The market is up 74. The SFE Futures were up 30 this morning.
The Dow Jones closed up 75 overnight and was up 135 at best. Better than expected company results, Chinese economic numbers and hopes for quantitative easing sent the Dow and the S&P 500 to new five-month highs. The CRB Commodity index hit its highest level in 2 years. Gold was up $23.80 to another record of $1370.50 while the oil price rose $1.34 to $83.01. The Aussie dollar rose to a new record high overnight and has continued its rise to 99.59c currently. Talk of a big 4 bank raising rates outside of the RBA schedule.
Today’s main points…
- Seek (SEK) joint CEO and co-founder Paul Bassat will resign on June 30 next year, leaving his brother, Andrew Bassat as the CEO. Paul will rejoin the board in 2012 as a non-executive director after 12 months of leave. SEK up 1.49%.
- Bank of Queensland (BOQ) has reported a 27% rise in annual net profit, and provided a optimistic guidance for the 2010 financial year. Good start to the banks results season. BOQ up 0.95%.
- Northern Energy Corp (NEC) says they have considered and rejected the unsolicited $192.6m takeover offer from New Hope Corp (NHC). They said the 150c a share “materially undervalues” the company and its prospects. NEC up 0.63%, NHC down 0.19%.
- AWB Ltd MD Gordon Davis will pocket over $3m if Agrium successfully takeover AWB in December. AWB up 0.34%.
- The AFR says BHP and RIO will not legally terminate their iron ore JV until after they receive the European Commission’s preliminary report. BHP up 1.74%, RIO up 3.66%.
- Woodside Petroleum chairman Michael Chaney said he will assess internal and external candidates to replace outgoing CEO Don Voelte. WPL up 1.19%.
- According to a report by rating agency Fitch, Australian banks would be able to withstand a severe fallout in the residential property market if it was to occur.
- Tap Oil (TAP) — In a trading halt pending an announcement regarding a material acquisition and capital raising. TAP last traded at 94c.
- MAp Group (MAP) has completed the sale of its stake in Mexico’s ITA to Fernando Chico Pardo. MAP up 2.41%.
- Business demand for credit fell in the Sept Q of 2010 by 5.7%. This follows a 5.6% fall in the April-June quarter.
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