The market is up 13. The SFE Futures were up 28 this morning.
Wall St. closed up 137. The Dow was up 164 at best and down 3 at worst. Metals had an impressive session overnight with Copper, Nickel and Zinc finishing around 5% higher. The oil price put on $1.96 to $78.90 and Gold put on a big $22.50 to $1139.20. The Aussie was also stronger — now at 93.70c compared to 93.42c.
RBA November Minutes are out. Members said they expect further interest rate rises over time but “pace of the adjustment remained an open question”. They also mentioned that although rising rates could slow the economy, on the other hand, “a lengthy period of rates at a very low level carried its own risks”.
Making the news today…
Save up to 50% on a year of Crikey
Choose what you pay, from $99.
- Front page of the AFR tells us that Qantas (QAN) is revamping its model to cut costs and improve profitability. QAN up 4c to 278c.
- Rio Tinto (RIO) will reduce its stake in Cloud Peak, the third biggest US coal producer, to 48% by selling 30.6m shares at a price of $US16-18 per share to raise between US$490m to US$633m. RIO up another 2.24% today to 7450c.
- MEO Australia (MEO) in a trading halt. Last traded at 54.5c. The AFR says MEO has secured a partner for its Artemis gas prospect off the WA coast, but won’t reveal the partner’s name.
- Perpetual (PPT) says it FUM fell to $28.8bn from $29.3bn. The stock was upgraded by two brokers this morning. PPT up 3.52% to 3438c. It has underperformed the market by 17% in the past month.
- Goodman Group (GMG) says its Goodman Australia Industrial Fund is looking to raise $320m. $120m to be raised from the dividend reinvestment plan and $200m from a 1-for-10 rights issue at 75c. GMG up 1.5c to 63c.
- Centro Property Trust (CER) hinted to a $3.75bn capital transaction, possibly through a float, to reduce its debt.
- Talk of Westpac Bank (WBC) pricing $US4bn worth of three year, 10 year bonds in New York and Telstra (TLS) looking for a possible issue of 10 year bonds.
- Australian Renewable Fuels (ARW) up 39% — no announcement from the company.
- GRD Ltd (GRD) in a trading halt. Last traded at 54.5c.
- Stocks hitting a fresh yearly high today: BHP Billiton (BHP), Bradken (BKN), Flight Centre (FLT), NIB Holdings (NHF), Rio Tinto (RIO), Wesfarmers (WES) and Whitehaven Coal (WHC).
The Dow Futures were down 9 at midday.
MARCUS PADLEY is the author of the MARCUS TODAY Daily Stockmarket Newsletter.
For a free 21-day obligation free trial of the MARCUS TODAY newsletter (and no we won’t ask for a credit card number) please START A FREE TRIAL — you will receive two daily emails about the stockmarket, our MORNING EMAIL with all the stuff you need to know ahead of the trading day ahead and a DAILY EMAIL with all the midday events, news, comments and Ideas from Marcus and his Team.
You will also be given a password to the MARCUS TODAY website including access to all the emails as well as Educational, Entertaining and Researched Articles from Marcus and his Team and an archive where you can catch up on a whole week or month in just a few minutes. Or Browse at length. We are sure you will enjoy and profit from what we offer.