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The market is up 23


The market is up 23 outperforming the 27 point fall predicted by the SFE Futures this morning.

Financials down 0.8%. CBA down 2% after announcing a $750 raising. WBC down 7.8% close to the $16 discounted $2.5bn placement price from its capital raising yesterday.

Resources outperforming – up 1.9%. BHP and RIO up 2.5% and 2.6%. Fortescue up 9.8%. Glen Stevens said forecasts for China’s growth were still too high and that the global recession will continue to take its toll on China. Industrials up 0.6%

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Capital Raising of the Day

As expected the CBA have swiftly followed yesterday’s $2.5bn capital raising from Westpac with its own $750m placement. They are using the money to redeem their PERLS II securities (PCB) that expire in March.

Aus Financial news today

  • Wesfarmers (WES) says despite the incident over the weekend that damaged a dragline, production at its Curragh coal mine is expected to be in line with forecasts.
  • Santos (STO) says it is in discussions with its financial partner in Indonesia regarding it reaching a financial settlement over liability relating to a mud flow incident in 2006.
  • Paladin Energy (PDN) has offered to buy Fusion Resources (FSN) for $17.8m to expand its portfolio in the Mt Isa region of QLD.
  • BHP Billiton (BHP) performing well after Macquarie Equities said its iron ore shipping rates are holding up well despite deteriorating market conditions.
  • Mincor Resources (MCR) struggling after saying it will shut the Miitel mine from Christmas due to the falling nickel price. Insists it will meet production target of 16,000 tons-19,000 tons for FY09.
  • Futuris (FCL) has completed the divestment of 100m Amcom shares. Proceeds of $9.5m will be used to pay down debt.
  • PaperlinX (PPX) has completed the construction of its Maryvale Mill upgrade.
  • Incitec Pivot (IPL) has completed the retail component of its rights offer and raised around $83m.
  • OneSteel (OST) said it doesn’t expect its net profit before one-off items in the 1H to differ by more than 15% from a year earlier.
  • Both Westpac and Bank of QLD hold their AGM’s tomorrow


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