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Sydney, June 15, 2009 (ABN Newswire) - US shares rose Friday led by Bank of America, which rallied on higher profit estimates. Wall Street has advanced for four consecutive weeks. The Dow Jones Industrial Average has erased its 2009 loss amid an expectation of an imminent end to the recession.
The Australian market was slightly up on Friday fuelled by resources stocks. The benchmark S&P/ASX200 index closed up 15 points, or 0.37 per cent, to 4062.2, while the broader All Ordinaries index gained 14.8 points, or 0.37 per cent, to 4061.5. The local market has received negative lead from weaker commodities prices. Investors may look towards profit guidance while there could be limited company news scheduled this week.
Key Economic Facts and Figures
House prices could rise by as much as 22 per cent during the next three years, BIS Shrapnel's Residential Property Prospects says. BIS Shrapnel forecasts there will be 180,000 first-home buyers in 2009 and expects investors to return in greater number on rising confidence in an economic recovery in 2010.
The Australian Bureau of Statistics (ABS) will release lending finance data for April on Monday.
M&A News
Commonwealth Bank (ASX:CBA) is reportedly considering buy a sizeable part of Lloyds Banking Group's fund management arm Insight Investment Management. A CBA spokesman said yesterday that the lender did not comment on market rumours or strategic matters.
Important Corporate News
The Commonwealth Bank (ASX:CBA) has raised its standard variable mortgage rates by 10 basis points, lifting the bank's home loan rate to 5.74 per cent. Other banks said they are reviewing their rates.
Shares in Asciano Group (ASX:AIO) have been placed in trading halt today pending an announcement by the group. The transport infrastructure company is to raise a minimum of A$2 billion through the issue of new stapled securities. The proceeds of the underwritten equity raising will be applied primarily to the reduction of debt, Asciano said. The company planned to raise capital by selling securities at A$1.10 each.
Goodman Group (ASX:GMG) is set to make public the details of its expected refinancing package with Macquarie Bank and two overseas players this week. There were suggestions that Macquarie would take up a stake through 414 million convertible options and the Chinese Investment Corp and Canadian Pension Fund would grab a cornerstone interest in the group.
Banking and insurance group Suncorp-Metway (ASX:SUN) is expected to cut up to 500 jobs in a restructure being considered due to mounting bad debts in the commercial property sector. Analysts say the Suncorp's bad debt charge this year could be up to ten times greater than last year's result of A$71 million as the economic downturn has hit property developers in Queensland and New South Wales.
Atlas Iron Limited (ASX:AGO) will raise up to A$116.7 million to help fund the expansion of its Pilbara operations. Atlas said the money would be raised through a A$105 million placement to international and domestic clients of Hartleys Limited and an A$11.7 million Share Purchase Plan to existing shareholders.
The Australian market was slightly up on Friday fuelled by resources stocks. The benchmark S&P/ASX200 index closed up 15 points, or 0.37 per cent, to 4062.2, while the broader All Ordinaries index gained 14.8 points, or 0.37 per cent, to 4061.5. The local market has received negative lead from weaker commodities prices. Investors may look towards profit guidance while there could be limited company news scheduled this week.
Key Economic Facts and Figures
House prices could rise by as much as 22 per cent during the next three years, BIS Shrapnel's Residential Property Prospects says. BIS Shrapnel forecasts there will be 180,000 first-home buyers in 2009 and expects investors to return in greater number on rising confidence in an economic recovery in 2010.
The Australian Bureau of Statistics (ABS) will release lending finance data for April on Monday.
M&A News
Commonwealth Bank (ASX:CBA) is reportedly considering buy a sizeable part of Lloyds Banking Group's fund management arm Insight Investment Management. A CBA spokesman said yesterday that the lender did not comment on market rumours or strategic matters.
Important Corporate News
The Commonwealth Bank (ASX:CBA) has raised its standard variable mortgage rates by 10 basis points, lifting the bank's home loan rate to 5.74 per cent. Other banks said they are reviewing their rates.
Shares in Asciano Group (ASX:AIO) have been placed in trading halt today pending an announcement by the group. The transport infrastructure company is to raise a minimum of A$2 billion through the issue of new stapled securities. The proceeds of the underwritten equity raising will be applied primarily to the reduction of debt, Asciano said. The company planned to raise capital by selling securities at A$1.10 each.
Goodman Group (ASX:GMG) is set to make public the details of its expected refinancing package with Macquarie Bank and two overseas players this week. There were suggestions that Macquarie would take up a stake through 414 million convertible options and the Chinese Investment Corp and Canadian Pension Fund would grab a cornerstone interest in the group.
Banking and insurance group Suncorp-Metway (ASX:SUN) is expected to cut up to 500 jobs in a restructure being considered due to mounting bad debts in the commercial property sector. Analysts say the Suncorp's bad debt charge this year could be up to ten times greater than last year's result of A$71 million as the economic downturn has hit property developers in Queensland and New South Wales.
Atlas Iron Limited (ASX:AGO) will raise up to A$116.7 million to help fund the expansion of its Pilbara operations. Atlas said the money would be raised through a A$105 million placement to international and domestic clients of Hartleys Limited and an A$11.7 million Share Purchase Plan to existing shareholders.
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>>>         Asciano Group>>> Atlas Iron Limited>>> Commonwealth Bank of Australia>>> Goodman Group>>> Suncorp-Metway Limited |
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Commercial Banking | Insurance | Financial General | Transportation General | Retail & Merchant Banking | Mining | Australian Economy | |
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