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 AIR Midday Market Roundup
March 10 2010 - Australasian Investment Review – (AIR) |
The market is down 8. The SFE Futures were up 9 this morning.
Wall St. closed slightly higher overnight – up 12 – It was the anniversary of the 2009 bear market low. The Dow was up 60 at best and down 19 at worst. Financials did well on talk the US government would sell its stake in Citigroup. Metals were mixed overnight on London, oil fell slightly and Gold dropped $1.70 to $1122. The Aussie dollar improved to 91.40c from 90.93c.
In the news today…
- Atlas Iron (AGO) and Aurox (AXO) have agreed to merger. AXO up a massive 144% or 39c to 66c after their shareholders were offered one Atlas share for every 3 Aurox shares they own, implying a value of 74c based on AGO’s closing price yesterday. AGO down 4c today to 217c.
- Alesco Corporation (ALS) down 30% to 319c after downgrading their FY earnings guidance to 24-27c from 34-36c. Patersons has cut their recommendation to Sell from Buy.
- Macmahon Holdings (MAH) – Trading Halt – They are entering the final negotiations for a contract. They will remain in a halt until the start of trading on March 12, or when a statement is released to the market. MAH last traded at 75c.
- Seek (SEK) has spent $23.5m lifting their stake in JobStreet, which is listed in Malaysia, from 10.1% to 21.3%. SEK down 2c to 753c.
- Nufarm (NUF) down 8% to 846c – they have gone ex-entitlement for shareholders to tender stock for Sumitomo to buy up to 20% of the company at $14 a share.
- Southern Cross Media (SXL) has entered into a consortium of banks for a refinanced facility of $375m in place of their existing business level debt facility. SXL up 6c to 211c.
- Adamus Resources (ADU) plans to raise $30.5m in a new share sale to accelerate its exploration activities at their gold mine in Ghana. ADU down 0.5c to 39.5c.
- Aristocrat Leisure (ALL) says three directors have left the company, including Chairman David Simpson who has held the position for 6 years. ALL up 3c to 445c.
- Equinox Minerals (EQN) achieves financial close for a new $US400m corporate loan. EQN down 8c to 375c.
- Australian Housing finance fell 7.9% in January. Economists expected a 2% rise. Loans to build new homes fell 3.9%.
- Consumer Sentiment increased 0.2% in March and is up 37.1% on the year.
- Stocks hitting fresh yearly highs today include Ramsay Health Care (RHC) and Virgin Blue (VBA). Nufarm (NUF) and Reverse Corp (REF) have both hit a 52 week low.
Copyright Australasian Investment Review.
AIR publishes a weekly magazine. Subscriptions are free at www.aireview.com.au
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