The market is up 14. The SFE Futures were up 42 this morning.

The Dow Jones closed up 145 overnight. The Dow was up 166 at best and broke even at worst. Gold hit another record high and the S&P 500 broke above the 1130 intermediate resistance level. FOMC decides on interest rates tonight — expected to keep rates unchanged. Homebuilders did well ahead of housing starts data and oil put on another 1.63%. The Aussie dollar is now above 94c compared to 93.82c yesterday.

Today’s main points…

  • Premier Investments (PMV) announced a net profit of $79.6m, down from $82.7m last year. Declared a final franked dividend of 28c comprising of an ff dividend of 18c and ff special dividend of 10c. PMV up 7c to 695c.
  • BHP Billiton has extended the period of their takeover offer for Potash after Canada’s regulatory body issued a Supplementary Information Request. Canada’s law states that BHP’s offer cannot be completed until 30 days after the bidder complies with the regulators request.  BHP up 16c to 3894c.
  • Rio Tinto (RIO) has completed the second tranche of their internal capital management plan back the remaining 20.6m share from Tinto Holdings Australia at 7513c a share. RIO up 52c to 7550c.
  • ANZ Bank (ANZ) announced their subsidiary in China, ANZ China Company, will be established on 1 Oct after receiving final regulatory approval from Chinese regulators. There is the suggestion that they might need to change their name after completing due diligence on Korea Exchange Bank. If the deal is completed, South Korea will become more important to ANZ’s earnings than New Zealand. ANZ up 6c to 2402c.
  • Karoon Gas is launching a share purchase plan to raise a maximum $100m for exploration and appraisal in the Browse Basin, Brazil and Peru. KAR down 2.3% to 753c.
  • Aevum’s board has reluctantly recommended Stockland Group’s takeover offer saying it is reasonable, but exactly fair and that it is unlikely a rival bidder will come along. AVE down 1c to 179.5c.
  • Transfield Services (TSE) has secured $240m worth of work from existing customers. TSE up 8c to 377c.
  • Notable stocks going ex dividend today include: Straits Resources (6c) and The Reject Shop (28c).
  • Stocks hitting fresh yearly highs today: AGL Energy, Bradken, Campbell Brothers, MYER Ltd, Perseus Mining and Sandfire Resources.

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