The market is down 15. The SFE Future were up 23 this morning.

The Dow closed up 30. Up 154 at best and down 5 at worst. The FOMC kept rates on hold as expected at 0-0.25%. Federal Reserve Chairman Ben Bernanke had a cautious tone saying he would keep rates at these levels for an extended period of time. Both oil and gold were also up. The Aussie dollar rose to 91.15c from 90.31c.

Making the news today…

  • Transurban Takeover — It has received an unsolicited indicative non-binding proposal from Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan. After considering it, the board advises it has rejected the offer in its current form. The stock was up 11% in October and up 4% this morning before the announcement. TCL up 4.1% to 457c.
  • Leighton Holdings (LEI) AGM — No surprises. Tells shareholders it has $38.2bn of work in hand, maintained its forecasts for a FY profit of $600m and says the financial year has started well. 1Q unaudited net profit increased 25% to $130.9m. Outlook remains solid and expects FY10 revenue to exceed $19bn. No mention of Macmahon Holdings. LEI up 2c to 3400c.
  • News Corp (NWS) announces an 11% increase in 1Q net profit to $US571m. EBIT came in better than expected at $US1.042bn, analysts were expecting around $US953m. NWS up 55c to 1570c.
  • David Jones (DJS) — 1Q sales numbers have come in at $452.1m, up 2.2%. DJS down 2.4% to 529c. The company says the numbers are better than expected but going by what brokers expected, they look below estimates. GSJB Were expected $460m, JP Morgan $467m. On a like-for-like basis, sales were up 1.9% (excluding the Bourke Street store that was temporarily closed for refurbishment). Patersons maintain their Hold recommendation.
  • GrainCorp (GNC) in a trading halt as they conduct a bookbuild to sell the 35% shortfall of their retail share offer (20.4m out of 57.6m shares not taken up at 565c). GNC last traded at 678c.
  • Rio Tinto (RIO) says China may use a new pricing mechanism for contracts in 2010 after annual talks broke down again this year. RIO up 4c to 6347c.
  • Street Talk says CHAMP Ventures has invited investment bankers to bid for the $300m IPO for menswear retailer Retail Apparel Group.
  • Hastings Diversified (HDF) in a trading halt. Last traded at 100.5c.
  • The FIRB has ticked off Wuahn Iron and Steel’s deal with Adelaide’s Centrex Metals (CMX).
  • Westpac Bank got a positive reaction from brokers this morning following its profit result. It was described as solid across the board.
  • Australian trade deficit came in marginally better than expected at $1.85bn, the market expected $2.10bn.

The Dow Futures are down 1 at 11:50am.

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

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