The market is down 22. The SFE Futures were down 27 this morning.

  • The Dow Jones closed down 25 overnight. The Dow was up 3 at best and down 149 at worst. Financials underperformed after the SEC initiated an investigation into an insider trading network involving hedge funds. The Euro fell as Ireland took a bailout loan and everyone asked “Who’s next?” Meredith Whitney said US banks would close 5000 branches in the next 18 months. Metals were mostly down overnight on the LME, Gold put on $5.50 to $1357.80 and oil fell 24c to $81.74. The Aussie dollar improved slightly to 98.88c from 98.83c.
  • Today’s main points.
  • Gina Rinehart, Australia’s wealthiest woman, has spent $165.6m buying a 10% stake in Ten Network (TEN). She has become TEN’s third largest shareholder behind James Packer and Bruce Gordon. TEN down 2.7% to 160.5c.
  • Fairfax Media (FXJ) has announced a new business structure that will include nine operating businesses — it was unveiled at its investor day today. FXJ down 1.5c to 137c.
  • Stockland Group (SGP) says it is on track to achieve 7% earnings growth in 2010/11 and is experiencing record residential sales in the 1st Q of 2010/11. SGP up 2c to 367c.
  • Sigma Pharmaceuticals (SIP) has reached a formal agreement to sell its Pharmaceuticals division to Aspen for $900m. SIP up 1c to 47c.
  • Metcash (MTS) will continue to pursue Franklins, despite the ACCC announcing it would block the deal. MTS unchanged at 437c.
  • IOOF Holdings (IFL) — AGM — tells shareholders it is on track for improved profitability in the 1st half of FY11 compared to 2nd half of FY10. IFL up 1% to 59c.
  • Monadelphous Group (MND) has secured new construction contracts and additional work with a combined value of around $130m. MND up 1c to 1729c.
  • Leighton Holdings (LEI) has been awarded a $159m Dawson Mine contract. LEI up 22c to 3267c.
  • MEO Australia (MEO) — In a trading Halt pending a capital raising announcement. MEO last traded at 58.5c.
  • QR National (QRN) is performing well — up 5c to 270c making a 10% premium to the retail issue price of 245c. Short term buying is being attributed partly to index funds after 30% of the issued shares traded yesterday. The media tell us the Joint Lead Managers have not exercised their greenshoe option under which they can buy 6% of the company to stabilise the price.
  • Telstra (TLS) continues its resurrection post and AGM that reiterated guidance and dividend expectations. Up 6c to 271c.

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