The market is up 31. The SFE Futures were up 48 this morning.

The Dow Jones closed up 168 on Friday. The Dow was up 182 at best and down 10 at worst.  All three major indexes had mammoth weeks — the S&P 500 put on 5.61%, the Dow Jones up 5.4% but the NASDAQ trumped them lifting by 6.15%. Greece has approved the implementation of its austerity measures and Euro zone finance ministers cleared the way for Greece to receive financial assistance. Metals were mostly down on the LME, the oil price fell 48c to $94.94 and Gold dropped $20.20 to $1482.60. The Aussie dollar crept up to 107.78c from 107.14c. US MARKETS closed tonight for the Independence Day Holiday.

In the news today…

  • Murchison Metals (MMX) down 7.8% on news that costs for their JV with Mitsubishi Corp., the Oakajee port & Rail project, have blown out by more than a third to $5.94bn and that the first ore will not be delivered till 2015.
  • PaperlinX (PPX) has emerged from their trading halt saying that they expect the FY statutory loss after tax to be “within previous guidance, but nearer the $30m loss advised in that guidance”. PPX down 1c to 16.5c.
  • Ansell (ANN) has bought Sandel Medical Industries for $US13.5m. Sandel, with annual turnover of $US10m, sells medical safety disposable products in the US. ANN down 1c to 1415c.
  • Macmahon Holdings (MAH) has been awarded 3 contracts with Rio Tinto (RIO) worth $129m which are expected to be completed in FY2012. MAH up 0.5c to 56c.
  • Qantas (QAN) and Virgin Blue (VBA) are up today after the Civil Aviation Safety Authority grounded Tiger Airways’ entire fleet until Friday and may seek Federal Court approval to extend the ban. QAN up 8c to 193c. VBA up 8% to 31c.
  • Foster’s Group (FGL) boss John Pollaers is playing hard ball telling ABC’s Inside Business program FGL can prosper on their own and doesn’t need a major player such as SABMiller to take them over. FGL down 3c to 516c.
  • Treasury Wine Estate (TWE) up close to 10% on the back of a Bloomberg report that China’s Bright Food Group is considering bidding for them. TWE up 8% to 365c.
  • Retail Spending fell 0.6% in May to a seasonally adjusted $20.61bn, compared to an unrevised $20.73bn in April. Economists expected a 0.3% rise in May.
  • Australian residential building approvals fell 7.9% to 12,290 units in May, this compares to a downwardly revised 13,342 units its April. Economists expected a 0.5% fall in May.

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