The market is up 30. The SFE Futures were down 21 points this morning. From a quiet open the market has lifted post the RBA’s financial stability report.

The Dow closed down 44 after being down as much as 47 and up 23. European markets were down. The gold price fell $6 to $1679.60 after rising $23.20 a day earlier. Metals were mixed on the LME. The Australian dollar is down at 104.38¢ from 105.33¢ yesterday. The oil price dropped 32¢ to $106.71. Utilities and Healthcare were the only US sectors to end the day higher. Financials and Energy stocks were worst.

Main points:

  • The RBA has released the Financial Stability Review which is an improvement on six months ago. They report improved sentiment in global financial markets and reduced fears of global growth slumps as well as better economic data from the US. Non performing loans at Australian Banks have fallen and the commercial property market is improving. Credit growth to remain slow.
  • Amcor (AMC) has announced that the ACCC will not oppose its plans to acquire Aperio Group. AMC and Aperio both supply flexible packaging to fast moving consumer goods manufacturers. AMC is up 1.67% to 730c.
  • Brambles (BXB) has said the potential sale of its data management business is taking longer than expected. BXB had planned to sell the Recall business by March 31 to focus on its pallet pooling operations. They now expect the sale to be completed in the four to eight weeks. The sale could fetch close to $2bn. BXB is down 1.15% to 688c.
  • Beach Energy (BPT) yesterday announced a $345m capital raising to fund future exploration and growth. The raising includes a 1:8 pro rata accelerated non-renounceable entitlement offer at $1.40 a share to raise $195m. BPT is in trading halt.
  • Bank of Queensland (BOQ) has successfully completed the institutional component of its $450m equity raising. Approximately $284m was raised at $6.05 per new share. The retail component will raise $166m. The retail offer to existing shareholders opens April 3 and closes April 24. BOQ is up 5.25% to 745c.
  • Leighton Holdings (LEI) is expected to reveal yet another write-down on its troubled $4.1bn Airport Link project in Brisbane tomorrow. LEI was fined $300,000 by ASIC for disclosure breaches relating to a $907m write down last week. Last month LEI confirmed guidance for $600m-$650m for the year ending June 30. A cut to guidance would be a major disappointment to investors. LEI is in trading halt.
  • Qantas Airways’ (QAN) decision to move into Asia via a joint venture with China Eastern Airlines to form Jetstar Hong Kong could be the start of what could be many more budget airline partnerships in the region. QAN has outlined it is looking at Taiwan, Macau and north China where the penetration of the no-frills sector is close to 5%. QAN is up 0.56% to 179c.  

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