The market is down 29. The SFE Futures were down 21 this morning.

Wall Street closed down 95 on Friday. It was a shortened session — closed at 1pm the day after the Thanksgiving Holiday. The Dow was down 4 at best and down 120 at worst. The EU agreed to provide Ireland with a €85bn bailout and told them it has until 2015 to reduce its annual deficits to the eurozone limit of 3% of GDP against 15% now. The Oil price fell 10c to $83.76 and Gold dropped $10.60 to $1362.40. The Aussie dollar fell to 96.80c from 98.11c.

Today’s main points…

  • Rio Tinto CEO Tom Albanese told an investor presentation that he expects capital expenditure to hit around $US11bn in 2011 and remain at those levels in the medium term. RIO down 42c to 8362c.
  • Aristocrat Leisure (ALL) — Credit agency Standard & Poor’s has downgraded ALL’s credit rating from BBB- to BB+ and placed the company on CreditWatch negative. ALL fell 19% on Friday after announcing a profit downgrade. ALL up 6c to 276c.
  • Gina Rinehart will join Ten Network’s (TEN) board next month after buying a 10% in TEN last week. TEN unchanged at 150c.
  • AMP Ltd (AMP) and AXA Asia Pacific (AXA) have signed binding agreements. The deal is still subject to due diligence, regulatory, shareholder and court approval. AXA unchanged at 620c and AMP down 5c to 506c.
  • Metcash (MTS) said it is pleased that the ACCC will take legal action against it as it proceeds with its takeover of Franklins. MTS CEO Andrew Reitzer says it is in the interest of all parties for the issue to be determined by the Federal Court. MTS down 8c to 424c.
  • Greens Senator Bob Brown has secured a meeting with Woodside Petroleum (WPL) to discuss its plans to develop an LNG hub at James Price Point in the Kimberley. WPL up 36c to 4131c.
  • Fairfax Media (FXJ) is on the acquisition hunt in the online space. It expects to make one or two small acquisitions before Christmas. FXJ down 0.5c to 135.5c.
  • Sandfire Resources (SFR) in a trading halt pending an announcement regarding a mineral resources upgrade. SFR last traded at 707c.
  • New Home Sales increased 2.4% in October but fell 9% over the past 3 months.
  • Stocks hitting fresh 52 week highs: Adamus Resources (ADU), Coalspur Mines (CPL), Mantra Resources (MRU) and Sundance Resources (SDL).

Peter Fray

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