The market is down 24 . The SFE Futures were down 33 this morning.

The Dow Jones closed down 97 on Friday. Dow down 145 at worst. US economic numbers disappointed again. Weak jobs numbers saw the unemployment rate up to 9.1% in May, above the 9% expected. The Bank of Ireland fell 22% before recovering to close down 5% after the announcement of a $3.2bn rights offer. The Gold price put on $9.70 to $1542.40, the oil price fell 18c to $100.22 and metals were mostly up on a weaker US$ as the euro rallied on Greek bailout negotiations. The Aussie dollar improved to 107.27c compared to 106.68c Friday night.

In the news today…

  • Tabcorp Holdings (TAH) has de-merged their casino interests into a new listed entity called Echo Entertainment Group (EGP). Shareholders got 1 EGP for each TAH. According to the AFR’s Street Talk, James Packer is sitting on a 4.9% stake in TAH and EGP and may bid for EGP and fold it into Crown (CWN). TAH is down from 773c to 338c and EGP opened at 440c. A net small gain on the day for TAH shareholders.
  • QR National (QRN) has signed a 10 year contract to transport up to 10m metric tons of iron ore pa from Gindalbie Metals’ (GBG) proposed Karara iron ore JV in WA. QRN down 2c to 337c.
  • Platinum Australia (PLA) announced operations at the Smokey Hills Mine has recommenced following the incident last week. PLA last traded at 37c.
  • Lend Lease (LLC) has secured a $122.5m contract for the refurbishment and expansion of the University of NSW. LLC also said they have two other pieces of work worth a total of more than $1bn. LLC up 3c to 873c.
  • Iluka Resources (ILU) has released details of their mineral sands pricing outcomes. They expect a 35%-40% increase in zircon prices in the 3rd Q and titanium dioxide products to rise as much as 75% in the 2nd half of the year. ILU up 8% to 1717c.
  • Aquila Resources (AQA) said their operations will be affected if an agreement on shipping fuel can’t be agreed with their JV partner Vale. AQA down 21c to 796c.
  • Rio Tinto Group has halted operations at its East Intercourse Island iron ore ship-loading plant in WA after a contracted maintenance worker fell from scaffolding at the Dampier Port facility’s jetty on the weekend. The company did not say when East Intercourse Island operations would be resumed. RIO down 57c to 7917c.
  • Downer EDI (DOW) has secured their 3rd WA Integrated Service arrangement valued at $150m. DOW up 4c to 384c.
  • Linc Energy (LNC) has bought 14 oil fields in Texas and Louisiana from ERG Resources for US$236m. LNC up 1c to 306c.
  • The Monthly Inflation Gauge was up 0.2% in May, following a 0.6% rise in March and 0.3% in April. Jobs Ads fell 6.5% in May – media stocks down on the news. First 2 month fall since July 2009.

For a free 5 day obligation FREE TRIAL of the MARCUS TODAY newsletter Click Here. You will receive our renowned and popular Daily email about the stockmarket with all the stuff you need to know ahead of the trading day including:

  • Overnight developments, news, comments, rumours, broker recommendations and ideas from Marcus and his Team.
  • Our Recommended Portfolio which is actively managed on behalf of subscribers.…no “set & forget”. Everything you need to effortlessly managed your own long term investment portfolio. It includes Income Portfolio recommendations.
  • Daily Technical Trading ideas and data, including daily scans of the ASX 300 for stocks changing trend.
  • Stock Database – all the numbers with comments on the top 300 stocks and more.
  • Educational section – Marcus’s Educational and Entertaining articles.

We also offer a FREE END OF DAY EMAIL  — Click here —  A free summary of the day in the market.

Subscribe to MARCUS TODAY  — Click Here. We are sure you will enjoy and profit from what we offer…we have one of the highest re-subscription rates in the financial newsletter industry.

Peter Fray

Save up to 50% on a year of Crikey.

This extraordinary year is almost at an end. But we know that time waits for no one, and we won’t either. This is the time to get on board with Crikey.

For a limited time only, choose what you pay for a year of Crikey.

Save up to 50% or dig deeper so we can dig deeper.

See you in 2021.

Peter Fray
Editor-in-chief of Crikey

SAVE 50%