The market is up 53. The SFE Futures were up 52 this morning.

The Dow Jones closed up 145 overnight. It was up 147 at best. Optimistic news out of Europe overnight with Germany endorsing Frances’s proposal for a rollover of Greece’s debt and the involvement of their private sector. China’s Premier said China will continue buying European bonds and support and region. Goldman Sachs hit a fresh 2 year low despite the 100 plus point rise.  Metals were mostly up, the oil price up $2.28 to $92.89 and Gold increased $3.80 to $1500.02.

In the news today … slow day for news:

  • Centro Retail Group (CER) has closed the sale of their $US4.3bn US asset portfolio to an affiliate of Blackstone Real Estate, and will use most of the proceeds to pay off debt. CER unchanged at 33.5c.
  • Asciano Group (AIO) has extended an existing coal haulage contract with Coal & Allied Industries in the NSW Hunter Valley. AIO up 2.2% to 158.5c.
  • Telstra (TLS) says their CFO John Stanhope will retire at the end of the year after more than 40 years with the company. TLS down 2c to 289c.
  • Sundance Resources (SDL) has shortlisted potential partners for their Mbalam iron ore project in west Africa. It wants to make a decision so it can get stuck into building rail and port infrastructure before the end of the year. SDL up 1.5% to 32c.
  • Challenger Infrastructure Fund (CIF) has released an announcement saying despite recent speculation, they’re not the recent acquirer of a wind farm asset. CIF down 0.5% to 89c.
  • Downer EDI (DOW) has secured a contract with Rio Tinto (RIO) at Warramboo valued over $50m. DOW up 4c to 357c.
  • Mesoblast (MSB) has been cleared by the US Food & Drug Administration to begin an advanced clinical trial of their stem cell product to treat chronic low back pain. MSB up 2.2% to 828c.
  • Intrepid Mines (IAU) reports that a group of illegal miners has damaged a small fly camp and drill rig at the Tujuh Bukit Project in Indonesia. IAU up 3c to 149c.
  • Envestra (ENV) has signed an agreement with 7 US private placement investors to issue the equivalent of $350m of bonds with maturities of 10 years, 12 years and 30 years. The funds will be used to refinance existing shorter term debt. ENV unchanged at 65c.
  • Transpacific Industries (TPI) announced a $225m-$250m writedown and now expects operating EBITDA of $420m-$430m. TPI unchanged at 75.5c.
  • As tipped, Christine Lagarde has been named the new MD of the International Monetary Fund. She fought off Mexico’s Agustin Carstens for the job.

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