The market is down 8 on the day. BHP and RIO have knocked 20 points off on their own. That compares to a 7 point fall on Wall St and the ASX 200 Futures down 8.

Dow closed down 7 overnight. Dow up 58 at best down 43 at worst. The Dow is down 302 points in three days. Oil up for the first time in eight days but not by a lot. Gold up small as well. BHP down 96c to 3470c, RIO down 437c to 5331c.

Macarthur Coal (MCC) is the latest to announce a capital raising — in a trading halt this morning. Last traded at 662c. MMC has an interesting ownership structure — CITIC owns 23.4% shares, ArcelorMittal has a 19.9% stake and Posco 10%. A capital raising will automatically reduce these shareholding unless they participate.

Making the news today…

  • Australian Infrastructure Fund (AIX) also announced this morning it is raising capital involving retail and institutional investors. 1-for-2 entitlement offer. Looking to raise $211m at 110c a share. Estimate their 2H distribution guidance to be 5c, FY10 guidance of 10c.
  • Santos’ (STO) Gladstone Liquefied Natural Gas project has struck a deal to sell 2m metric tons of LNG a year to Malaysia’s Petroliam Nasional, with an option for an additional 1m tons a year.
    Caltex     (CTX) has provided an update — says market fundamentals are supportive in the medium to long term. Expects low GDP growth in the next couple of years and expects increased pressure on margins ands sales in the 2H.
  • Macquarie CountryWide Trust (MCW) together with its JV partners Regency Centers Corp. (REG) and privately held Desco Group has completed refinancing and extending two U.S. debt facilities totaling US$165.7m.
  • Elders (ELD) has reached an in-principle agreement with its lenders for an extension of debt facilities maturing June 30.
  • Transfield Services Infrastructure Fund (TSI) plans to review its capital structure so it can continue to grow. Remains on track to meet guidance of $112m-$120m EBITDA and expects to pay a final distribution of 7c.
  • AGL Energy (AGK) buys 2 wind farm developments from Transfield Services (TSE).
  • Macquarie Infrastructure Group (MIG) announces a 10c distribution, in line with guidance.
  • Macquarie DDR Trust (MDT) has agreed to sell four non-core assets in New York to Benderson Development for US$91m to repay debt.
  • In its newsletter to shareholders, Macquarie Countrywide (MLE) says the listed property trusts market remains challenging and that it will undertake selective asset sales.

Other news…

  • Australian Business confidence bounced in the 2Q to 47.6 from 35.3 in the 1Q.
  • The industrial trends index – the one that measures actual business conditions — also increased to 38.3 compared to 34.4, but we’re still at levels not seen since 1990.
  • RBS Equities has labeled Telstra (TLS) a trading buy with a possible trading close price of 355c-362.
  • Deutsche Bank says a takeover of Woodside Petroleum (WPL) by BHP Billiton would make strategic sense.
  • BHP Billiton (BHP) has appointed former Newmont Mining chairman Wayne Murdy to its board.
  • GSJB Were predict with tax-loss selling coming up, we could see some buying opportunities in stocks that come under selling pressure.

The Dow Futures suggest a 23 point rise on Wall Street tonight.

MARCUS PADLEY is the Author of the MARCUS TODAY Daily Stockmarket Newsletter.

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