Sydney, Dec 11, 2008 (ABN Newswire) - US stocks ended higher overnight with fluctuation in the trading session as the Democrats and Republicans in US Congress still could not reach an agreement over the US automakers bailout plan.
Yesterday Australia's share market closed higher after surge in the mining sector. The benchmark S&P/ASX200 index yesterday ended 36.4 points or 1% higher at 3640.7, while the broader All Ordinaries was up 39.6 points, or 1.1%, at 3,573.3. The stronger commodity prices for gold and oil overnight may further buoy the stocks market which has been oversold.
In recent trading on the Sydney Futures Exchange, the December Share Price Index futures contract was up 24 points at 3,645.
The Australian dollar opened weaker as the first monthly fall of Chinese exports in seven years, together with declining imports, lowered demand for the commodities-driven currency. At 0700 AEDT, the Australian dollar was trading at $US0.6544/49, down from Wednesday's close of $US0.6589/94.
Oil prices jumped amid volatile trading Wednesday as a US government report showed crude inventories were much slimmer than expected. Light, sweet crude for January delivery rose more than eight per cent, or $US3.50, to $US45.57 a barrel on the New York Mercantile Exchange.
Key Economic Facts and Figures
The Westpac-Melbourne Institute has reported a 7.5 percent rise in consumer sentiment this month as interest rate cuts, lower petrol prices and some gains on the sharemarket outweighed global gloom. Since hitting a low just a few months ago, the Westpac-Melbourne Institute consumer sentiment index has risen 16.4per cent.
According to the Australian Bureau of Statistics home loans rose by 1.3 percent in October compared to falling in the previous eight months. The result is attributed to the aggressive rate cuts of late.
Today the Australian Bureau of Statistics releases labour force data for November. The Melbourne Institute releases its consumer inflation expectations for December.
M&A News
Australia's competition watchdog ACCC has approved Commonwealth Bank of Australia's (ASX:CBA) A$2.1 billion acquisition of BankWest and HBOS fund manager St Andrew's Australia. But ACCC also warned the big four banks that future mergers and acquisitions will be analysed with a fine tooth comb.
MYOB(ASX:MYO) says it intends to accept an "improved" takeover offer from private equity consortium Manhattan, after it raised its offer by about A$14 million. The new offer from Manhattan, a joint venture between private equity firm Archer Capital and U.S. investment firm HarbourVest, values MYOB at A$451 million.
OZ Minerals Ltd(ASX:OZL) says it may sell prized mining assets after a lender indicated it could not refinance one of its debt facilities.
Futuris Corp(ASX:FCL) confirmed it has sold its 18.4 percent stake in junior telecom Amcom for 50 percent of book value through an institutional placement. It raised speculation that it may offload its 43 percent stake in Australian Agricultural Company (AAco) for less than its A$126 million carrying value.
Important Corporate News
Rio Tinto(ASX:RIO) plans to cut its A$38.9 billion debt pile by a further A$10 billion by the end of 2009, as it increases assets sales, cuts jobs and reduces spending, but says it will hold its dividend steady. These include reducing its global worker headcount by 14,000, for annual operating cost savings of A$1.2 billion.
It was speculated that BlueScope Steel(ASX:BSL) is to cut jobs as demand for steel weakens amid the global slowdown. BlueScope also confirmed market speculation that it will raise A$300 million from an institutional placement.
Leading Australian clean automotive technology company Automotive Technology Group Limited (ASX: ATJ) said the company has signed an agreement with leading United Arab Emirates (UAE) motor vehicle distribution group, Al-Futtaim Motors Company LLC, to evaluate ATG's Sprintex Supercharger product.
Kasbah Resources Limited(ASX:KAS) said it has achieved a significant increase in the company's JORC compliant Inferred Resource at its Achmmach Tin Project in Morocco.
Commonwealth Bank(ASX:CBA) said it would raise A$750million from a placement with Merrill Lynch, enabling it to boost its tier one capital by 30 basis points to 7.8 per cent by redeeming its PERLS II securities.
Industrea Limited's(ASX:IDL) has secured another contract in China, winning a US$5.3 million contract with coal miner Shenhua Ningmei Group Material Company, which is part of China Shenhua Energy Company(SHA:601088), an existing Industrea client.
1. Related Stocks - Mid Market (AEST 1230)
2. Top 10 ASX on Turnover - Mid Market (AEST 1230)
Yesterday Australia's share market closed higher after surge in the mining sector. The benchmark S&P/ASX200 index yesterday ended 36.4 points or 1% higher at 3640.7, while the broader All Ordinaries was up 39.6 points, or 1.1%, at 3,573.3. The stronger commodity prices for gold and oil overnight may further buoy the stocks market which has been oversold.
In recent trading on the Sydney Futures Exchange, the December Share Price Index futures contract was up 24 points at 3,645.
