The market is down 90. The SFE Futures were down 80 points this morning.
Wall St. fell over again overnight — down 119. Up 20 at best and down 124 at worst. Metals struggled overnight, Gold fell $4.90 to $1031, Oil dropped $2.09 to $77.46 and the Aussie dollar was down to 89.68c versus 91.66c yesterday morning. The market has given up all of its prior gains in October. S&P 500 closed below its 50 day moving average for the first time since mid-July. US 3rd Q GDP number tonight expected to be up 3.2% Q on Q.
In the news today…
- ANZ Bank (ANZ) — FY RESULT — Cash profit has come in ahead of expectations — up 12% to $3.38bn from $3.03bn last year. Consensus was for a cash profit of $3.14bn, with estimates ranging from $3.049bn to $3.256bn. ANZ down 46c to 2289c.
- Lihir Gold (LGL) — 3Q Production Number — announces a dividend and lifts its long term gold price assumptions. 3Q output came in at 233,346 ounces and is confident of achieving FY guidance of 1m-1.2m ounces at cash costs below $US400 an ounce. LGL 2.2% to 299c.
- Mount Gibson Iron (MGX) will receive up to US$30m from Sinom Ltd in a settlement over iron ore shipments. MGX down 3.7% to 115.5c.
- Paladin Energy (PDN) announces plans to expand production for both its Langer Heinrich mine in Namibia and Kayelekera operation in Malawi to over 8.5m pounds of uranium oxide by mid-2012. FY guidance revised up to 6.1m pounds from 5.6m. PDN down 18c to 432c.
- BT Investment Mgt (BTT) has announced a FY cash NPAT of $26.9m for FY09, 7% above Patersons estimates due to higher than expected management fees and higher FUM. BTT up 7c to 309c.
- AGL Energy (AGK) held its AGM this morning. 1Q of FY10 was solid and forecasts a FY10 underlying profit of $390m-$420m. Project development is on schedule and on budget. AGK down 12c to 1380c.
- Canada’s Ontario Teachers’ Pension Plan announced it would sell its entire 285.5m, or 11.7% stake, in Macquarie Infrastructure Group (MIG). MIG down 4c to 137c.
- KLM Group (KLM) announced it has signed a takeover bid implementation agreement with Programmed Maintenance (PRG). PRG is bidding 47c a share for each KLM share, which last traded at 45c. KLM directors intend to recommend that shareholders accept the offer “in absence of a superior proposal”. KLM down 1.1% to 44.5c.
- The National Bank goes ex dividend 73c fully franked on the 13th November.
- The ANZ Bank goes ex dividend 56c on the 5th November. Macquarie Bank interim results tomorrow.
The Dow Futures were down 4 at midday.
MARCUS PADLEY is the author of the MARCUS TODAY Daily Stockmarket Newsletter.
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