The market is up 19 — a little disappointing considering the big rise on Wall Street. The SFE Futures were up 58 this morning.

Wall Street closed up 405 overnight. The Dow was up 455 at best and up 6 at worst. The EU announced a loan package for EU nations potentially worth up to 750bn Euros (US$962bn). It caused a huge bounce in  European markets overnight with the Spanish equity market up 14%, Germany up 5.3%, and France up 9.7%. Oil price put on $1.81 to $77.21, Gold fell $9.60 to $1210 and the Aussie dollar up to 90.28c compared to 8978c. The Euro jumped 2.7% then fell over to close up 0.3% as doubts about the efficacy of the package of the long term emerged. Just because an Ambulance turns up, doesn’t mean there hasn’t been an accident.

The Federal Budget will be released later tonight.

In the news today…

  • Two large parcels of Arrow Energy (AOE) shares have changed hands this morning. Around 1.5% of the shares on issue worth around $53.7m. There some concerns that Shell and PetroChina might do what Peabody did and lower their takeover offer for AOE. AOE up 1c to 489c.<
  • Transfield Services (TSE) retain FY10 earnings guidance at “flat to modest growth” saying operating margins are still under pressure.  Patersons have a Buy recommendation and $5 target price. TSE down 4c to 398c.
  • Transfield Services Infrastructure (TSI) said they intend to sell a wind farm in South Australia for $191m and raise another $110m via a share issue. Transfield Services (TSE) owns 48% of TSI. TSI last traded at 90c.
  • The National Australia Bank (NAB) has emerged as the favourite to buy the Royal Bank of Scotland’s retail network of 318 branches. If successful, it would double the NAB’s presence in the UK. NAB up 27c to 2581c.
  • Paladin Energy (PDN) announced Canadian based Uranium One Inc. has raised their holding in the company by 1.3% to 3%. PDN up 2.78% to 406c.
  • Asciano (AIO) said they will write down the value of assets by around $1.11bn in the 2H but reiterated their FY guidance. AIO up 1.51% to 168c.
  • Aquila Resources (AQA) doing well after announcing revised estimates at their Avontuur manganese project in South Africa. AQA up 1.2% to 980c.
  • Bow Energy (BOW) up 7.14% to 127.5c after upgrading their coal seam reserves for 2010 by 50%. They are now targeting proven, probable and possible, or 3P, reserves of 4,128 petajules, up from 2750.
  • Stocks hitting a new 52 week low include:  Apex Minerals (AXM), Capral Ltd (CAA) and Probiotec Ltd (PBP).

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