The market is up 12. The SFE Futures were up 7 this morning.
Dow Jones up 32. The Dow was up 43 at best and down 51 at worst. US markets all finished up on light volumes. Energy sector helped by a higher oil price. The US Conference Board consumer conference index came in at a five month low for June and the Richmond Fed manufacturing index was down to an 8 month low. Metals on the LME were mostly lower with Copper up 0.39%, Zinc down 1.55%, Lead down 1.20% and Aluminium down 1.09%. Oil is up 26c to $79.47. Gold is down $15.60 to $1572.80. BHP and RIO ADRs are both up 0.60% and 1.52%. The A$ is at 100.60. News Corp up 8.28% on talk of the company splitting into 2 listed companies.
- Boral has had a profit warning – NPAT guidance for the year down from $150-175m to $100-110m. This adds to a PPX profit warning yesterday — it is the 33rd profit warning ahead of this results season. BLD is down 3.76% to 307c.
- News Corp (NWS) — Rupert Murdoch has outlined plans to demerge the company’s film studios & cable TV assets from the newspapers business into two separate public listed companies – designed to release value — NWS up 8.3% in the US. NWS is up 3.32% to 2148c.
- Crown Ltd (CWN) — James Packer has entered into a JV with Philippines’ Henry Sy Jr (son of the richest man in Philippines) to build a $1bn+ casino and resort in Manila. CWN is down 0.58% to 853c.
- Seven West Media (SWM) – closed down 13.7% yesterday after announcing Don Voelte as their new CEO. There are rumours of a $500m capital raising and a deck clearing profit warning. The stock fell 13% yesterday. SWM is up 2.94% to 175c.
- Cardno (CDD) — Profit upgrade — CDD expects to report a profit of between $71m-$74m which is an increase of 21%-26% from last year. CDD is up 0.68% to 743c.
- Echo Entertainment (EGP) will hold a meeting with Genting’s Mr KT Lim after Genting applied to increase their stake beyond 10%. EGP is up 0.72% to 421c.
- BHP Billiton (BHP) has purchased 4 new exploration licences in the Olympic Dam region for $3m. BHP is currently undergoing an expansion of their copper, gold and uranium mining operations at Olympic Dam. BHP is down 0.1% to 3060c.
- Fortescue Metals Group (FMG) – The press debates Andrew Forrest’s $62m FMG share purchase on Monday and another $108m purchase yesterday. The press suggests he is ‘thumbing his nose’ at short sellers. FMG unchanged.
- Acrux (ACR) has been granted approval for the commercial use of Recuvyra, a post-operative pain drug used for dogs. ACR will receive a milestone payment of $1m and royalties from sales. ACR is down 0.48% to 418c.
- Western Desert (WDR) has secured $85m through a capital raising for the Roper Bar project in NT. WDR is up 6.54% to 81.5c.
- Orocobre (ORE) in a trading halt – thought to be the Argentinean green Light for the Olaroz project.
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.