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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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List of Australian blue chip stocks

Australian shares gained 0.6 percent on Wednesday led by blue chip miners and financials on strong resource price


The biggest Blur chip stocks traded on the ASX, in terms of their market capitalisation, include:
BHP BillitonCommonwealth Bank of AustraliaTelstra CorporationRio TintoNational Australia BankAustralia and New Zealand Banking GroupRio tintoWestpac
The only stock to do worse than the S&P/ASX 200 is Harvey Norman Holdings Ltd [ASX: HVN]. Even so, it’s a better-than-the-bank 8.3% gain. The others have done much better: Qantas [ASX: QAN] up 36.1%; JB Hi-Fi [ASX: JBH] up 20.5%; Toll Holdings [ASX: TOL] up 25.3%; and Myer Holdings [ASX: MYR] up 37.1%. The benchmark S&P/ASX 200 index rose 27.1 points to trade at 4,977.3 by 2310 GMT. It fell 0.8 percent on Tuesday, its lowest close since February 7.