The market is down 19. The SFE Futures were down 18 this morning.

The Dow Jones closed down 37 overnight.  The S&P 500 pulled back from Friday’s two-year high as it faced resistance at the 1228 level. The US dollar extended Friday’s gains, up 0.6% on the US dollar index. One Aussie dollar is now buying US101.33 cents. The Gold price gained $5.50 to move above $1400 for the first time. Oil price up 21c to $87.06.

Today’s main points…

  • Royal Dutch Shell has agreed to sell a third of its holding in Woodside Petroleum (WPL) for $3.31bn. Shares were sold to undisclosed “equity investors” at a 7% discount to yesterday’s closing price. WPL down 5.28%. More below.
  • The Government in its midyear and economic and fiscal outlook forecast 2010-11 GDP at 3.25% up from 3.0%.
  • Gold passed $1400 an ounce for the first time ever as the World Bank president said he would like to see it included in the global monetary system. One analyst says Gold is likely to reach $1500
  • UBS says AGL Energy (AGK) may need to raise anywhere between $500m-$2bn in new equity to participate in the NSW Power Auction. AGK down 0.8%
  • ConnectEast (CEU) will pay a 1c distribution for the half ending 31 Dec 2010. CEU up 1.15%.
  • The AFR says Stockland Group (SGP) and FKP Property (FKP) could engage in an asset swap. FKP is interested in SGP’s $3bn office portfolio and SGP has been interested in asset carve ups before. SGP up 1.93%, FKP unchanged.
  • Xstrata has lifted its stake in Sphere Minerals (SPH) to 11.33%. SPH down 1.7%.
  • AWE Ltd (AWE) up 6.4% after announcing tests have revealed it is sitting on a large shale gas resource in WA.
  • Adelaide Brighton (ABC) down 9.2% – it released an Investor Presentation late yesterday.
  • Centrebet (CIL) has released its Strategic Plan Presentation. It wants to double its market share to 20% by FY15 and invest in marketing and product development. It intends to pay dividends in FY11. CIL down 7.1%.
  • Ten Network (TEN) up 3.1% after announcing James Packer and Lachlan Murdoch have accepted board seats and agreed to “appropriate board protocols” to safeguard the company from conflicts of interest. Chairman Falloon will leave the company and Murdoch is talking to Packer about buying half of this 18% stake.

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