The market is down 38. The SFE Futures were down 45 this morning.

The Dow Jones closed down 76 overnight. The Dow was up 23 at best and down 98 at worst. The S&P 500 was unable to hold the important 1130 level. Volumes continued to be light and financials underperformed again. Initial unemployment claims increased unexpectedly and Ireland’s GDP fell 1.2% in the 2nd Q and 1.8% from last year. Metals were mostly up, the oil price put on 47c from $75.18 and Gold increased $4.20 to $1296.30. The Aussie took a breather — now at 94.91c.

Quiet on the news front to finish off the week…

  • BHP Billiton (BHP) has approved the $US1.5bn development of the Macedon gas field offshore in WA. They own 71.43% of the resource and Apache Corp own the remaining share. BHP down 24c to 3898c.
  • Rio Tinto (RIO) will spend $230m to raise the capacity of its iron ore operations in Australia’s Pilbara region by 5 mt to 230 mt a year by the first quarter of 2012. RIO down 45c to 7559c.
  • CFS Retail Property Trust (CFX) — Trading Halt — They have announced they will raise $540m via an institutional placement to fund the acquisition of 4 DFO retail outlets. The placement will be at 186c a share (last closed at 195c) and they maintain their FY distribution guidance of 12.6c-12.7c a share. The centers were acquired for around $498m. CFX unchanged at 195c.
  • Kathmandu (KMD) announced a FY net profit — excluding costs associated with the IPO — of NZ$25.2m, up nearly 70% on last year. Declared a final dividend of NZ7c. KMD up 0.5c to 136.5c.
  • MAp Group (MAP) will pay a special distribution of 12.5c per stapled security from the proceeds of the sale of its 16% interest in Mexican airports. The special dividend will be paid on around October 21. MAP down 1c to 312c.
  • Santos (STO) has confirmed that their LNG JV in QLD is awaiting Korean government approval to sell LNG to Korea Gas Corp. STO outperforming today – up 0.2% to 1274c.
  • Notable stocks going ex dividend today:: Thirty companies go ex-dividend today – most notable being Myer Ltd (MYR) 11.5c.
  • Stocks hitting fresh yearly highs today: Centennial Coal (CEY), Domino Pizza (DMP), Healthscope (HSP) and Sedgman (SDM).
  • Stocks hitting fresh lows include Henderson Group (HGG) and Programmed Maintenance (PRG).

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