The market is up 25. The SFE Futures were up 26 this morning.

Wall Street closed up 100 overnight. It was the third straight 100-plus point gain for the Dow. New Homes sales jumped over 23% for the month and earnings numbers came out better-than-expected. European markets also performed strongly on the back of the positive results from the stress tests. Gold fell $4.70 to $1183.10, the Oil price was unchanged at $78.98 and the Aussie dollar is now over 90c – 90.19c compared to 89.45c yesterday morning.

In other news…

  • Insurance Australia Group (IAG) down 3.7% to 337c after announcing they too expect a fall in FY10 net profit to $91m, down from $181m last year, a day after rival QBE announced what was basically a profit downgrade. QBE Insurance (QBE) continues to struggle – down another 1.5% to 1672c today after falling over 6% yesterday.
  • Newcrest Mining (NCM) has signed a non-binding deal to acquire at least a 7.1% stake in Sumatra Copper and Gold Plc, a UK based company. If fully exercised, NCM’s interest in Sumatra would increase to 13.5%. NCM down 50c to 3285c.
  • Australand (ALZ) announced a half year net profit of $72.22m, up 127% from the 1st H. Revenue came in at $281.5m, down 10% on the previous half. ALZ up 2c to 260c.
  • Centennial Coal (CEY) — currently under takeover — said their share of FY production in their mines in NSW increased 7% from last year. Their bidder, Banpu withdrew their application to the FIRB. Their intention of resubmit it to avoid having to go through a 90 day extension period. CEY up 3c to 602c.
  • Oil Search (OSH) — Production Numbers — announced a 23% rise in 2nd Q revenue thanks to a higher oil price. Revenue increased to $US142.7m from $US116.5m last year. Maintains FY production guidance of 7.2m-7.4m barrels of oil equivalent. OSH up 6c to 590c.
  • Street Talk says Leighton Holdings’ (LEI) relationship with majority shareholder Hotchief has deteriorated to the point where funding for expansion could be restrained. There is also talk that CEO Wal King may be replaced sooner than expected. LEI up 36c to 3012c.
  • Beach Petroleum (BPT) announced a 23% rise in 4th Q revenue on higher sales and oil prices. Revenue came in at $125.8m, 4th production fell 7% to 1.63m boe. BPT unchanged at 69.5c.
  • Richard Branson says there are no plans to sell any part of Virgin Blue Holdings (VBA). VBA last traded at 31c.
  • Stock hitting fresh yearly highs today include: Centennial Coal, Lynas Corporation, Reckon. Stocks hitting fresh yearly lows include QBE Insurance and Slater and Gordon.

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