The market is down 37. The SFE Futures were down 2 this morning.
Wall St. closed up 5 overnight. The Dow lost most of its gains in the last hour of trading. The Dow was up 118 at best and down 3 at worst. Concerns about Greece’s debt issues did most of the damage towards the end of the session. Metals were mostly mixed, Oil closed slightly higher and the Gold price put on $3.20 to $1092. The Aussie dollar was slightly lower at 90.76c compared to 90.77c.
In other news today:
- Santos (STO) in the news lately. They announced yesterday that they have not been approached by Woodside Petroleum (WPL) to be taken over: “Santos has not been approached by, nor is it aware of any potential interest of, Woodside other than the media speculation”. Instead of being acquired, there is now talk of them becoming an acquirer with Eastern Star Gas (ESG) being the likely target. They already have a 19% stake in ESG but only have a 35% stake in the smaller company’s CSG leases. STO down 2% to 1448c, ESG up 2.5c to 94c.
- Insurance Australia Group (IAG) provides an update on the Perth Storms. They have received in excess of 13,500 claims and expect to claim on their catastrophe reinsurance cover. New Fy10 insurance margin guidance is expected to be 9.5%-11% from 10.5%-12%. IAG down 3c to 388c.
- Front page of the AFR tells us Wesfarmers (WES) is looking to offer home and car insurance at their retail outlets. Being a conglomerate and all, the program will be underwritten by their own insurance arm which earned $1.4bn worth of premiums in 2009. WES down 72c to 2138c.
- Talk of private equity running the numbers on Alesco Corp (ALS) saying it might be worth more broken up then combined after a series of profit downgrades. ALS up 5c to 300c
- Qantas Airways (QAN) said passenger numbers in February increased by 14% from a year ago. Average tickets prices fell 5.1% on domestic routes and down 18.5% on international routes. QAN down 2c to 283c
- Elders (ELD) has commissioned accountancy firm Ernst & Young to review their forestry assets. ELD down 5.1% to 128c.
- Western Areas (WSA) down 5.4% to 490c after selling $125m of convertible bonds in an offer that was oversubscribed from investors in all “major capital markets”.
- Gunns (GNS) says they will sell 8 Mitre-10 stores to reduce their debt. GNS down 1.5c to 52.5c
- Companies hitting fresh 52 week highs today include: Amcor (AMC), Cochlear (COH), Orica (ORI) and Ausdrill (ASL).
The Dow Futures were down 19 at midday.
Get Crikey FREE to your inbox every weekday morning with the Crikey Worm.
MARCUS PADLEY is the Author of the MARCUS TODAY Daily Stockmarket Newsletter.
For a free 5 day obligation free trial of the MARCUS TODAY newsletter (and no we won’t ask for a credit card number) please Click Here 00 you will receive our renowned and popular Daily email about the stockmarket with all the stuff you need to know ahead of the trading day including overnight developments, news, comments, rumours, broker stuff and Ideas from Marcus and his Team. You will also be given a password to the MARCUS TODAY website including access to our Recommended Portfolio which is actively managed on behalf of subscribers.…no “set & forget”. Everything you need to effortlessly managed your own long term investment portfolio.
It includes an Income Portfolio. And for the traders we monitor short and medium term trades on top of the portfolio. Members also get access to our Database 00 all the numbers with comments on the ASX 200 stocks and more. Members also get access to our Educational section which includes an archive of Marcus’s Educational and Entertaining articles. We are sure you will enjoy and profit from what we offer. Thousands of subscribers enjoy and profit from our services every day. We have one of the highest re-subscription rates in the financial newsletter industry.
For your FREE TRIAL — Click here
To Subscribe to MARCUS TODAY — Click Here
We also offer a FREE END OF DAY EMAIL — Click here — A free summary of the day in the market.
To buy MARCUS’S BOOK “Stock Market Secrets” — Click here