The market is down 40. The SFE Futures were down 59 this morning.

Wall St. closed down 145 overnight and is down 442 points in four days. The Dow was down 170 at worst. Financials struggled on legislative reforms aimed at controlling US banks and major Australian resources stocks fell as optimism faded about wholesale changes to the RSPT under the new PM Julia Gillard. Oil price up 16c to $76.51 and Gold put on $11.10 to $1245.90. The Aussie dollar fell slightly to 86.73c from 8740c yesterday morning.

In other news today…

  • Healthcare Sector — CVC Asia Pacific has abandoned plans to team up with KKR to jointly bid for Healthscope (HSP) and Street Talk says Aspen Pharmaceuticals is concerned about the possibility of a class action against Sigma Pharmaceuticals (SIP). Talk is that Aspen could lower their takeover offer or even withdraw it altogether. HSP down 2% to 524c. SIP now at 44c.
  • Caltex Australia (CTX) down 6% to 965c after announcing yesterday (after market) that they expect a 1st H operating profit of $130m-$150m, down from $298m. The stock is down 24.5% in the past 12 months.
  • Julia Gillard said yesterday she intends to “throw the door open” to the mining industry and “I ask that in return the mining industry throws open its mind“. She has asked the mining lobby to cease its damaging television advertising campaign in exchange for the government also cancelling its ads. BHP down 36c to 3929c and RIO down 1.7% to 7054c.
  • Lend Lease (LLC) and its managed fund, Asian Retail Investment Fund, will pay $618m for the 108,000 sq.m development site Jurong Gateway Road in Singapore.
  • Street Talk says Photon Group (PGA) will announce on Monday a $200m rights issue together with a significant earnings downgrade and materials writedowns associated with the online and internet businesses.
  • Ausenco (AAX) has won a $8m contract for the extension of Kestrel coal mine in central QLD. AAX down 2c to 210c.
  • The Reject Shop (TRS) announced their Chairman Brian Beattie will retire and confirmed FY guidance. TRS up 1.03% to 1667c.
  • Indophil Resources (IRN) is looking for a buyer for their stake in the Tampakan copper-gold project in the Philippines after China’s Zijin Mining Group said it no longer wanted to bid for them. IRN last traded at 109c.
  • AWE Ltd (AWE) has reached 51.2% ownership of Adelphi Energy (ADI). ADI last traded at 42c. AWE down 2.5c to 185c.
  • Stocks hitting fresh 52 week highs include: CBH Resources (CBH), Coca-Cola Amatil (CCL) and Lihir Gold (LGL). Stocks hitting fresh yearly lows include Bannerman Resources (BMN), Geodynamics (GDY), iSoft Group (ISF) and Toro Energy (TOE).

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