The market is down 51. SFE Futures were down 4 this morning.
Wall St. fell 22 on Friday. Consolidates after 5 straight days of gains. Dow up 22 at best and down 56 at worst. Metals struggled on LME and Oil also fell to $69.29, down $2.65. Gold put on $9.60 to $1006 and the Aussie dollar fell slightly to 86.19c compared to 86.33c yesterday morning.
The Dow Futures are down 82 (quite a big fall for this time of the day) after China announced a probe into the alleged dumping of American auto and chicken products. Japan down 2.5% this morning.
In the news today…
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Sigma Pharmaceuticals (SIP) announces a 1H net profit of $32.2m, up 4.9% and remains on track to deliver FY modest growth. Not much of a surprise considering it gave the market a peek when it announced its capital raising. It also declared an interim dividend of 3c. SIP up 1.5c to 108.5c.
Rio Tinto (RIO) has received approval from the Brazilian National Defence Council to sell its Corumb iron ore mine in Brazil and other assets to Vale SA for US$1.6bn. RIO has been selling assets to cut its debt bill ever since it acquired Alcoa at the top of the market. RIO down 1.11% to 5857c.
IPO market is up and running again: Street Talk reports the Tasmanian government is considering an IPO of Tote Tasmania. There is now around $12bn of IPOs on the cards with the NSW government confirming it was looking to float some of its power assets.
Sino Gold Mining (SGX) and Eldorado Group have completed due diligence on their $2.2bn friendly merger. The combined group will have a market capitalization of around $6bn. SGX up 2.54% to 728c.
Talk of BHP Billiton (BHP) abandoning expansion plans for Perseverance Deeps underground nickel mine in WA. BHP down 42c to 3788c.
Seek Ltd (SEK) has acquired the Australian National College of Beauty. SEK down 8c to 545c.
The pre-marketing of the MYER float begins today but TPG (the owner) expected to postpone the book-build until November.
Talk that financial services group Austock Group (ACK) is up for sale. ACK last traded at 28c.
Felix Resources (FLX) down 7c to 1753c after Yanzhou Coal Mining withdrew and resubmitted the $3.54bn takeover application to the FIRB.
Stocks hitting a fresh yearly high today: Andean Resources (AND), Extract Resources (EXT), Goodman Fielder (GFF), Lion Nathan (LNN), Premier Investments (PMV) and Sino Gold (SGX).
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