A good day for our market – up 68 – The SFE Futures were up 41 this morning.

  • Wall Street closed up 118 overnight. The Dow was up 123 at best and down 2 at worst led by a commodities and resources rally. Metals were mostly up in London although Nickel was down 2.74%. Oil rebounded 3.2% to $74.86 despite Obama’s budget plans to build oil reserves and Gold put on $15 to $1098. The Aussie dollar closed at 89.18c up a cent from 88.02c yesterday.
  • RBA Meeting. Interest rate decision at 2.30pm. The futures market indicates a 71% chance that the RBA will raise rates by 25bps to 3.75%.
  • Westfield Group (WDC) up 4.6% to 1292c after announcing they will pay a 47c distribution for the half year – in line with expectations and previous guidance. It brings the FY distribution to 94c, giving it a current yield of over 7%…but consensus numbers for 2011 predict WDC will cut their distribution to 69c from 94c. They will announce their results on February 17.
  • One major broker upgraded their commodity price forecasts this morning along with a lot of resource stock target prices and earnings numbers. They have particular increased iron ore and coal forecasts  after lifting their global growth estimates. Their research is called “Bulks are Back”.
  • Amcor (AMC) is another stock doing well — up 3.2% to 605c — after completing its Alcan Packaging acquisition. They say that earnings from the packaging business increased in the 2nd half of 2009 due to improved economic conditions and the benefits from restructuring.
  • Arrow Energy (AOE) up 4.2% to 370c — they responded to an ASX share price query by announcing 1H EBITDA of $US10m-12m and that they are progressing well with financing plans for Fisherman’s Landing LNG Project. Funding options include debt, export credit and an equity raising.
  • FlexiGroup (FXL) received a positive tax ruling relating to its IPO in 2006 which will add around $15m to its FY10 NPAT and cash position. They will put the funds towards retiring debt.
  • Western Areas (WSA) says its Flying Fox mine in WA produced 874 metric tons of nickel in January, around 20% more than its target. WSA up nearly 10% to 424c.
  • Karoon Gas Australia (KAR) in a Trading Halt – it is set to update the market on the progress testing of a key appraisal well that is being drilled in the Browse Basin.
  • Equinox Minerals (EQN) has secured loan commitments from four leading commercial banks. Good for sentiment. EQN up 3.64% to 370c.
  • Stocks hitting fresh yearly highs include: Macquarie Atlas Roads (MQA), United Minerals (UMC) and Navitas Ltd (NVT). Stocks hitting fresh yearly lows include Apex Minerals (AXM) and Geodynamics (GDY).
  • The Dow Futures were up 14 at midday

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