The market is up 52. The SFE Futures were up 12 this morning.
Wall St closed up 47 overnight, extending their nearly two week rally. Chinese economic numbers were generally encouraging with industrial production, retail sales and imports rising. US wholesale inventory numbers were better than expected. The Oil price rose $2.20 to $76.45 and Gold fell $4.40 to $1246.50. The Aussie dollar rose to 92.98c from 92.33c.
Today’s main points…
- Good Chinese economic numbers and the Basel III statement at the weekend highlighting the capital strength of the Australian Banks relative to global banks has driven Resources and Financials today.
- Total personal finance commitments fell 0.7% in July, seasonally adjusted, to $6.833bn. Total commercial finance rose 8.2% in July, lease finance was up 3.2% and housing finance for owner occupation rose 2.3%.
- There are reports that private equity groups KKR and TPG are preparing offers for Foster’s Wine division. This comes after the Foster’s board rejected an opportunistic bid from Ceberus Capital Management. FGL up 0.32% to 627c.
- The ANZ has appointed David Hisco as CEO effective immediately after Jenny Fagg announced she would step down. Mr Hisco has been with the ANZ for 30 years holding a number of senior executive roles. ANZ up 1.18% to 2399c.
- The syndication of BHP Billiton’s (BHP) $US45bn loan facility for its hostile bid for Potash Corp was oversubscribed with strong interest from Australia’s big banks. BHP up 1.5%.
- Following the ACCC’s rejection of the National Australia Bank’s revised takeover bid for AXA Asia Pacific (AXA), the NAB will announce “within days” whether to appeal the ACCC’s decision, sell more of AXA to IOOF or accept the ACCC’s decision and move on. NAB up 2.11% to 2519c, AXA up 0.59%.
- Australian Infrastructure Fund (AIX) reported a 9.1% on-year increase in passenger numbers in July. Australian airports, which account for over 80% of its portfolio, were behind most of the growth. International passenger numbers rose 8.4% and domestic rose 9.5%. AIX up 1.32%.
- Biota Holdings (BTA) up 15.7% after announcing its influenza drug Inavir was approved for manufacture and market in Japan.
- Spark Infrastructure (SKI) says it has secured a new $250m bank loan. The new facility will be used primarily to repay the group’s $225m debt maturity that falls due in December 2010. SKI up 0.43%.
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.
Get Crikey FREE to your inbox every weekday morning with the Crikey Worm.
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