The market is up 48. The SFE Futures were down 4 this morning.
The Dow Jones closed down 14 on Friday. The Dow was up 12 at best and down 37 at worst. Quiet stuff. Despite finishing lower, the Dow was up for the third straight week and is now up in seven of the last eight weeks. The US dollar also gained for the first time since the first week of September although it fell on the weekend post the G20 Meeting. The oil price put on $1.13 to $81.69 and Gold fell 50c to $1325.10.
Today’s main points…
- According to The Wall Street Journal, the Singapore Exchange (SGX) will bid (possibly this morning) $48 a share or $US8.2bn for the ASX Ltd (ASX), of which $22 will be in cash and $26 in SGX shares (they’ll get an listing here). No announcement as yet. ASX last traded at 3410c a share. $48 is a 37% premium.
- Equinox Minerals (EQN) bids $1.25bn for gold and metals company Citadel Resource Group (CGG). EQN is offering one of its shares for every 14.3 CGG shares and 10.5c cash per share totaling 52c a share. The CGG board has recommended the 52c cash and share bid. CGG up 176% to 50c. EQN is down 8c to 569c.
- Uranium stocks running hot today on suggestions South Korea want to package a deal to build nuclear power plants in global markets using their advanced technology and Australia’s uranium. PDN up 1.4%, ERA up 3.0%, EXT up 4.5%, BMN up 8.5%, DYL up 9.5%, TOE up 12.5%, MGO up 5.5%.
- Leighton Holdings (LEI) will ask Australia’s Takeover Panel to intervene in the bid by Spain’s ACS for its parent company Hochtief to protect its minority shareholders. LEI have also secured a $US733m contract with Iraq’s South Oil Co. to build an oil export facility. LEI up 2.35% to 3789c.
- Santos (STO) has signed an agreement to supply gas to their newly-approved GLNG plant in QLD. STO up 2.8% to 1285c.
- Ten Network (TEN) up 3c to 161.5c – Communications Minister Stephen Conroy says there are competition concerns with Packer’s 18% stake. Perpetual has reduced its stake to 8.66% from 12.68%.
- IRESS Market Technology (IRE) up 3.5% to 916c — they have been selected as a strategic software partner by Count Financial.
- Tabcorp (TAH) held its AGM and reported first quarter revenues up 4.1% from a year earlier and casino revenues up 7.1%. Says it expects to complete its Star City Casino Expansion in the first half of 2012. TAH up 3c to 748c.
- Companies hitting fresh yearly highs include: Austin Engineering (AND), Boom Logistics (BOL), Coca-Cola (CCL), Oil Search (OSH), TABCORP Holdings (TAH) and Tatts Group (TTS).
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