The market is up 55 and has hit a fresh yearly high today. The SFE Futures were up 49 this morning.

The Dow closed up 145 and above 10,000 level for first time in over a year. Dow now up 55% from lows, S&P 500 up 64% and NASDAQ up 72%. Metals were mainly stronger overnight, Oil price was up for the seventh consecutive session to $75.18 and the Gold price fell 30c to $1065. The Aussie dollar continued its rise to 91.45c versus 90.86c yesterday morning.

Making the news…

  • Bank of Queensland (BOQ) — FY PROFIT RESULT — up 2% to $141.1m from $138.7m last year. Normalized cash profit increased to $187.4m, in line with guidance of $186m. Declared a final dividend of 26c, which was also in line with guidance, but down from 37c a year ago. MD David Libby says he expects bad debts to peak this FY. BOQ up 2.7% to 1266c.
  • POTENTIAL CAPITAL RAISINGS — The AFR points out that 13 raisings in the resources sector were completed last week and suggests Australasia Gold (AAO), Cobar Consolidated Resources (CCU), Copper Range (CRJ), Eagle Eye Metals (EYE), Jaguar Minerals (JAG), Morning Star Gold (MCO) and RMG Ltd (RMG) could all tap the market for capital.
  • Mineral Resources (MIN) has upped its takeover offer for Polaris Minerals (POL). It offer is now one of its own shares for every 12 POL shares, plus 5c cash a share, valuing the company at 65.33c a share, up from 56.96c. POL up 6.4% to 66.5c.
  • Conquest Mining (CQT) plans to raise $65m to develop its Silver Hill gold project. 80.6m shares to institutional and sophisticated investors at 62c each will raise $50m, while a share purchase plan at the same price will raise the remaining $15m. CQT up 0.5c to 68.5c.
  • Downer EDI (DOW) has held its AGM — tells investors work-in-hand had grown to over $16bn and reiterated its guidance for net profit to grow around 3%. DOW down 7c to 886c.
  • Consolidated Media Holdings (CMJ) continues with its share buyback and indirectly increasing Seven Networks (SEV) stake in the company. SEV’s stake has increased to 21% from 19.91% as a result. CMJ up 1c to 306c, SEV up 3c to 639c.
  • OZ Minerals (OZL) cuts the upper range of its guidance for FY copper production from its Prominent Hill mine. OZL down 1c to 130c.
  • JB Hi-Fi (JBH) up 5% today on the back of broker upgrades from yesterday’s AGM.
  • 39 stocks have hit a fresh yearly high, most notables being: ANZ Bank (ANZ), Boral (BLD), Commonwealth Bank (CBA), Equinox Minerals (EQN), Harvey Norman (HVN), JB Hi-Fi (JBH), Mitchell Communications (MCU) and Wesfarmers (WES).

The Dow Jones Futures were up 2 at midday.

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