The market is up 1 and drifting. We were up 31 at one stage. The SFE Futures were up 31 this morning.

The Dow Jones closed up 95. Fourth rise on the trot. Dow up 123 at best and down 32 at worst. European markets performed well. UK FTSE up 0.35%, DAX (Germany) up 0.58% and the French market was up 0.90%. Oil price put on 58c to $62.07. Gold fell $4. The Aussie dollar was up to 80.54c.

There was a late rally on Wall St. after New York University economist Nouriel Roubini, in which he said the worst of the GFC was over and that the current US recession would end before 2009 was out.

Making the news today…

  • Coeur d’Alene Mines Corp (CXC) will sell its Broken Hill silver mine back to its previous owner for $55m, for a $23.2m profit.
  • Abacus Property Group (ABP) has acquired the 343 George Street, Sydney, commercial office building for $55m.
  • Australia Infrastructure (AIX) has successfully completed its $104m retail offering.
  • Avoca Resources (AVO) has upped its stake in Dioro Exploration (SIO) to 17.13%.
  • Macquarie CountryWide Trust (MCW) has signed agreement to sell its 75% stake in US portfolio of 86 properties for US$1.3bn.
  • Spark Infrastructure Group (SKI) said ETSA Utilities, of which it has a 49% stake, has raised US$500 million through a private placement.
  • Suncorp (SUN) announces executive Mark Blucher will leave the company at the end of August after helping to integrate the Promina business.
  • Transpacific Industries (TPI — waste management company — market cap $559m) resumes trading on Monday for the first time since February — They have been struggling with $2bn of debt and have completed a re-capitalisation plan including an $801m equity issue and a debt extension. The stock last traded at 180c having been 1430c at the peak,

Also in the news…

  • Boral (BLD) up 3% after Morgan Stanley upped its earnings forecasts. And target price on the stock to 355c from 255c. They have an Underweight recommendation.
  • GSJB Were believes Suncorp (SUN) is the markets number one sell at the moment. They say the market is getting too excited about a potential bid, pushing the share price up 13% in six days.
    Macquarie Equities ups Leighton Holdings (LEI) to Neutral from Underperform and ups its target price to 2574c from 2065c on predictions key resources markets will improve in the next year.
  • Deutsche Bank has initiated coverage of Nufarm (NUF) with a Hold recommendation and 890c target price.

The Dow Futures are down 39 at noon.

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

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