The market is up 30 at one point it was up 49. The SFE Futures suggested a 66 point rise in the market this morning. The Dow Jones closed up 100 points.

  • Rio Tinto (RIO) yesterday announced a 14% fall in 1H07 profit to $US3.25bn ($4.1bn) registering their first fall in earnings in 4 years. A bit disappointing thanks to higher costs. The recent fall in the share price is being seen by most as a long term buying opportunity. RIO up 18c to 8892c having been down 70c early on.
  • A few broker downgrades for Western Australian Newspapers (WAN) this morning on the back of their profit result yesterday. WAN down 30c to 1396c.
  • Brambles up 3.6% or 39c to 1155c as it regains some poise from the restructuring announcement yesterday with the new CEO committing to growth.
  • Mount Gibson (MGX) is up 12% after the WA environment minister gave them the green light for their iron ore project development.
  • Downer EDI (DOW) up 2.5% in a recovery from its 16% fall yesterday on a profits warning.
  • Mincor Resources (MCR) up 19c or 5.9% to 339c after announcing they have discovered potential new resource extensions at two of their mines.
  • The OneSteel (OST) takeover of Smorgon Steel (SSX) has finally come to an end. They announced the Supreme Court has approved the acquisition between the two steel companies. BSL down 12c to 1047c, SSX unchanged at 275c and OST up 8c to 671c.
  • Sonic Healthcare (SHL) up 11c to 1525c, both Citigroup and Macquarie Bank has labeled the company’s 44% stake in German lab unit as an important strategic step.
  • Glengarry Resources (GGY) is up 40% from 10c to 14c on the back of this placement to Kagara Zinc. KZL down 6c to 594c.
  • Gulf Mines (GLM – uranium, diamond and gold explorer) listed today at 25c. Price now….55c for a snap gain of 120c.
  • In Economic news – Australian inflation gauge up 0.6% in July thanks to an 11% rise in the price of vegetables. 12 month number +3.0% – top of the RBA’s 2-3% target band. Core inflation up 3.1%.
  • Aussie dollar hit 86.02c overnight as equity and credit markets calmed down a little and the carry trade ended higher. Stability in equity markets returns stability to the AUD.

We have a list of the cheapest and highest yielding stocks in the ASX 200 in the Marcus Today newsletter today.

Close out those ridiculous trades you put on this morning, take the rest of the day off and have a good weekend.