The market is having another big day. Up 73 much in line with the SFE Futures that were up 72 this morning. The ASX 200 is now up 7.8% or 289 points in a week having fallen 9% or 370 points from the high on June 12th.
Dow was up 256 overnight. Third rise on the trot. Average volumes. FOMC Minutes saw the Fed upgrade their 2009/2010 GDP forecasts and although that has made the headlines here this morning the suggestion is that they didn’t really impact the market.
China’s economy expanded by 7.9% in the 2Q compared to the same time last year. Economists were forecasting a number close to 8.0% although the unofficial guidance is 7.5%.
In the news today…
- An appeal to the New Zealand High Court is on the cards for the National Australia Bank (NAB) after a court decision ruled against its Kiwi division, Bank of New Zealand, and its ability to amend tax assessments for 1998-2005.
- AMP Ltd (AMP) — Former St. George CEO Paul Fegan has been appointed to the board of AMP.
- Neptune Marine (NMS) has secured $25m worth of new projects.
- Consolidated Media Holdings (CMJ) — Seven Network upped its stake to 19.91% yesterday.
- Iluka Resources (ILU) quarterly report is also out. Zircon sales volumes fell to 67,493 metric tons, down 17% from last year. Sales, before hedging, were $195.2m , or 49% lower than a year ago. ILU up 3.05%.
- Sino Gold (SGX) released record 2Q production figures and says it is on track to achieve FY gold output at the upper end of its guidance of 210,000-230,000 ounces, at less than $US400 an ounce. SGX up 5.8%.
- Karoon Gas (KAR) has hit a fresh yearly high this morning. Now over $10 having been 300c on 15 April. Up 233% in 3 months.
- Lynas Corporation (LYC) has received supply chain related approvals.
- Macquarie Infrastructure Group (MIG) has provided a portfolio valuation update.
- Sino Gold Mining (SGX) said it is on track to deliver FY fold output at the upper end of its guidance of 210,000-230,000 ounces.
Also in the news…
- China has overtaken Japan as the world’s second-largest stock market by value for the first time in 1 1/2 years.
- The Consolidated Media Holdings (CMJ) saga continues with Kerry Stokes spending another $28m yesterday buying another 1.5% of the company.
- Rio Tinto (RIO) released 2Q production numbers late yesterday. They have been described as a strong set of numbers, particularly in iron ore and thermal coal.
- JP Morgan maintain their recommendation on Primary Health Care (PERY) to Overweight saying the stock is trading at around 11.7x PER.
The Dow Future are down 19 at noon.
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