The market is up 14. The SFE Futures were up 13 this morning.

The Dow Jones closed up 37 overnight. The S&P 500 was up 0.5% and the Nasdaq was down 0.2%. European markets were down. There will now be two EU summits with a solution anticipated after the 2nd meeting next Wednesday the 26thCommodity prices were down sharply. Copper lost 6.6% – its biggest 1 day fall in over 4 weeks. Gold was down for a fourth straight day, down $26 to $1621. The oil price down 0.81¢ to $85.30. The Aussie dollar was down at 102.33¢ from 102.29¢. US economic data was generally positive with the Philadelphia Fed’s business outlook and jobless claims coming in better than expected.

Main points:

  • Monadelphous Group (MND) has signed new contracts worth around $230 million for six separate projects with resources firms including Rio Tinto and Xstrata. MND up 29¢ to 1911¢.
  • Peabody Energy and ArcelorMittal are close to taking a majority share of Macarthur Coal (MCC) after more acceptances of its takeover offer took PEAMCoal’s ownership of Macarthur to 49%, with 50.01% needed for a change of control. PEAMCoal is offering $16 per Macarthur share, but said it will raise the offer to $16.25 if they take at least a 90% stake by November 11. MCC up 13¢ to 1621¢.
  • Woodside Petroleum (WPL) 3rd quarter revenue rose by 27% to $US1.313bn as higher commodity prices offset lower production. Production down 12% on the 3rd quarter – sales were down 10%. WPL up 15¢ to 3375¢.
  • Singapore’s competition regulator has approved Virgin Australia’s (VBA) proposed alliance with Singapore Airlines. VBA up 1.4% to 36¢.
  • Murchison Metals (MMX) is hoping to recover to a least some of the sunk investment on their Oakajee port project. They have given up on developing the iron-ore export project and will give up its ownership stake, but will demand the full price for its intellectual property. The 50-50 JV with Mitsubishi Corp has spent $218m on the project, with MMX’s share being $109m, which isn’t far below its market cap of $118.1m. MMX up 1.9%.
  • Toll Holdings (TOL) MD Paul Little will receive an additional $1.5m when he leaves the company at the year’s end. TOL unchanged at 465¢.

Bank sector results coming up – NAB next week

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

Fetch your first 12 weeks for $12

Here at Crikey, we saw a mighty surge in subscribers throughout 2020. Your support has been nothing short of amazing — we couldn’t have got through this year like no other without you, our readers.

If you haven’t joined us yet, fetch your first 12 weeks for $12 and start 2021 with the journalism you need to navigate whatever lies ahead.

Peter Fray
Editor-in-chief of Crikey

JOIN NOW