The market is down 11. The SFE Futures were down 6 overnight.

Wall Street broke a seven day winning streak and closed down 34. The Dow was up 34 at best and down 56 at worst. The NASDAQ was up for the 11th session in a row. Oil price fell 23c and the Gold price was up $6. Jobless numbers in the US tonight anything less than 600K will be considered a good number.

The NAB Bookbuild has been completed at 2150c. The stock opened at 10.20am at 2230c down 128c from 2358c. It was predictably oversubscribed having been offered at a 10% discount in a rising market. The price is down 5% this morning as some institutions flip it straight out for a profit … so much for long term patient investment. A share purchase plan will follow.

In the news today…

  • Santos (STO) production numbers are out. The stock has been running on renewed bid speculation. They have reiterated production guidance but no news on the LNG plant at Gladstone which could have been a highlight. Price down a touch.
  • Nufarm (NUF) doing well after Street Talk reported today that the Royal Bank of Scotland has been enlisted to advise SinoChem on its options. It is apparently in ongoing talks with NUF.
  • Biota (BTA) up nearly 10% after announcing royalties from Relenza, its anti-flu drug, has more than doubled over the past year.
  • FKP Property (FKP) has raised around $120m through a retail entitlement offer, along with the $204m raised through the institutional component of the offer.
  • Mincor Resources (MCR) having another good day. It has more than tripled since March. Up 6% today after putting on 19.5% on Tuesday post spectacular quarterly production results. No doubt it has been helped by China saying it imported a record amount of nickel in June, up 64% from May.
  • Karoon Gas (KAR) is another one flying this morning. It has broken through the $2bn market capitalsation after hitting $12 a share. One broker (Credit Suisse) doubled its target price to 1700c a share yesterday ahead of its drilling activities in Browse Basin.
  • GWA International (GWT) — Trading Update — they have forecast a better than expected 5% rise in annual profit due to surprisingly good trading conditions. Up 4.86%.
  • Macquarie Office (MOF) said value of its property portfolio fell by 10.7% to $4.6bn, down from $5.2b for the sixth months.
  • B&B Japan Property (BJT) has changed its name to Astro Japan Property Trust
  • FKP Property Group (FKP) has raised around $120m through a retail share entitlement offer. Along with $204m raised through an institutional component of the offer raised $324m in total.
  • Beach Petroleum (BPT) announced that it is to pay special fully franked dividend of 2c on 30 September 2009.

Also in the news…

  • Lots of broker stuff on BHP Billiton (BHP) — production numbers, Woolworths (WOW) — sales numbers and NAB — capital raising. Mostly good on all. Most described BHP’s numbers as solid, most are worried about Woolworths future growth options and some are expecting other banks to follow NAB and raise capital.
  • Extract Resources (EXT), Karoon Gas Australian (KAR) and The Reject Shop (TRS) are a few notables hitting fresh yearly highs today.
  • Credit Suisse cut Macquarie Group (MQG) to Neutral from Outperform after a 12.8% run in the share price in the past 9 days. Maintain its $42 target price. On the flip, Citi say its time to be buying MQG, lifting it to a Buy from a Hold and its target price to 5092c from 3385c.

The Dow Futures are up 3.

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

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