The market is down 19. The SFE Futures were down 4 this morning.

Wall Street closed up 57. The Dow was up 172 at best and down 27 at worst. It hit a 10 month low before it rallied in the last hour of trade and broke a seven day losing streak. The main excuse for the global stockmarket rebound is the emergence of “value” … in other words there is no obvious catalyst for the 94 point turnaround in our market yesterday. Oil fell another 16c to $71.98 and Gold was down $12.60 to $1195.10. The Aussie dollar improved to 85.27c from 84.00c after the Reserve Bank of Australia left interest rates unchanged yesterday.

Main news…

  • The Reserve Bank of Australia left Interest Rates unchanged at 4.5% yesterday. The market will now be watching the CPI (inflation) numbers for the 2nd Q out on the 28th of this month. Inflation was up 2.9% in the 1st Q
  • Boral (BLD) has had their target price cut by several brokers this morning in response to their strategic review yesterday including a $490m capital raising at 410c. BLD still in a trading halt and last closed at 489c.
  • Sigma Pharmaceuticals (SIP) has received a lowered takeover offer of 55c a share from Aspen Pharmacare. Aspen had initially offered an indicative bid of 60c a share. The new offer values SIP at $648m and has a long list of conditions. There is a good chance the new offer won’t be approved as many shareholders considered the initial offer to be too low. SIP up 15% or 6c to 45c.
  • Only a couple of days after selling their sugar business, CSR Ltd (CSR) has sold their Asian insulation and panels business to Rockwool Group for $128m yesterday afternoon. The deal includes 3 mineral wool factories in China, Malaysia and Thailand, as well as the panel plant in China. CSR down 2.5c to 173.5c.
  • Spotless Group (SPT) says they have settled the Barkly Street Legal Case and will make a $4m payment to the plaintiff and have cut their FY10 net profit by $3.2m. SPT down 1c to 218c.
  • Cudeco (CDU) down 8.2% to 448c after announcing the resource upgrade for Rocklands project will be delayed again because they need to re-estimate thousands of cobalt samples.
  • Chevron says they have found their third consecutive gas discovery off the coast of WA that will help assist their Wheatstone LNG project.
  • ConnectEast Group (CEU) has experienced double digit growth in traffic numbers compared to the same time last year. CEU down 0.5c to 37c.
  • Stocks hitting fresh 52 week lows include: Cabcharge (CAB), Biota Holdings (BTA), Crane Group (CRG) and Transfield Services Infrastructure (TSI).

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