The market is up 19. The SFE Futures were up 5 this morning.
The Dow closed up 89 and halted the longest slump of the year following Spanish auctions and better than expected earnings from Alcoa Inc. Spanish bonds rose as the European Central Bank official signalled the ECB may revive its bond-purchase program. European stocks were up from a two month low. The S&P 500 Index added 0.8% to finish at 1,369. The Stoxx Europe 600 Index rose 0.7%. Spanish and Italian 10 year debt dropped at least 10 basis points. Oil helped lead commodities high after US stockpiles of gasoline and distillate fuels fell. Copper again tumbling 3.36%, Oil up buying $103. Metals were mixed on LME. The Gold price was up slightly to $1660.40. The Aussie dollar strengthened buying $103.05.
- Ten Holdings (TEN) delivered a 1st H profit of $14.8m well below an expected $27.6m. The profit result fell 70% amid tough conditions in the advertising market. Revenue was down 11% to $432.8m from $484.2m. The company said they were making progress on improving sagging ratings and lifting advertising revenue however the benefits of a turnaround will take time.
- Iluka Resources (ILU) released their 1st Q production report. Zircon, rutile and synthetic rutile were lower than the previous Q after major maintenance outages and decisions to reduce production. The company has said mineral sands revenue was $196m down from $226 after mineral sands production fell 13% to 340,600 tonnes. Zircon output fell 18% and rutile output fell 20%.
- PanAust (PNA) has reaffirmed their 2012 production targets after exceeding expectations at their Laos copper mine in the three months to March. PNA reported a 4.6% rise in production. They produced 15,772 tonnes of copper in the 1st Q at a cash cost of US92c per pound above budget expectations.
- BHP Billiton (BHP) has decided to close a mine in QLD’s Bowen Basin amid industrial action sweeping the region. The mine which was hit by floods last year has been deemed unprofitable and will put 1400 people out of jobs.
- Webjet (WEB) has raised their FY profit guidance by 18% after strong than expected trading conditions. It now expects a profit no less than $13m up from $12.1m. The stock has been a star performer up 39% since the start of the year.
- Ansell (ANN) has purchased protective products business Trellborg Protective Products (TPP) for $30m. TPP has annual sales of €19m and has 170 employees. It produces high end chemical protective suits, dry diving suits & tents and shelters for military & emergency workers.
- The Australian Bureau of Statistics released employment figures which were better than expected. The number of jobs created increased by 44,000 with 11.5m employed. The unemployment rate held steady at 5.2% defying a consensus of 5.3%.
- Marcus Today has updated the Trading Section today. To see what trades have been updated sign up for a free trial at www.marcustoday.com.au.
For a five day 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 Portfolio recommendations which is actively managed on behalf of subscribers … no “set & forget”. Everything you need to effortlessly
- managed your own long term investment portfolio.
- 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.
Subscribe to MARCUS TODAY. 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.