The market is up 24. The SFE Futures were up 28 this morning.

Wall Street closed up 44 overnight. The S&P 500 closed at its highest level since May 17 on the back of encouraging economic numbers and better than expected earnings results. There is talk that Chinese regulators have requested stress tests for Chinese banks to assess the impact of a 60% fall in house prices (they were up 68% in the last year). News Corp released a better than expected 4Q profit result and Morgan Stanley’s US strategist said stocks will be substantially higher by the end of 2011. The oil price fell 5c to $82.50, Gold put on $8.40 to $1194.50 and the Aussie dollar was up to 91.67c from 91.32c.

In other news…

  • Gloucester Coal (GCL) launched a $455m capital raising yesterday — at 925c a share — to fund their 27% purchase of Macarthur Coal’s Middlemount mine. The issue price is at a 26% discount to the price now. GCL up 10% to 1250c.
  • Whitehaven Coal (WHC) up 5.6% yesterday and up 6.63% to 611c today after announcing they are in discussions with unnamed third parties. The AFR may be on the money this morning with the report that WHC could be bid for in the near future. The stock has already doubled in the past year.
  • AXA Asia Pacific (AXA) has requested a trading halt relating to the National Australia Bank takeover proposal. AXA last traded at 521c.
  • Downer EDI (DOW) is continuing its recent turnaround — up 3.16% today to 490c — after announcing a 6 year $3bn contract with Fortescue Metals (FMG) in the Pilbara. DOW is up 33% in the past month. Recovering from a profit warning in June.
  • Stockland Group (SGP) CEO Matthew Quinn has made the point that their $266m bid for Aevum is not final. SGP down 2c to 387c. AVE unchanged at 162c.
  • Intoll Group (ITO) has extended talks with potential bidder Canada Pension Plan Investment Board for another week as they attempt to agree on a takeover price in order for the ITO board to unanimously recommend the offer to shareholders. ITO down 1c to 147c.
  • Paladin Energy (PDN) has made a non-binding, non-exclusive agreement with China Guangdong Nuclear Power to explore uranium sales deals and its “possible participation in PDN’s growth strategies”. PDN up 18c to 401c.
  • Prime Infrastructure (PIH) has provided an update on the underlying operating performance for the year – FY EBITDA came in at $629m, in line with forecasts. PIH up 1c to 350c.
  • Stock hitting fresh yearly highs today include: Andean Resources, Campbell Brothers, Equinox Minerals, Sandfire Resources. New Lows: AJ Lucas and Kathmandu (profit warning yesterday).

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