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Morning Market Report

Jan 29, 2013

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The market is up 37. SFE futures were down 3 this morning after rising 29 on Monday — net up 26 over the two days.

US market down 14 after a 70 point rise on Friday. The Dow closed down last night for the first time in 7 sessions. The Dow finished up 1.80% last week with the S&P500 up 1.14% and the NASDAQ up 0.48%. US durable goods orders were up 4.6% in December and above market expectations. Pending home sales were down 4.3% in December, well short of expectations of +0.3%. European markets mixed – UK FTSE up 0.16%, German DAX down 0.32%, France up 0.07%, Spain down 0.60%, Italy up 0.96%. The Stoxx Europe 600 index down 0.1% with Basic Materials (-0.5%), Financials (+0.6%) and technology (+0.3%).  News that 278 Euro zone banks would repay over 130 billion euro of loans to the European Central Bank boosted sentiment. The amount to be paid back was well above the 100 billion euro that markets were expecting. Best sectors – Technology (+0.5%) and Telecoms (+0.2%). Worst sectors – Basic Materials (-1.1%), Financials (-0.5%) and Health Care (-0.4%). Metals mixed – Copper up 0.23%, Nickel up 1.41%, Aluminium up 0.10%, Zinc down 0.27%.  Spot iron ore down 20c to $148.40.

  • Suncorp Group (SUN) – Has received 4,500 claims from cyclone Oswald. SUN is down 2.47% to 1064c.
  • Blackthorn Resources (BTR) – Has announced higher than estimated costs of $US180 million. JV partner Glencore has agreed to provide a total financing package for $US140 million. BTR is down 13.8% to 125c.
  • Oil Search (OSH) – fourth quarter production up 9.1% on year to 1.79 million boe. Revenue up 8.3% on year. PNG LNG 70% complete and on track for first LNG sales in 2014. OSH is up 1.2% to 719c.
  • Yancoal (YAL) – Mines have been disrupted by QLD rains. Open cut mines at Yarrabee and Middlemount have been hit with heavy rain over the weekend. YAL is down 0.54% to 92.5c.
  • Australian Pharmaceutical Industries (API) – Bundamba distribution centre has not been impacted by weekend floods.
  • The Reject Shop (TRS) – No impact to Ipswich distribution centre from flood activity. TRS up 10c to 1559c.
  • Lend Lease (LLC) – Has won a $364.5 million contract to build 3500 student apartments across England. LLC is up 1.37% to 1033c.
  • Sundance Resources (SDL) – Enters trading halt pending news on Hanlong Funding.
  • Sydney Airport (SYD) – The Company’s foreign ownership level has decreased to 34.1% from 35.8%.
  • Evolution Mining (EVN) – QLD floods have not impacted operations. EVN confident of meeting their FY13 production guidance of 370,000-410,000 ounces of gold.
  • Share buy backs – CFE, CGF
  • Quarterly Production reports – RED, ABU, AZZ, BPT, AZH.

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