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Midday Market Roundup 22/06/09



22 June 2009 @ 12:55 pm AEST

The market is breaking even - up 0.3 - in line with the SFE Futures that predicted an unchanged market this morning. Quiet start to week with not a lot of company related news around.

The Dow Jones closed down 15 on Friday. Dow up 61 at best down 59 at worst. Both the NASDAQ and the S&P 500 finished higher. Aussie dollar managed to stay above 80c. Metals mostly up. BHP up 37c to 3507c and RIO down 128c to 4944c.

In the news today...

  • Linc Energy (LNC) in a trading halt - Will provide an update on market asset sales.

  • PanAust (PNA) has experienced a breakdown at its Phu Kham Copper-Gold operation. It expects the plant to be down between 11-23 days. On another note, it raised $74m from its institutional raising.

  • Oil Search (OSH) said the Exxon Mobil-led PNG LNG project has reached commercial terms for LNG offtake with three major Asian buyers.

  • Oz Minerals(OZL) expects to complete the sale of its Martable gold project to China Sci-Tech Holdings by the end of June.

  • National Australia Bank (NAB) has bought Aviva's wealth management business for $825m.

  • Energy Developments (ENE) said it has received a ¤135 takeover offer (including debt) for its UK and French landfill gas power generation assets.

  • CSL Ltd (CSL) converts the $US1.5bn it borrowed to buy Talecris into Aussie dollars and books a $80m non-recurring net profit.

  • Austal (ASB) announces the US navy has ordered materials associated with the construction of two additional 103m joint high speed Vessels.

    • In other news...

  • National Australia Bank has spent $825m buying Aviva PLC's Australian wealth management business.

  • Xstrata Plc has proposed a "merger of equals" with Anglo American Plc.

  • FOMC Meeting - US interest-rate futures are still pricing in a circa 50-50 chance of the Fed funds rate rising to 0.5% by December. The FOMC Meeting this week is thought likely to dispel suggestions that US rates will rise anytime soon.

  • TEN Network releases its 3Q result on Wednesday - One broker forecasts EBITDA of $143.1m, down from $201.9m last year.

  • New motor vehicle sales increased by 5.4% in May. Second consecutive month of gains after falling 10 of the last 12 months.

    • The Dow Futures suggest a 12 point fall on Wall Street tonight.

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