The market is up 80. The SFE Futures were up 46 this morning.
The Dow closed up 186 points overnight, higher for a fourth straight day. The S&P 500 was up 1.7% and is now up 4.8% this week. Five central banks including the ECB and the US Fed said they would provide European banks with unlimited dollar loans. The move comes at a time when banks are hesitant to lend to one another because of their unknown exposures to Greek and Italian debt. There was a large amount of US economic data released — mostly underwhelming. The CPI rose more than expected, while jobless claims were up. The gold price fell $45.10 to $1781.40, while the oil price was up 49¢ to $89.40. The Aussie dollar rose to 103.27c from 102.61c.
Today’s main stories…
- Suncorp (SUN) profit up 8% in FY 2011, despite losses of $4.2bn from natural disasters. Suncorp reaffirmed it is on track to deliver $235m in annual benefits from its efficiency program “building blocks” and they expect their underlying margin to rise to 12% this financial year. SUN up 4% to 806¢.
- Ivanhoe Australia (IVA) says they plan to raise around $180m from shareholders to provide $150m for their base metal mining projects and repay $30.6m of debt. IVA unchanged at 149¢.
- Worley Parsons (WOR) has secured a ~US$150m contract in Brazil with MMX Mineracao e Metalicos to provide engineering, procurement and construction management services for the expansion of the Serra Azul iron ore mining unit. WOR up 4.5% to 2691¢.
- Commonwealth Bank (CBA) has announced changes to its Executive team ahead of Ian Narev commencing in his role of CEO from 1 October 2011. They have appointed a top mergers and acquisition banker from Credit Suisse in Hong Kong, to take over as group head of strategy. CBA up 94¢ to 4570¢.
- Paladin (PDN) says production at their Kayelekera mine in Malawi has resumed after an upgrade to the plant. They say a ramp up to full capacity can be expected soon. PDN up 5.8% to 166¢.
- Platinum Australia (PLA) has advised that production at the Smokey Hills Mine has been disrupted by blockages to the access road by communities adjacent to the road who are demanding that the road be sealed. PLA down 9%.
- Stocks hitting 52-week lows today: ASB, BCS, CNP, CTY, KAM, PPX, RXM.
- Stocks going ex dividend today: APE, ASB, BRG, EMB, MIN, RCR.
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