The market is up 26 compared to the 21 point rise the SFE Futures suggested this morning.

The Dow closed up 58 overnight — the best percentage rise in two weeks. Low volumes at 2/3 the average of the last 50 days. Better than expected leading indicators, Philadelphia Fed index and jobless numbers fed hopes of a green shoot recovery. Gold down $1.40, Oil up 35c to $71.42. Bonds down and A$ still just over 80c at 80.02c.

Making the news today…

  • Iron Ore consolidation — The Australian says Warwick Resources (WRK), which is 20.88% owned by Atlas Iron, is set to merge its iron ore operation with Hannans Reward (HNR) in a $500m deal. Both stocks flying today — HNR up 30.4% and WRK up 28.8%.
  • Rumours persist that Boart Longyear (BLY) will raise capital. Street Talk tells us that it has $783m worth of debt to refinance in April 2010 and only has a market cap of $390m.
  • WorleyParsons (WOR) says recently announced contracts will support the company’s earnings in the year ending June 30, 2010. It expects to report “good growth for the 2009 financial year”.
  • Woodside Petroleum (WPL) CEO Don Volte says its Pluto liquefied natural gas project is more than 65% complete.
  • DUET Group (DUE) will pay a final distribution of 10c, taking it to 24.125c for the year.
  • Macquarie Group (MQG) has completed a tender offer for its preferred securities. It secured around $324m at a discount of face value.
  • Macarthur Coal (MCC) completed its $190m institutional placement.
  • Macquarie Airports (MAP) reported a 4.4% fall in Sydney Airport passenger traffic last month compared to a year ago.
  • Valad Property Group (VPG) will not pay a distribution for the half.
  • ING Industrial Fund (IIF) said it will not pay a distribution for the June Q and will use the cash to help its balance sheet.
  • Aspen Group (APZ) has completed its retail entitlement offer.
  • iSOFT (ISF) has signed a fifth Lorenzo site in Germany worth $1.9m.
  • Commonwealth Bank of Australia (CBA) raised its $US2.5bn through an issue of government-guaranteed debt.
  • CFS Retail Property Trust (CFX) has secured a $100m bank debt facility that will expire in June 2012.

In other news…

  • Southern Cross Equities says Westpac Bank (WBC) is the cheapest bank among the top four and expects the Westpac — St. George integration synergies to beat guidance and expectations.
  • Almost all the property trusts go ex-distribution on 24 June – next Wednesday. A few have announced today that they will not be paying anything.
  • RBS Equities maintain their BUY recommendation on Eastern Star Gas (ESG) and have upped their target price by 92.9% to 110c from 57c.
  • FOMC meeting next week in the US — very unlikely to anything with rates.

The Dow Futures suggest a 24 point rise on Wall Street tonight.

MARCUS PADLEY is the Author of the MARCUS TODAY Daily Stockmarket Newsletter.

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