The market is down 6. The SFE Futures were up 20 this morning.

Wall St. closed up 61. Dow was up 111 at best and up 2 at worst. Huge night for metals with Zinc up 7.8%, Lead up 6.16% and Nickel up 4.5%. The Aussie dollar hit a 14 month high at 90.63c and the oil price put on 45c to $71.55c. Gold up another $11.90 to $1056.

In the news today…

  • GUD Holdings (GUD) has launched a share based takeover offer for Breville Holdings (BRG). It already owns 19% of BRG and is offering one of its shares for every 4 BRG shares, valuing the company at $279.1m. It is a 39% premium to BRG’s last closing price of 154.5c. GUD last traded at 862c.
  • Babcock & Brown Infrastructure (BBI) says if its $1.8bn recapitalization plan to reduce debt doesn’t eventuate, it will fall into administration.
  • Avoca Resources (AVO) releases 1Q production numbers. It produced 50,584 ounces at $428 per ounce. AVO up 5c to 171c.
  • Commonwealth Bank of Australia (CBA) announces the offer for its PERLS V has closed. It has raised the group’s Tier 1 capital ratio by about 40bps.
  • Centro Retail Trust (CER) has paid the balance on its loan facility for its Centro Shopping America Trust portfolio. CER up 7.5% to 21.5c.
  • Elders Ltd (ELD) says it won’t participate in any capital raising by Forest Enterprises Australia to add to its current 31.3% stake.
  • Mirabela Nickel (MBN) has begun commissioning at its Santa Rita project. MBN up 1.3% to 295c.
  • ConocoPhillips is planning to sell $US10bn worth of assets in the next two years, which might possibly include its liquefied natural gas export assets in QLD, NT and WA.
  • Sexyland has launched a $7.9m takeover offer for riv al Adultshop.com (ASC). ASC last traded at 1.1c.
  • Japanese machinery orders increased in August by 0.5% from a record low. It is a leading indicator for the Japanese market that is usually closely watched.
  • Pacific Brands (PBG) up 9% on the back of a broker upgrade to Overweight from Neutral.
  • Stocks hitting fresh yearly highs this morning: Seek (SEK), Oil Search (OSH), National Australia Bank (NAB), Equinox Minerals (EQN) and Virgin Blue.
  • Seven Network (SEV) is 17c ex dividend. SEV down 20c to 620c.

The Dow Futures are up 4 at midday.

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

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