The Australian dollar opened weaker as the first monthly fall of Chinese exports in seven years, together with declining imports, lowered demand for the commodities-driven currency. At 0700 AEDT, the Australian dollar was trading at $US0.6544/49, down from Wednesday's close of $US0.6589/94.
Oil prices jumped amid volatile trading Wednesday as a US government report showed crude inventories were much slimmer than expected. Light, sweet crude for January delivery rose more than eight per cent, or $US3.50, to $US45.57 a barrel on the New York Mercantile Exchange.
Key Economic Facts and Figures
The Westpac-Melbourne Institute has reported a 7.5 percent rise in consumer sentiment this month as interest rate cuts, lower petrol prices and some gains on the sharemarket outweighed global gloom. Since hitting a low just a few months ago, the Westpac-Melbourne Institute consumer sentiment index has risen 16.4per cent.
According to the Australian Bureau of Statistics home loans rose by 1.3 percent in October compared to falling in the previous eight months. The result is attributed to the aggressive rate cuts of late.
Today the Australian Bureau of Statistics releases labour force data for November. The Melbourne Institute releases its consumer inflation expectations for December.
M&A News
Australia's competition watchdog ACCC has approved Commonwealth Bank of Australia's (ASX:CBA) A$2.1 billion acquisition of BankWest and HBOS fund manager St Andrew's Australia. But ACCC also warned the big four banks that future mergers and acquisitions will be analysed with a fine tooth comb.
MYOB(ASX:MYO) says it intends to accept an "improved" takeover offer from private equity consortium Manhattan, after it raised its offer by about A$14 million. The new offer from Manhattan, a joint venture between private equity firm Archer Capital and U.S. investment firm HarbourVest, values MYOB at A$451 million.
OZ Minerals Ltd(ASX:OZL) says it may sell prized mining assets after a lender indicated it could not refinance one of its debt facilities.
Futuris Corp(ASX:FCL) confirmed it has sold its 18.4 percent stake in junior telecom Amcom for 50 percent of book value through an institutional placement. It raised speculation that it may offload its 43 percent stake in Australian Agricultural Company (AAco) for less than its A$126 million carrying value.
Important Corporate News
Rio Tinto(ASX:RIO) plans to cut its A$38.9 billion debt pile by a further A$10 billion by the end of 2009, as it increases assets sales, cuts jobs and reduces spending, but says it will hold its dividend steady. These include reducing its global worker headcount by 14,000, for annual operating cost savings of A$1.2 billion.
It was speculated that BlueScope Steel(ASX:BSL) is to cut jobs as demand for steel weakens amid the global slowdown. BlueScope also confirmed market speculation that it will raise A$300 million from an institutional placement.
Leading Australian clean automotive technology company Automotive Technology Group Limited (ASX: ATJ) said the company has signed an agreement with leading United Arab Emirates (UAE) motor vehicle distribution group, Al-Futtaim Motors Company LLC, to evaluate ATG's Sprintex Supercharger product.
Kasbah Resources Limited(ASX:KAS) said it has achieved a significant increase in the company's JORC compliant Inferred Resource at its Achmmach Tin Project in Morocco.
Commonwealth Bank(ASX:CBA) said it would raise A$750million from a placement with Merrill Lynch, enabling it to boost its tier one capital by 30 basis points to 7.8 per cent by redeeming its PERLS II securities.
Industrea Limited's(ASX:IDL) has secured another contract in China, winning a US$5.3 million contract with coal miner Shenhua Ningmei Group Material Company, which is part of China Shenhua Energy Company(SHA:601088), an existing Industrea client.
1. Related Stocks - Mid Market (AEST 1230)
------------------------------------------------- Code % Change Volume Turnover Low High ------------------------------------------------- ASX:RIO +6.22 6,407,142 $261,277,913 3918 4169 ASX:CBA -1.5 4,981,627 $143,141,925 2790 2900 ASX:BSL -24.31 16,979,072 $53,183,942 301 330 ASX:IDL +3.22 1,353,446 $211,484 15.5 16 ASX:FCL 260,305 $206,635 78 81.5 ASX:MYO -1.42 82,518 $85,905 104 104.5
2. Top 10 ASX on Turnover - Mid Market (AEST 1230)
------------------------------------------------- Code % Change Volume Turnover Low High ------------------------------------------------- ASX:BHP -2.6 11,507,825 $354,081,006 2939 3166 ASX:RIO +6.39 6,409,342 $261,365,430 3918 4169 ASX:CBA -1.47 4,982,950 $143,179,066 2790 2900 ASX:WBC +.54 7,734,889 $131,417,613 1618 1650 ASX:TLS -2.81 20,065,235 $84,094,167 414 426 ASX:ANZ +.42 4,059,324 $58,189,406 1404 1440 ASX:CSL -5.44 1,741,314 $53,934,601 3010 3299 ASX:BSL -24.31 16,979,072 $53,183,942 301 330 ASX:QBE -4.34 1,977,002 $46,700,388 2313 2476 ASX:WOW -4.32 1,747,760 $45,443,187 2550 2656
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