The market is up 46. The SFE Futures were up 43 this morning.

The Dow Jones closed up 153 overnight. The Dow was down as much as 251 before making a 400 point turnaround in the final hour of trade to close up 153. The late rally came on news that European finance officials were working on ways to coordinate their efforts to prop up the regions banks. Moody’s downgraded Italy’s bond ratings Bernanke said the Fed was prepared to take further steps to stimulate the economy. Nine of the ten S&P sectors closed higher. Metals were mostly down on the LME, the oil price up 62c at $78.23, Gold fell $31.70 to $1626 and the Aussie dollar increased to 95.88c from 95.26c.

Today’s main stories

  • Commonwealth Bank (CBA) has agreed to a confidential settlement with investors who lost millions of dollars through the actions of financial adviser Don Nguyen who has since been banned by the corporate regulator from providing financial services. CBA up 9c to 4360c.
  • Transfield Services (TSE) announced they intend to return funds to shareholders through an on-market buy-back of up to 10% of its shares on issue. TSE has capital to invest following the disposal of its U.S. facilities management business USM and the sell down of its holding in the Transfield Infrastructure Fund. TSE up 5% to 190c.
  • GrainCorp (GNC) has finalised its purchase of GermanMalt GmbH & Co for €58 million. GrainCorp announced the purchase in July and said the takeover would make malt sales to the Africa and South America more competitive and boost their ability to supply customers. GNC up 8c to 725c.
  • WPG Resources shareholders agreed to sell a collection of iron ore assets to OneSteel (OST) for $346m. The deal is inline with OST’s plan to become a significant exporter of iron ore as steel makers now find it more profitable to sell the iron ore into Asian markets rather than risk losing money by turning it into steel. OST up 1% to 115c.
  • The AFR says UBS will begin the process for the 35% float of Fairfax Media’s (FXJ) NZ online auctions and classified advertising business, Trade Me. It must be said, it’s not the best market to be floating a business. UBS has been appointed lead manager. FXJ up 1.8% to 83c.
  • Austar United Communication (AUN) said the FIRB has extended their review period of a $2bn takeover bid by Foxtel by 90 days. AUN down 1.2% to 115c.
  • New Hope Cope (NHC) has put up the for sale sign and has opened its books to potential bids that might value the company at $10bn. NHC up 16% to 618c.
  • Stocks going ex dividend today include: Oroton Group (ORL – 28c)

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.