The market is up 58. The SFE Futures were up 74 this morning.

The Dow Jones closed up 219 overnight. The Dow was up 225 at best and up 2 at worst. The S&P 500 climbed above the 1200 level for the first time in two years a day after the Federal Reserve announced its $600bn quantitative easing plan. The CRB Commodity Index was up 2.4% to hit its highest level in 2 years. The Gold price was up $45.50 to reach a new record high. Oil price was up $1.79 to $86.48. One US$1 is now buying $A1.005.

Today’s main points…

  • RBA has released its Monetary Policy Statement — It has lowered its June 2011 GDP forecast to 3.5% from 3.75%. Expects solid employment growth going forward, the $A to continue to appreciate and that the November rate rise was prudent. Lowered its June 2011 CPI forecast to 2.75% from 3.25%.
  • AXA Asia Pacific (AXA) down 5c to 556c despite announcing that it has been made aware that AMP have been in talks with its parent company AXA SA.
  • Ten Network (TEN) executive chairman Nick Falloon has agreed to resign from the board. Falloon had been secretly working with US private equity investors Hellman & Friedman, who were to have financed a deal to take Ten private. TEN up 3c to 149c.
  • Discovery Metals (DML) has come out of its trading halt after successfully raising $51m via an institutional placement of 112c a share. It has also launched a non-renounceable pro-rata, fully underwritten 1-for-4 rights issue. DML up 5.2% to 131.5c.
  • Cape Lambert (CFE) has sold its DMC Mining to Stirling Minerals for $83m plus a production royalty. CFE up 1.1% to 44.5c.
  • Caltex Australia (CTX) up 5% to 1249c after being upgrade to Overweight by one broker this morning.
  • Stockland Group (SGP) has sold its eight-storey office building in northern Sydney for $61.5m. SGP up 2c to 367c.
  • Santos (STO) announced last night it has acquired additional interests in Bangladesh. STO up 1.5% to 1304c.
  • Eastern Star Gas (ESG) said it will delay its independent gas reserves review to early 2011. ESG down 1c to 86c.
  • Both Westpac Bank (WBC) and Macquarie Group (MQG) go ex-dividend on Monday — 74c and 86c respectively.
  • 36 stocks have hit 52 week highs today — notables include: ABC, ASL, FLT, FMG, FWD, MGX, MND, OZL, RIO, RIV, TTS

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