci-Tech Holdings by the end of June.
  • National Australia Bank (NAB) has bought Aviva’s wealth management business for $825m.
  • Energy Developments (ENE) said it has received a ₤135 takeover offer (including debt) for its UK and French landfill gas power generation assets.
  • CSL Ltd (CSL) converts the $US1.5bn it borrowed to buy Talecris into Aussie dollars and books a $80m non-recurring net profit.
  • Austal (ASB) announces the US navy has ordered materials associated with the construction of two additional 103m joint high speed Vessels.

In other news…

  • National Australia Bank has spent $825m buying Aviva PLC’s Australian wealth management business.
  • Xstrata Plc has proposed a “merger of equals” with Anglo American Plc.
  • FOMC Meeting — US interest-rate futures are still pricing in a circa 50-50 chance of the Fed funds rate rising to 0.5% by December. The FOMC Meeting this week is thought likely to dispel suggestions that US rates will rise anytime soon.
  • TEN Network releases its 3Q result on Wednesday — One broker forecasts EBITDA of $143.1m, down from $201.9m last year.
  • New motor vehicle sales increased by 5.4% in May.

The Dow Futures suggest a 12 point fall on Wall Street tonight.

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

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