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)

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