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.
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