The market is up 76 and is 35 points off the top – on the slow slide. The SFE Futures suggested a 102 point rise in the market this morning.
The Dow Jones was up 286 moving in a 312 point range. The US was mainly up on a recover in Financials on hopes the FOMC will comment on the credit markets with its statement tonight and provide some assurance that they will not let the markets degenerate. The market will recover today but there is little confidence to be gained from a rally in a period as volatile as this. Anything can happen tomorrow. One trader described his position this morning as remaining on the sidelines and waiting for the volatility to fall before doing anything decisive.
- We have an RBA Meeting today (50/50 chance of a rate hike tomorrow morning at 9.30am). There is an FOMC meeting tonight – likely to leave rates on hold but comments on the credit markets will be crucial. Can they offer assurance?
- There are concerns the Wesfarmers (WES) bid for Coles Group (CGJ) is going to fall over with their advisers meeting last week. The word is that Wesfarmers are reluctant to sweeten the offer. WES up 43c to 2843c and CGJ up 12c to 1392c.
- Centro Retail Trust (CER) has announced a 17% rise in NPAT to $266.6m for the year, up from $228m a year ago. CER up 4.75%.
- AXA Asia Pacific (AXA) up 32c or 4.6% to 735c after announcing a better-than-expected 23% increase in 1H NPAT of $374m.
- Primary Health Care (PRY) up 23c to 1220c on the back of their earnings announcement.
- Transurban Group (TCL) up 10c to 727c after announcing they have taken a 6.28% stake in smaller rival Connect East (CEU).
- Macquarie Bank (MBL) up 441c or 6.3% to 7446c, recovering slightly but still down 9.8% in the past week and 15% in the last month.
- Babcock & Brown (BNB) also recovering some of their losses from yesterday and last week. Their stock is up 126c or 5.3% to 2528c.
- Australian Agricultural Company (AAC) is down 7.5% on results.
- Bradken (BKN) down 12c to 958c on their full year results.
- RIO is ex dividend tomorrow 60.69c FF.
- The Diggers & Dealers Conference is going on this week. For a list of the companies presenting see the newsletter. It is the usual annual injection of interest, hype and networking to the industry. Predictions of a $1000 gold price the highlight from yesterday.
We have an article in the newsletter today – “The Idiots Guide to Building an Australian
THE MORNING MARKET REPORT is provided by the MARCUS TODAY daily stockmarket newsletter. You can subscribe for a free five-day trial here.
Crikey is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while we review, but we’re working as fast as we can to keep the conversation rolling.
The Crikey comment section is members-only content. Please subscribe to leave a comment.
The Crikey comment section is members-only content. Please login to leave a comment.