The market is up 9. The SFE Futures were down 8 this morning.

The Dow Jones closed up 7 overnight. The Dow was up 80 at best and down 36 at worst and is now up 7.5% in September. The FOMC left interest rates between 0-0.25%. Some analysts were expecting additional measures to support the economy. Housing starts and building permits came in better than expected and Deutsche Bank fell 4.5% in Germany after saying they expect to record a loss in the 3rd Q. Oil fell $1.22 to $87.97 and the Aussie dollar has continued its good run — now above 95c.

Today’s main points…

  • David Jones (DJS) — FY Profit Result In Line with Guidance — Announced a 9.1% rise in FY profit to $170.8m from $156.5m, in line with company guidance of 8-10% growth and the $171m analysts expected on average. Patersons maintain their HOLD recommendation. DJS down 7c to 513c.
  • Leighton Holdings (LEI) has been awarded a $180m highway contract in Hong Kong. LEI up 4c to 3327c.
  • Lend Lease (LLC) has been appointed to implement $US600m of the US Army Lodging Program. LLC up 6c to 736c.
  • IMF Australia (IMF) will undertake a class action against ANZ Bank on behalf of 27,000 ANZ customers. It relates to more than $50m in exception fees charged by the banks to those customers over the last 6 years. IMF up 1.5c to 136c and ANZ up 11c to 2391c.
  • Gindalbie Metals (GBG) has awarded a $120m contract to Downer EDI (DOW) to construct the key power transmission line for their $1.975bn Karara Iron Ore Project. GBG down 1.5c to 90c and DOW up 2c to 482c.
  • We are being told the US recession officially ended in June 2009. It was the longest recession since World War II, having started in December 2007, and took 4.1% off US economic output. The US has since put together four straight quarters of GDP growth.
  • The RBA Minutes released yesterday suggested interest rates could be raised soon. The futures market suggests there is a 40% chance the RBA will raise rates by 25bps to 4.75% next month.
  • Notable stocks going ex dividend today include: Aevum (3c), Mastermyne Group (1.2c) and Tox Free Systems (2c).
  • Stocks hitting fresh yearly highs today: Campbell Brothers, Domino Pizza Enterprises, Healthscope and Sandfire Resources.

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