Sydney, Nov 28, 2008 (ABN Newswire) - Overnight US markets closed for Thanksgiving Day and will re-open later today.
On Thursday, the Australian share market closed higher for a fourth day with around 1.4 per cent stronger led by the big miners as commodities surged. The benchmark S&P/ASX200 index closed up 48 points, or 1.36 per cent, at 3588, while the broader All Ordinaries gained 48.6 points, or 1.4 per cent, at 3528.2. Analysts said the market seems to be a little quiet with less participation, except for some fluctuation after BHP's decision of dumping its takeover bid for Rio Tinto.
The Australian dollar has opened higher after grinding its way above $US0.6600 during the offshore session in thin trading conditions. At 0700 AEDT, the Australian dollar was trading at $US0.6587/95, up from Thursday's close of $US0.6500/04.
Oil prices fell slightly as the market looked ahead to a weekend OPEC meeting in Cairo where the crude producers' cartel may decide against slashing output. Light sweet crude for January delivery lost 39 cents to $US54.05 dollars a barrel in electronic trading on the New York Mercantile Exchange (NYMEX) on Thursday.
Key Economic Facts and Figures
The Housing Industry Association's (HIA) New Home Sales Report shows new home sales rose by 6.7 per cent in October. The rise in home sales follows the tripling of the first home owners grant to $21,000 for the purchase of new homes in mid-October.
Spending on new plant and equipment will continue to grow in the coming year, the Bureau of Statistics' survey of capital expenditure showed yesterday. In the three months to the end of September, private sector expenditure grew by 0.6 per cent and production capacity was expected to increase in the coming year by 27 per cent.
Today, the Reserve Bank of Australia releases financial aggregates data for October and the Housing Industry Association releases its state and national outlook for the September quarter.
M&A News
AWB(ASX:AWB) said it was in discussions regarding a possible friendly merger with ABB Grain(ASX:ABB) in a statement. The transaction will only progress if appropriate terms can be agreed and due diligence is completed to each party's satisfaction.
The YMCA has launched a bid to take over about 100 ABC Learning Centres(ASX:ABS), including 50 in Victoria. Another not-for-profit agency, Try Youth and Community Services, has also expressed interest in taking over up to 40 ABC centres.
Macmahon Holdings Ltd(ASX:MAH) said it was not in discussion with Bouygues(EPA:EN) or any other party in relation to a takeover, merger or equity stake in Macmahon as reported by media. However Macmahon is exploring project opportunities with Bouygues and other partners.
Important Corporate News
Qantas(ASX:QAN) will cut its fuel surcharge on domestic airfares by as much as A$5 following a fall in world oil and jet fuel prices. Fares per sector on Qantas and QantasLink jet service will fall to A$21, from A$26, from Friday.
Babcock & Brown(ASX:BNB) last night mounted a last-ditch bid to convince its banking syndicate to approve a short-term A$100 million funding lifeline. It is understood some Australian retail banks are willing to extend fresh funding to B&B but other lenders are unwilling to increase their exposure.
Centro Retail Group(ASX:CER) says the listed property trust is continuing discussions with its bankers to get longer term refinancing extensions for debt facilities. Centro Retail Trust will push ahead with plans to distance itself from its ailing parent, Centro Properties Group(ASX:CNP), by appointing at least two new directors to create an independent board.
Timbercorp(ASX:TIM) will fast-track asset sales, quit the managed investment sector and scrap its full-year dividend in a bid to cut debt levels and keep its bankers at bay. The group booked a 32 per cent fall in net profit to A$44.6 million for the year to September 30, on the back of lower MIS sales.
Prime Media Group(ASX:PRT) has apologised to shareholders for the company's "disastrous" investment in the collapsed digital company Destra(ASX:DES), which has wiped out about nine months' worth of earnings. The investment has incurred total pretax losses of about A$34 million for Prime, which posted a pretax profit of A$47 million in 2007-08.
Village Roadshow(ASX:VRL) says that what it sells has made it resilient in tough times and it expects annual earnings for the current financial year in line with the previous year. Village posted a normalised continuing pre-tax profit of A$62.2 million in 2007-08.
1. Related Stocks - Mid Market (AEST 1230)
On Thursday, the Australian share market closed higher for a fourth day with around 1.4 per cent stronger led by the big miners as commodities surged. The benchmark S&P/ASX200 index closed up 48 points, or 1.36 per cent, at 3588, while the broader All Ordinaries gained 48.6 points, or 1.4 per cent, at 3528.2. Analysts said the market seems to be a little quiet with less participation, except for some fluctuation after BHP's decision of dumping its takeover bid for Rio Tinto.
The Australian dollar has opened higher after grinding its way above $US0.6600 during the offshore session in thin trading conditions. At 0700 AEDT, the Australian dollar was trading at $US0.6587/95, up from Thursday's close of $US0.6500/04.
