The market is up 29. The SFE Futures were up 6 this morning.
The Dow Jones closed up 22 on Friday. The Dow was up 25 at best and down 62 at worst. The S&P 500 closed up 0.25% at 1200. The Portuguese Finance Minister said it might need to leave the EU as it continues to struggle financially although settling the market somewhat was Ireland who reached an agreement with the EU and the IMG to receive a loan of up to €100bn to support Irish banks. Metals were mostly down, oil price fell 34c to $81.51 and Gold dropped 70c to $1352.30.
Today’s main points.
- QR National — code QRN — Listed on the ASX today at noon. First price 254c and now 260c. 10% of the listed shares have traded in the first half an hour. It was priced at 255c a share, valuing the company at $6.7bn. Retail investors paid 245c.
- US markets closed on Thursday for Thanksgiving and have a half day Friday.
- Fortescue Metals (FMG) approved plans Friday afternoon to spend $US8.4bn to triple its iron ore output. It will need to raise another $US4bn of debt to pay for it. FMG up 15c to 685c.
- Linc Energy (LNC) announced plans to develop its Teresa coal property in QLD state despite having the asset up for sale. LNC up 7c to 253c.
- Westfield Group (WDC) will sell 50% of the retail component of Westfield Stratford City to a new JV including Holland’s APG and Canada’s CPPIB for $1.43bn. WDC up 25c to 1207c.
- Beach Energy (BPT) has agreed to buy oil and gas explorer and producer Impress Energy (ITC) for $73.1m in cash. BPT unchanged at 66c.
- According to the Financial Times, Macquarie Group (MQG) has created a JV with energy company Freeport to export US natural gas. MQG up 34c to 3680c.
- The ACCC said it will let AGL Energy (AGK) and Origin Energy (ORG) know on Thursday whether they can bid for the power assets the NSW government is selling. AGK up 10c to 1585c and ORG up 18c to 1576c.
- Companies going ex-dividend today include: Count Financial (2c), Redflex Holdings (5c), Supply Network (4c) and SP AusNet (4c).
- Stocks hitting 52 week highs today include: Coalspur Mines (CPL), Caltex Australia (CTX), Sundance Resources (SDL) and Straits Resources (SRL).
- Stocks hitting 52 week lows: Country Road (CTY), Energy Resources (ERA) and Oceania Corp (OCP).
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