The market is up 83. The SFE Futures were down 49 this morning.

Wall Street closed down 140 on Friday but the Dow Futures bounced 226 over the weekend on the back of news that EU finance ministers look like agreeing a package worth at least $440bn Euros to support European debtor nations. Dow was up 59 at best and down 279 at worst on Friday. Metals were mostly down on the LME, the oil price fell $1.42 to $75.38 and the Gold price put on $13.10 to $1210. The Aussie dollar increased to 89.78c compared to 88.65c on Friday.

In the news today…

  • Incitec Pivot (IPL) — Interim Result lower than expected — Net profit (excluding significant items) came in at $146.2m, down from $169.8m. Analysts had expected a figure of $152.8m. IPL CEO described the result as “sound” and they are positioned towards the bottom end of the cost curve. He sees strength in fertiliser prices and believes the US economy has bottomed. IPL up 13c to 317c.
  • Peabody has reduced their takeover offer for Macarthur Coal (MCC). They are now offering MCC shareholders $15 a share compared to $16 a share on the back of the government’s plans to increase taxes in the resources sector. MCC down 1.31% to 1351c.
  • Street Talk says Sims Metal Management (SGM) is looking for acquisitions and the market shouldn’t be surprised if they announce one in the short term. They are tipped to be looking at family-owned businesses worth around $100m or less rather than larger players. SGM unchanged today at 2075c.
  • Transurban (TCL) announces they have acquired Sydney’s Lane Cove Tunnel for $630.5m. They will fund the acquisition through the sale of new equity, plus non-recourse project debt. TCL in a trading halt at 492c.
  • Liquefied Natural Gas (LNG) has signed a conditional lease agreement over a site for their planned LNG project in Gladstone. Patersons has a HOLD recommendation on LNG with a 49c target price. LNG up a healthy 17% to 40c.
  • Rivercity Motorway (RCY) said traffic numbers at their Brisbane tunnel remained disappointing. RCY down 4.3% to 6.6c.
  • Macquarie Group (MQG) is up 77c to 4630c today despite going ex-dividend $1 this morning.
  • Dexus Property (DXS) announced the acquisition of a Silverwater Industrial Property for $24.4m. DXS up 1.5c to 79.5c.
  • The Federal Budget is due tomorrow. Wayne Swan has already described it as a boring budget … Joe Hockey says of course its boring they’ve run our of other people’s money to spend.
  • Stocks hitting a new 52 week low include: Australian Pharmaceuticals (API) and Avexa Ltd (AVX)

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

Get Crikey for $1 a week.

Lockdowns are over and BBQs are back! At last, we get to talk to people in real life. But conversation topics outside COVID are so thin on the ground.

Join Crikey and we’ll give you something to talk about. Get your first 12 weeks for $12 to get stories, analysis and BBQ stoppers you won’t see anywhere else.

Peter Fray
Peter Fray
Editor-in-chief of Crikey
12 weeks for just $12.