Oil prices fell slightly as the market looked ahead to a weekend OPEC meeting in Cairo where the crude producers' cartel may decide against slashing output. Light sweet crude for January delivery lost 39 cents to $US54.05 dollars a barrel in electronic trading on the New York Mercantile Exchange (NYMEX) on Thursday.
Key Economic Facts and Figures
The Housing Industry Association's (HIA) New Home Sales Report shows new home sales rose by 6.7 per cent in October. The rise in home sales follows the tripling of the first home owners grant to $21,000 for the purchase of new homes in mid-October.
Spending on new plant and equipment will continue to grow in the coming year, the Bureau of Statistics' survey of capital expenditure showed yesterday. In the three months to the end of September, private sector expenditure grew by 0.6 per cent and production capacity was expected to increase in the coming year by 27 per cent.
Today, the Reserve Bank of Australia releases financial aggregates data for October and the Housing Industry Association releases its state and national outlook for the September quarter.
M&A News
AWB(ASX:AWB) said it was in discussions regarding a possible friendly merger with ABB Grain(ASX:ABB) in a statement. The transaction will only progress if appropriate terms can be agreed and due diligence is completed to each party's satisfaction.
The YMCA has launched a bid to take over about 100 ABC Learning Centres(ASX:ABS), including 50 in Victoria. Another not-for-profit agency, Try Youth and Community Services, has also expressed interest in taking over up to 40 ABC centres.
Macmahon Holdings Ltd(ASX:MAH) said it was not in discussion with Bouygues(EPA:EN) or any other party in relation to a takeover, merger or equity stake in Macmahon as reported by media. However Macmahon is exploring project opportunities with Bouygues and other partners.
Important Corporate News
Qantas(ASX:QAN) will cut its fuel surcharge on domestic airfares by as much as A$5 following a fall in world oil and jet fuel prices. Fares per sector on Qantas and QantasLink jet service will fall to A$21, from A$26, from Friday.
Babcock & Brown(ASX:BNB) last night mounted a last-ditch bid to convince its banking syndicate to approve a short-term A$100 million funding lifeline. It is understood some Australian retail banks are willing to extend fresh funding to B&B but other lenders are unwilling to increase their exposure.
Centro Retail Group(ASX:CER) says the listed property trust is continuing discussions with its bankers to get longer term refinancing extensions for debt facilities. Centro Retail Trust will push ahead with plans to distance itself from its ailing parent, Centro Properties Group(ASX:CNP), by appointing at least two new directors to create an independent board.
Timbercorp(ASX:TIM) will fast-track asset sales, quit the managed investment sector and scrap its full-year dividend in a bid to cut debt levels and keep its bankers at bay. The group booked a 32 per cent fall in net profit to A$44.6 million for the year to September 30, on the back of lower MIS sales.
Prime Media Group(ASX:PRT) has apologised to shareholders for the company's "disastrous" investment in the collapsed digital company Destra(ASX:DES), which has wiped out about nine months' worth of earnings. The investment has incurred total pretax losses of about A$34 million for Prime, which posted a pretax profit of A$47 million in 2007-08.
Village Roadshow(ASX:VRL) says that what it sells has made it resilient in tough times and it expects annual earnings for the current financial year in line with the previous year. Village posted a normalised continuing pre-tax profit of A$62.2 million in 2007-08.
1. Related Stocks - Mid Market (AEST 1230)
---------------------------------------------------- Code % Change Volume Turnover Low High ---------------------------------------------------- ASX:QAN -1.7 5,180,248 $13,987,322 226 238 ASX:AWB +10.65 1,193,053 $4,075,409 334 354 ASX:ABB +20.03 360,784 $2,769,088 689 810 ASX:TIM -20.45 2,230,908 $411,333 17 22 ASX:CER +2.35 1,428,102 $125,982 8.5 9.4 ASX:MAH +1.83 536,670 $294,804 52.5 56.5 ASX:VRL +11.5 50,263 $53,336 105 111.5 ASX:PRT 3,750 $5,437 145 1452. Top 10 ASX on Turnover - Mid Market (AEST 1230)
---------------------------------------------------- Code % Change Volume Turnover Low High ---------------------------------------------------- ASX:BHP +5.06 24,508,111 $693,704,184 2986 3071 ASX:RIO +7.77 4,361,114 $246,069,664 4437 4682 ASX:QBE +4.35 9,096,673 $214,376,255 2320 2372 ASX:WBC +2.2 10,924,232 $197,670,049 1652 1730 ASX:CBA +1.67 5,620,335 $195,606,416 3235 3354 ASX:NAB +1.1 9,256,067 $180,027,185 1857 1923 ASX:ANZ +1.42 7,221,283 $107,172,366 1363 1424 ASX:TLS +.24 26,286,179 $105,435,254 397 412 ASX:MQG +.4 2,246,118 $86,456,967 2892 3033 ASX:WPL +6.11 2,241,657 $85,339,498 3362 3639
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