The market is up 88. The SFE Futures were up 45 this morning.

The Dow Jones closed up 267 overnight. The S&P 500 was up 1.9% and ended the week up 1.1% for its third straight week of gains. European markets were also higher for a third straight week. EU officials are moving towards agreement with their plans to boost the EFSF and to proposals a recapitalisation of banks — final decisions unlikely to be announced until Wednesday. EU officials also urged Italy to put their house in order. Fed talk regenerated hopes for a QE3 program in the US. The gold price was up $23.20 to $1636.10. The oil price up $1.33 to $87.40. The Aussie dollar was up at 103.42¢ from 102.33¢.

Main points:

  • The Australian producer price index showed prices had risen 0.6% for the September quarter, and are now 2.7% higher than a year ago. Analysts had expected the index to remain unchanged at 2%. The rise came on the back higher prices for electricity, gas and water, but was curbed by lower prices on building construction and motor vehicle parts.
  • Aquila Resources (AQA) subsidiary Washpool Coal has signed a 10-year transportation contract with QR National (QRN) for an undisclosed sum. QR will provide transport for up to 1.6 million tonnes of coal per year from the Washpool coal project to the Wiggins Island coal terminal at the Port of Gladstone.  AQA up 7.3%. QRN up 2.9%.
  • Alacer Gold (AQG) say there is no damage to their Choepler gold project in Turkey following a 7.2 magnitude earthquake in eastern Turkey, 410 kms east of the project.   AQG down 1.1%.
  • An independent expert says a plan by Rio Tinto (RIO) and Japan’s Mitsubishi to buy the remaining shares in Coal and Allied Industries (CNA) is fair and reasonable.  Rio Tinto currently owns 75.7% of Coal and Allied, and Mitsubishi 10.2%.  RIO up 243¢ to 6500¢, CNA down 30¢ to 12400¢.
  • Qantas Airways (QAN) said that the Transport Workers Union has called off its nationwide industrial action scheduled for Tuesday and Wednesday. The TWU had planned one-hour stoppages on Tuesday at Brisbane and Melbourne airport. QAN up 2.5%.
  • Pharmaxis (PXS) up 66% after Europe’s 27-nation Committee for Medicinal Products for Human Use recommended marketing authorisation for bronchitol to be used as an add-on therapy for adults with cystic fibrosis.
  • Asciano (AIO) has new loan facilities of $1.45bn, with no debts due until 2015. the weighted average cost of debt was reduced from 2011 levels. AIO up 2.4%. 
  • One stock hitting a new 52 week high is SP Ausnet (SPN), with Premier Investments (PMV) hitting new 52 week lows.

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