The market is up 22. The SFE Futures were up 17 this morning.
The Dow closed up 89 and was up 104 at best. It was up 74 on Tuesday. The S&P 500 closed up 1.36% and the Nasdaq up 2.3% — its best day this year after Apple reported better than expected results and jumped 8.87% and on Bernanke comments post the FOMC Meeting. European markets were higher over the past 2 days. Metals were mostly higher on the LME. The gold price was down $1.50 to $1642.30. Oil up 29¢ to $103.94. The Australian dollar is currently buying 103.55¢. All sectors in the S&P 500 were up. Tech stocks were best, up 2.8% on the back of Apple results. Materials and Consumer Discretionary stocks were also strong. Consumer Staples were worst, down 1.53%. Materials and Industrials were also weak. Ten-year US bond yields rose to 1.975%.
- Seven West Media (SWM) announced a profit warning on Tuesday night after weaker conditions in the advertising market driven by cautious consumers hit earnings. Analysts were expecting earnings of around $509m which has now been reduced to be between $460m-$470m. This represents a 15%-16% decline. SWM is down 16% to 317c. After the PMP profit warning on Tuesday there is a bleak outlook for print media and advertising stocks (FXJ and APN).
- OZ Minerals (OZL) 3rd Q production results were good. OZL produced 27,182 tons of copper above an expected 25,900 tons. Gold produced was 38,887 ounces above an expected 34,300 ounces after lower costs and production impact from rain events were minimised. The company said the Prominent Hill mine will transition into an open pit mine with an underground mine in 2012. They will continue to seek growth through acquisitions and exploration by leveraging their strong balance sheet.
- Leighton Holdings’ (LEI) Habtoor Leighton Group has been awarded a US$169m JV contract in Saudi Arabia for the construction of mine-related infrastructure for the Ma’aden Alcoa Aluminium bauxite mine. HLG’s share of the contract is worth US$85m. This will be the second project in Saudi Arabia and the company is confident of securing other opportunities in 2012.
- QRN National (QRN) are looking at building a rail line that will connect isolated iron-ore mines in the Pilbara with Port Hedland. Atlas Iron (AGO) have signed an agreement to come on as a cornerstone user and fund a joint feasibility study expected to be completed by the end of the year. Coal haulage is expected to begin as early as 2015.
- Acrux (ACR) revised their expected revenue for the year to be between US$6m-US$7m down from US$7-US$8m after a slower reduction in the level of rebates than anticipated by the company. However ACR has said the testosterone therapy market in the US is growing by more than 25% pa and sales outside the US are expected to commence next year, having received authorisation to sell in Canada.
- Kingsgate Consolidated (KCN) produced 60,614 ounces of gold lower than an expected 64,700 ounces in the March Q. Costs were $744/oz higher than an estimated $601/oz. Overall results not so good.
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