The market is down 27. The SFE Futures were down 28 points this morning.

  • Wall St. closed down 109 on Friday. The Dow was up 28 at best and down 149 at worst. Commodities went backwards after the US dollar strengthened. Metals were mixed, oil fell 69c to $80.50, Gold fell $2.20 to $1056 and the Aussie dollar was down to 92c from 92.75c. All ten sectors in the S&P 500 finished down despite the earnings results from both Microsoft and Amazon coming in better than expected.
  • Australia’s Producer Price index increased 0.1% in the Sept Q, compared to a 0.8% fall in the June Q and represents an annual rise of 0.2%. Economists had expected a rise of 0.3% for an annual rise of 0.5%.
  • CSR Ltd (CSR) — Trading halt pending a capital raising. Talk it being around the $375m mark via a fully underwritten entitlement offer. CSR last traded at 198.5c and announces results next week.
  • Felix Resources (FLX) up 3.8% to 1740c after the government approved Yanzhou’s $3.54bn takeover. In a new requirement, Yanzhou will have to refloat 30% of Felix on the market by the end of 2012. Good news for those seeking approval for China deals.
  • PanAust (PNA) cut its 2H earnings guidance due to lower expected production, currency issues and one off maintenance costs. It now expects between $US75m-$US85m compared to $US85m-$100m. PNA down 1c to 51c.
  • Street Talk suggests a rights issue might be on the cards for Macquarie Media (MMG) and that AGL Energy (AGK) could also raise between $500m and $1bn for acquisitions. MMG down 4c to 249c and AGK down 4c to 1431c.
  • The AFR was on the money this morning when it reported that Rex Minerals (RXM) would raise just over $40m through a rights issue to fund expansion at its Hillside copper discovery. It will undertake a 3-for-10 rights offer priced at 170c a share or a 16.7% discount to its last closing price of 204c.
  • Indophil Resources (IRN) up 4.5c to 101c after announcing it was in discussions with a number of interested parties showing “considerable interest” in acquiring its stake in the Tampaken project in the Philippines.
  • Gold explorer Sumatra Copper & Gold (SUM) lists on the market, 4c higher than its issue price. It raised $12m by issuing 60m shares at 20c. It has majority stakes in four projects in the Indonesian island of Sumatra.
  • Stocks hitting fresh yearly highs: AV Jennings (AVJ), JB Hi-Fi (JBH), Tox Free Solutions (TOX) and Troy Resources (TRY).

The Dow Futures were up 9 at midday.

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

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