The market is down 11. The SFE Futures were down 49 this morning.

Wall Street closed down 109 overnight. The market was in positive territory before Federal Reserve Chairman Ben Bernanke’s testimony to the Senate Banking Committee after which the Dow fell 184 in an hour. He called the economic outlook “unusually uncertain”. The oil price put on 82c to $78.40, Gold was up slight — 10c to $1191.80 and the Aussie dollar fell slightly to 87.66c from 88.29c.

In other news…

  • Santos’ (STO) 2nd Q production numbers were down 11% on last year but in line with expectations after downgraded guidance earlier in the year. They reiterated FY production guidance of 49m-52m BOE and plan to ramp up production in the 2nd half of the year. STO down 15c to 1360c.
  • Newcrest Mining (NCM) – Production Numbers saw FY gold production of 1,762 ounces and copper production of 86,574 tonnes — both within guidance. NCM down 11c to 3320c.
  • Telstra (TLS) announced after the close of market yesterday they have plans to cut around 300 senior managers and 270 middle management roles (10% of management roles). They want to simplify the business and the management ranks. Hasn’t done much for the share price — last unchanged at 322c.
  • Linc Energy (LNC) was up 18% yesterday and up another 2% today to 158c after announcing they are in talks with several parties about selling $1bn worth of non-core QLD coal tenements. India’s Adani Enterprises is said to be the main player after they raised $850m yesterday.
  • Arrow Energy spin-off Dart Energy (DTE) began trading on the ASX today. It is currently 75c with 20m shares traded. It was placed with institutions at 69c and was ‘heavily oversubscribed’.
  • Woolworths down another 1.1% today to 2590c after losing 2% yesterday on disappointing and lower than expected 4th Q sales numbers. Most brokers have the stock as a Hold, including Patersons. Some target price downgrades in the research today.
  • PanAust (PNA) — Production Numbers see 2nd Q copper output at 16,102 tons. They are on track to achieve 2010 production and operating cost guidance. PNA unchanged at 53c.
  • UGL Ltd (UGL) announces a new contract with Esso Australia valued at around $500m. They have $9bn worth of Work-In-Hand. UGL down 3c to 1389c.
  • Australian Business confidence fell in the 2nd Q to a reading of +3, from +17 in the 1st Q of this year.
  • Stock hitting fresh yearly lows today include: Boral (BLD) and Duluxgroup (DLX). Stocks hitting fresh yearly highs include Ansell (ANN) and Sandfire Resources (SFR)

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