Morning Market Report

Nov 27, 2009

Market, Aussie dollar down

Wall S. was closed overnight for the Thanksgiving Holiday and the Aussie market went down.

The market is down 110. The SFE Futures were down 41 this morning. Wall St. was CLOSED overnight for the Thanksgiving Holiday. It isn’t going to be positive session tonight; the Dow Futures are down 177 on the back of debt problems at Dubai World. European markets fell the most in seven months. Metals were weaker and Gold in the UK fell 0.3% to $1188.38. The Aussie dollar also fell to 91.37c from 93.15c yesterday morning. In the news today…
  • Leighton Holdings (LEI) down 3.2% after Dubai asked creditors of Dubai World for a six month standstill on repayments on debt worth around $US60bn. There are also concerns the construction market will continue to slow in the Middle East, hurting LEI’s earnings growth.
  • ANZ Bank (ANZ) says it has no material exposure to Dubai World., as does the Commonwealth Bank of Australia (CBA). ANZ down 3.3% along with the rest of the banks.
  • Bendigo Bank (BEN) will issue around $500m in residential mortgage backed securities. BEN down 3.8% to 846c.
  • Metcash (MTS) announces a conditional proposal to buy 50.1% of Mitre 10, Australia’s largest independently owned hardware chain. It announces results on Tuesday. MTS down 5c to 458c.
  • Centennial Coal (CEY) -- AGM -- Says Asian demand continues to strengthen and they have some recovery in demand for coking coal. Expects a strong 2H 2010.
  • IOOF Holdings (IOF) expects to announce an underlying net profit of between $65m-$75m for the year if there are no major changes to market to industry conditions. IOF down 2.56% to 57c.
  • Primary Health Care (PRY) predicts minimum growth in EBITDA in 2011 and 2012 of 15%. PRY down 2% to 589c.
  • Street Talk suggest there could be a bid coming for Integra Mining (IGR) after a line of 28.6m shares, or 5% of the company worth $8.3m, was crossed yesterday.
  • Avoca Resource (AVO) announces a 56% increase in the high grade underground gold resource at Chalice. AVO down 7c to 204c.
  • Macquarie Media (MMG) in a trading halt pending an announcement to its bookbuild. MMG last traded at 195c.
  • Arrow Energy (AOE) CEO has dismissed speculation that it will be bid for saying comments from its major shareholder (Washington H. Soul Pattinson) were nothing new. AOE down 5c to 393c.
  • Indophil Resources (IRN) in a trading halt. Last traded at 108.5c.
  • Tower Ltd (TWR) -- announced its result yesterday – hits  fresh yearly high today and Elders (ELD) has hit a new 52 week low.
MARCUS PADLEY is the author of the MARCUS TODAY Daily Stockmarket Newsletter.

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