The market is up 36. The SFE Futures were up 25 this morning.

The Dow Jones closed up 41 on Friday. The Dow was up 78 at best and down 7 at worst. Despite having a great month, both the Dow and the S&P 500 finished the week off lower. Positive economic data kept the market away from negative territory. The oil price put on $1.61 to $81.58 and Gold put on another $8.20 to $1317.90. The Aussie dollar continued its impressive run — now at 97.32c from 96.64c on Friday.

Quiet day on the news front…

  • It is a Labor Day public holiday today in NSW, ACT and South Australia.
  • Economists are split regarding tomorrow’s RBA Interest Rate decision. It is either a 25bps rise or they will leave rates unchanged.
  • Street Talk points out that a merger between Stockland Group (SGP) and GPT Group (GPT) might still be on the cards. SGP up 3c to 383c and GPT up 3c to 293c.
  • Agrium has received FIRB approval for their takeover of AWB. They will pay 150c a share. AWB up 0.5c to 148.5c.
  • MAp Group says their foreign ownership level has dropped to 38.2% from 39.1%. MAP up 1c to 288c.
  • Rio Tinto (RIO) announces they will invest another $US140m in an Icelandic smelter, on top of the $US347m it initially said it would invest. RIO up 1% to 7787c.
  • Sphere Minerals (SPH) shareholders are rubbing their hands together with news that Sin-Tang Developments, a small Singapore based company, is set to challenge Xstrata’s $428m takeover offer for them. SPH up 5c to 262c.
  • Galaxy Resources (GXY) will raise $30m via a convertible note facility. GXY down 12c to 132c.
  • Australian Infrastructure Fund (AIX) has announced strong monthly passenger growth numbers for August. AIX down 1.5c to 188.5c.
  • According to The Australian, Australia’s Environment Minister Tony Burke will delay a decision on $20bn worth of CSG projects in QLD to Oct 22.
  • Notable stocks going ex-dividend tomorrow: David Jones (18c), Premier Investment (10c) and Greencross (2.5c).
  • Stocks hitting fresh yearly highs today: Saracan Minerals (SAR). Extract Resources (EXT), Programmed Maintenance (PRG) and Rivercity Motorway (RCY) have all hit 52 week lows.

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