The market is having a horror day — down 92. The SFE Futures were down 102 this morning.

Wall Street closed down 225 overnight. Dow was down 283 at worst. There are concerns that Europe’s attempt to bail out Greece will fail. The Greek sharemarket dropped 6.7%. Talk of Spain also needing a bailout, although their PM dismissed the rumours as “complete madness”. The US$ jumped on safe haven buying. Commodities fell and resources flopped again. Oil price fell $4.10 to $82.09; Gold dropped $13.50 to $1170 and the Aussie lost ground at 90.92c versus 92.65c.

In the news today…

  • Westpac Bank (WBC) — 1st Half Profit Result — 1st H cash profit has come in at $2.983bn, up 30% from $2.3bn last year. Analysts were expecting on average the figure to come in at $2.857bn and have said this morning the result lacked some quality. WBC down 3.1% to 2647c.
  • News Corp (NWS) — 3rdQ Profit Result — Net profit came in at $US839m. The result has been described as good. NWS shares closed 3% lower overnight in the US but were up 4% in after market hours. NWS down 5.4% to 1873c.
  • Lihir Gold (LGL) Chairman Ross Garnaut said he has received “encouraging results” from testing the market for alternative bidders to Newcrest (NCM). He added that discussions are with more than one party and are at “various stages”. On the current NCM price the bid is worth 376c. LGL down 7c to 372c.
  • Origin Energy (ORG) announced the super tax could delay the timetable of their proposed APLNG LNG JV with ConocoPhillips. Both ORG and Conoco want to make a final investment decision on the project by the end of the year. ORG down 2.7% to 1513c.
  • Macarthur Coal (MCC) announced they are waiting on Peabody to consider the tax impact of their takeover and have extended their Gloucester Coal offer to May 27. MCC down 4.26% to 1304c.
  • Gindalbie Metals (GBG) in a trading halt pending a project update. GBG was down 6c to 102c before the halt.
  • Building Approvals up 15.3% in March, its highest percentage move in six and a half years.
  • Sales of new cars and trucks in Australia increased by a seasonably adjusted 12.9% in April from March.
  • Tabcorp (TAH) had an analyst’s presentation this morning. They say revenue has grown by 1.6% in the year to April 30, trading conditions remain uneven in the short term and that they are encountering pressure in Victoria and QLD from contracting gaming markets. TAH down 6c to 677c.
  • Stocks hitting a new 52 week low include: Alesco Corp (ALS), AWE Ltd (AWE), Bannerman Resources (BMN), Elders (ELD) and Santos (STO)

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 —  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 —  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

Peter Fray

Save 50% on a year of Crikey and The Atlantic.

The US election is in a little over a month. It seems that there’s a ridiculous twist in the story, almost every day.

Luckily for new Crikey subscribers, we’ve teamed up with one of America’s best publications, The Atlantic for the election race. Subscribe now to make sense of it all, and you’ll get a year of Crikey (usually $199) and a year’s digital subscription to The Atlantic (usually $70AUD), BOTH for just $129.

Peter Fray
Editor-in-chief of Crikey

JOIN NOW