The market is continuing its good run. It is up 23 today and closed higher yesterday (up 50) for the 10th consecutive session. The SFE Futures were up 5 this morning.

Wall St. closed up 15 overnight. It is now up 10% in 14 days. Dow was up 30 at best and down 59 at worst. Another late rally pushed the index into positive territory. Better then expected New Home Sales did the trick. Oil price and Gold price were both up. Aussie dollar was also up to 82.32c.

Making the news today…

  • The first results of the season are coming in. Alesco Corp. (ALS) has reported a $12.8m FY loss, compared to the $58m profit this time last year. It did register a profit before significant items of $29.1m. Share price down 1.7%. It also declared a final dividend of 7c.
  • Lots of rumours surrounding Ten Network (TEN) — it is apparently now a takeover target. There was talk last week that it will announce a capital raising. Its majority shareholder, CanWest, is struggling to refinance its debt.
  • Transfield Services (TSE) announces its FY result will be impacted by an impairment charge of $168m on a pre-tax basis. It expects to meet net profit growth guidance, with profit to be at the lower end of 10-20% (excluding the impairment charge). TSE down 1.72%.
  • Centro Property Group (CNP) has cut the value of its Australian and US property portfolio for the 2nd half by $2.62bn. It was worth $9.09bn at the end of 2007/08. CNP down 3.12%. Centro Retail Trust (CER) has also but is property value by $1.02bn. CER down 5.1% to 9.3c.
  • ANZ Bank’s chief economist Saul Eslake has decided to leave the bank, he will be replaced by Warren Hogan. ANZ up 1.05%.
  • Equinox Minerals (EQN) up 7.53% — no announcement. It was up 4.85% in Canada overnight.
  • We have had production numbers this morning from both Murchison Metals (MMX) — unchanged at 193.5c — and Aquila Resources (AQA) — down 15c to 614c.
  • Babcock & Brown Infrastructure (BBI) has amended its agreement to sell a stake in Euroports SA with Antin Infrastructure Partners and Arcus European Infrastructure Fund taking a 34% stake in the business.

In other news…

  • The International Monetary Fund estimates that 14% of the $1.9 trillion in US consumer debt will default and that 7% of the nearly $2.5 trillion in consumer debt in Europe will be lost.
  • Iron Ore Negotiations — One broker says China Iron & Steel Association has talked itself into a corner on price and that BHP and RIO are pushing for a new quarterly pricing system, rather than an annual one.
  • Credit agency S&P has cut its stand-alone credit rating on the NAB’s UK subsidiary, Clydesdale Bank, to A+ from A-. NAB up 1.65%.
  • JP Morgan expects West Australian Newspapers (WAN) to book a FY09 net profit of $83m when it report on August 6.

The Dow Futures are down 10 at midday.

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

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