The market is down 69. The SFE Futures suggested just a 15 point rise in the market this morning.

The Dow Jones was up 68.1 overnight – the NASDAQ closed up 0.3% and S&P500 finished 0.5% higher.

Resources mostly down today. Metals all down overnight. Oil price up $2.36 or 3.1%. Gold up $3.30. Newcrest down 20c to 2589c.

The market started off well this morning but has steadily collapsed to be down 69. Lots of press this morning about the prospect of and interest rate rise.

  • Apple is up 8% in after hours trade in the US on the back of its late results.
  • Santos (STO) released their 2Q production numbers. They are a touch ahead of expectations. Up 10c or 0.7% to 1388.
  • Zinifex (ZFX) have their EGM today to vote on the sale of their smelter business. ZFX down 3% or 77c to 1977c.
  • Lihir (LGL) up 2c to 315c after announcing their 2Q production numbers.
  • Elders Rural Bank, a joint venture between Bendigo Bank (BEN) and Futuris Corporation (FCL), announced a FY07 NPAT of $37m. BEN up 15c to 1650c and FCL up 2c to 250c.
  • Biota Holdings (BTA) have had a profits warning. BTA has been a solid performer, their shares are up 40% in the past 12 months but are down 4.1% today to 172.5c.
  • Another Australian hedge fund in trouble over the subprime mortgage market – Absolute Capital (ABN AMRO involved) yesterday froze redemptions on two funds worth about $200m.
  • CSR have finished their on market share buy-back having bought $114m worth of stock. CSR up 1c to 360c.
  • Novogen (NRT) down 4.5% today as their founder Graham Kelly gets investigated by the ATO and ASIC for tax evasion and money laundering.
  • ERA have had half year results. ERA has bounced from being down 50c to being up 54c at 1980c. They have lifted production guidance.
  • St Barbara Mines (SBM) down 9% this morning after Resources Capital tried to sell its 184m shares and only sold 105m.
  • The Reserve Bank of NZ has raised rates 0.25% to 8.25%. But they made the comment that no further rate rises would be necessary. On the back of that the NZ$ fell.

We have an article in the Marcus Today newsletter today looking at what the expert long-term Australian portfolio investors at AFIC are up to. They had final results yesterday. You can see what they have been buying and what they think of the market.

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