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Sydney, July 15, 2009 (ABN Newswire) - Overnight Wall Street closed slightly higher boosted by better-than-expected earnings from Goldman Sachs and Johnson & Johnson. Intel delivered an upbeat outlook while Dell expected a tough technology market and high components prices will lower its profit margins.
Australian stocks surged massively yesterday following a rally on Wall Street. The benchmark S&P/ASX200 jumped 129.6 points, or 3.5 per cent, at 3867.1, while the broader All Ordinaries rose 120.8 points, or 3.2 per cent, to 3858.8 points. The gains in overseas markets are likely to continue bolstering the Australian shares as the US earnings reports released in the first week restored some market confidence.
Key Economic Facts and Figures
The National Australia Bank's June business survey and economic outlook showed that companies were optimistic about the future for the first time since late 2007. Business conditions index jumped sharply, up from -14 to -2 while confidence rose six points from -2 to +4 in June. The survey suggests that the better trading and profits has seen business significantly slow the rate of labour shedding.
The Westpac-Melbourne Institute Wednesday releases indices of economic activity for May. The Australian Bureau of Statistics releases building activity data for the March quarter.
M&A News
It is reported that four overseas trading houses are eyeing CSR Limited's (ASX:CSR) billion-dollar sugar business in a trade sale, although the CSR board still favours a a stock market float to maximise investor returns. Potential bidders include British Sugar, Brazilian sugar producer Cosan, commodity trading giant Cargill and South Korean food and industrial conglomerate CJ Corporation.
Consolidated Media Holdings (ASX:CMJ) director James Packer has increased his stake in the company by 1.04 per cent to 40.77 per cent, after Seven Network (ASX:SEV) boss Kerry Stokes raised his interest in ConsMedia to 18.32 per cent, from under five per cent.
Important Corporate News
Asciano Group (ASX:AIO) chief executive Mark Rowsthorn has sold 40 million Asciano stapled securities for A$1.25 each, taking his stake in the company from about 11 per cent to 4 per cent. Asciano announced a $2 billion capital raising to reduce debt and Mr Rowsthorn has taken up his full entitlement of 76.2 million stapled securities, which were offered at $1.10 each.
Shares of Perilya Limited (ASX:PEM) has been placed in trading halt at the request of the company, pending the release of an announcement by the company on a change to a material contract.
IT company Data#3 Limited (ASX:DTL) says it expects annual net profit growth of about eight per cent despite difficult conditions in the second half of the financial year. Earnings before interest and tax (EBIT) for the 12 months to June 30 are expected to be around A$13.2 million, up nine per cent on A$12.1 million in 2007/08.
National Australia Bank (ASX:NAB) has entered an agreement with Cuscal to expand its network of automatic teller machines (ATMs) for an undisclosed price. Under the agreement the combined ATM network will have 3100 ATMs.
Rio Tinto Ltd. (ASX:RIO) said it was operating as normal in response to a media report suggesting it was delaying shipment of its iron ore to China. Chinese authorities have detained four Rio Tinto executives and accused them of bribing steelmakers to obtain state secrets.
Australian stocks surged massively yesterday following a rally on Wall Street. The benchmark S&P/ASX200 jumped 129.6 points, or 3.5 per cent, at 3867.1, while the broader All Ordinaries rose 120.8 points, or 3.2 per cent, to 3858.8 points. The gains in overseas markets are likely to continue bolstering the Australian shares as the US earnings reports released in the first week restored some market confidence.
Key Economic Facts and Figures
The National Australia Bank's June business survey and economic outlook showed that companies were optimistic about the future for the first time since late 2007. Business conditions index jumped sharply, up from -14 to -2 while confidence rose six points from -2 to +4 in June. The survey suggests that the better trading and profits has seen business significantly slow the rate of labour shedding.
The Westpac-Melbourne Institute Wednesday releases indices of economic activity for May. The Australian Bureau of Statistics releases building activity data for the March quarter.
M&A News
It is reported that four overseas trading houses are eyeing CSR Limited's (ASX:CSR) billion-dollar sugar business in a trade sale, although the CSR board still favours a a stock market float to maximise investor returns. Potential bidders include British Sugar, Brazilian sugar producer Cosan, commodity trading giant Cargill and South Korean food and industrial conglomerate CJ Corporation.
Consolidated Media Holdings (ASX:CMJ) director James Packer has increased his stake in the company by 1.04 per cent to 40.77 per cent, after Seven Network (ASX:SEV) boss Kerry Stokes raised his interest in ConsMedia to 18.32 per cent, from under five per cent.
Important Corporate News
Asciano Group (ASX:AIO) chief executive Mark Rowsthorn has sold 40 million Asciano stapled securities for A$1.25 each, taking his stake in the company from about 11 per cent to 4 per cent. Asciano announced a $2 billion capital raising to reduce debt and Mr Rowsthorn has taken up his full entitlement of 76.2 million stapled securities, which were offered at $1.10 each.
Shares of Perilya Limited (ASX:PEM) has been placed in trading halt at the request of the company, pending the release of an announcement by the company on a change to a material contract.
IT company Data#3 Limited (ASX:DTL) says it expects annual net profit growth of about eight per cent despite difficult conditions in the second half of the financial year. Earnings before interest and tax (EBIT) for the 12 months to June 30 are expected to be around A$13.2 million, up nine per cent on A$12.1 million in 2007/08.
National Australia Bank (ASX:NAB) has entered an agreement with Cuscal to expand its network of automatic teller machines (ATMs) for an undisclosed price. Under the agreement the combined ATM network will have 3100 ATMs.
Rio Tinto Ltd. (ASX:RIO) said it was operating as normal in response to a media report suggesting it was delaying shipment of its iron ore to China. Chinese authorities have detained four Rio Tinto executives and accused them of bribing steelmakers to obtain state secrets.
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