The market is up 14. The SFE Futures were down 11 this morning.
Wall Street closed down 58 overnight. The Dow has now lost 380 points in four days. Higher than expected Initial jobless claims fed fears that the US economy has stalled. Economists now expect Japan’s GDP growth to slow to an annual 2.3% in the 2nd quarter. Metals were mostly up on the LME. The oil price fell $2.22 to $75.80 and the Gold price jumped $17.50 to $1216.70. The Aussie dollar is now at 89.59c compared to 89.50c yesterday morning.
Some of the many companies releasing results next week include BlueScope Steel, Leighton Holdings, Newcrest Mining (on Monday) Boral, CSL Ltd, Woodside Petroleum (on Wednesday), AMP Ltd, ASX Ltd, Brambles, QBE Insurance, Wesfarmers and Downer EDI (on Thursday).
In the news today…bit quiet:
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- Equinox Minerals (EQN) announced a $73.4m profit, up from a $38.7m loss last year. Sales of $224m, up 75% from a year ago. EQN up 6% to 512c.
- Telstra (TLS) continues to struggle today. Down another 5c to 289c. Its target price was cut by most brokers with many of them downgrading to HOLD. Standard and Poor’s says TLS’s revised earnings outlook for FY11 would have no immediate impact on its “A/Negative/A-1” rating. The stock has lost more than its annual dividend in 24 hours. So much for income stocks.
- Transpacific Industries Group (TPI) announced Kevin Campbell will join the company as their CFO from September 1. TPI down 1c to 106.5c.
- Transfield Services (TSE) has been awarded $160m in rail upgrade work with Australian Rail Track Corporation (ARTC) over the next two years. TSE has also secured an 18-month extension on its existing long term maintenance alliance contract. TSE down 2c to 318c.
- Dominion Mining (DOM) up 3.8% to 206c after announcing July gold production was 9,653 ounces with 19,600 ounces produced over June/July.
- Photon Group (PGA) will offer 1.5 billion new shares to investors as part of its $103m-$118m capital raising. The 7-for-2 rights issue will raise a minimum $62.5m plus a conditional placement of $40m at 10c a share.
- Andean Resources (AND) up 12.2% to 431c on the back of the Gold price jumping 1.46% overnight.
- MAp Group (MAP) continues to offload its non-core assets, selling its stake in Aeroportuario del Sureste, Mexico’s largest airport operator for US$207m — a US$28m loss. MAP up 1c to 300c.
- The AFR points out that Philip Mathews — the man who made a killing with Arrow Energy — has upped his stake in Gunns to 13.29%. He is now the single largest shareholder in the company. GNS up 5.9% on the news.
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