The market is making up yesterday’s losses. It is up 84. The SFE Futures were up 56 this morning.

Wall St. had a strong session closing up 124. The Dow was up 158 at best and down 2 at worst. The S&P 500 had its best session in a month finishing 1.78% higher. The oil price finished up 79c at $66.84 and the Gold price put on $2.50 heading back towards $US1000 an ounce. The Aussie dollar hit 87.27c versus 86.62c.

Making the news today…

  • Nufarm (NUF) struggling — down 2.6% to 1170c — despite announcing a heads of agreement with Sinochem in relation to a non-binding proposal to acquire all its shares at $13.
  • Talk of ANZ Bank making a play for AMP. Its $1.8bn acquisition of ING Australia gives it its own wealth management platform and AMP would be the perfect fit. ANZ up another 2.38% today to 2491c. AMP also up 3.76% to 635c.
  • Sunland Group (SDG) — talk of James Packer selling his stake after a massive trade totaling 36.2m or 11.3% of the company was registered. The trade went through in two parcels this morning at 80c. Packer has been selling down a number of holdings, including Challenger Financial Services (CGF) increasing speculation that he is taking Crown (CWN) private.
  • Street Talk say Lynas Corp (LYC) will undertake a capital raising between $300-$400m as early as tomorrow. LYC last traded at 90c.
  • Terry McCrann, Daily Telegraph and Herald Sun columnist, says it’s all but certain the RBA will raise rates in November and follow it up with another rise in December.
  • Roger Corbett has started meeting institutional shareholders today to confirm support for him to become chairman of Fairfax Media (FXJ) after Ron Walker said he would walk away. FXJ up 1.5c to 167.5c.
  • Qantas (QAN) says passenger numbers increased 6% in August and FY10 fuel requirements are 81% hedged at $US89 a barrel. QAN up 3c to 282c.
  • Dexus Property Group (DXS) has issued an $US300m debt issue in the US bond market. DXS up 3.13% to 82.5c.
  • Macquarie CountryWide Trust (MCW) has sold $265m worth of commercial mortgage backed securities. MCW up 1c to 66.5c.
  • Billabong International (BBG) up nearly 5% after Zumiez, a US apparel rival lifted its 3Q profit expectations. BBG up 4.87% to 1184c.
  • Notables stocks hitting a fresh yearly high today: ANZ Bank (ANZ), Commonwealth Bank (CBA), David Jones (DJS), GrainCorp (GNC), James Hardie (JHX), Macquarie Group (MQG), National Australia Bank (NAB), Virgin Blue (VBA) and Westpac Bank (WBC).

The Dow Futures are up 1 at midday.

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

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