The market is up 55. The SFE Futures were up 68 this morning.

Wall Street closed up 273 overnight. The Dow was up 287 at best and up 2 at worst and closed above the psychological 10,000 mark. The stronger-than-expected Chinese export number initiated the rally which was helped by other Euro and Japanese economic data. Metals were mixed on the LME, the oil price was up $1.10 to $75.48 and Gold fell $7.70 to $1222.20. The Aussie dollar went up to 84.84c from 82.74c.

Monday is the Queen’s Birthday public holiday. Financial Markets are Closed.

In other news today…

  • Talk of BHP Billiton (BHP) making a takeover play for BP now that its shares have hit a 14 year low. From a balance sheet point of view, it can easily be done. BHP has reiterated their view on the proposed RSPT saying it should be substantially redesigned to address fundamental failings or be abolished completely. BHP up 2.05% to 3839c.
  • Goodman Group (GMG) has set up two new co-investment vehicles with CB Richard Ellis Realty Trust in the UK worth $1.3bn looking to invest in pre-committed logistics development opportunities. GMG CEO says the new vehicles matched new third party capital with their development pipeline. GMG up 2.29% to 67c.
  • Murchison Metals (MMX) has reported high demand from North Asian steel mills for their iron ore. MMX up 9% to 197.5c.
  • The Australian reports that Santos (STO) is in talks with Chinese group Sinopec, about the potential $400m sales of a stake in their Gladstone LNG project in QLD. STO up 2.83% to 1346c.
  • AV Jennings (AVJ) will sell their contract building division to Japan’s Sekisui House. They anticipate receiving around $18.5m when the deal is complete. AVJ up 7% to 44c.
  • Perseus Mining (PRU) has received a permit allowing construction and mining to start at their Central Ashanti gold project in Ghana. PRU down 1c to 210c.
  • Leighton Holdings (LEI) has been awarded a $170m 3-year contract extension by Consolidated Minerals at a manganese operation in WA. LEI up 3% to 3185c.
  • Indophil Resources (IRN) has requested a trading halt. Last traded at 109.5c.
  • OZ Minerals (OZL) CEO says the RSPT makes the company more vulnerable to a takeover and leaves the company unable to engage in any long-term planning. OZL up 1c to 102c.
  • Stocks hitting fresh 52 week highs include: CBH Resources (CBH), Melbourne IT (MLB) and Ramsay Healthcare (RHC). Stocks hitting fresh yearly lows are Coffey International (COF) and Skilled Group (SKE).

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