The market is up 56. The SFE Futures were up 24 this morning.

The Dow Jones closed up 80 overnight. Dow up 92 at best and down 36 at worst. The FOMC minutes leant themselves to US economic recovery and helped commodity prices rebound. After talk this week by EU officials of extending Greece’s debt repayment schedule, the yield on Greece‘s 10-year bond rose 0.17% to 15.8%. Metals were all up, the oil price put on $3.19 to $100.10 and Gold jumped $15.80 to $1495.80. The Aussie dollar was up to 106.31c compared to 106.23c.

Today’s main stories…

  • Brambles (BXB) up 20c to 720c after saying they will “continue to target the midpoint” of their previous operating profit guidance of $US740m-$US780m. They are also forecasting an extra $US35m-$US40m contribution from IFCO systems.
  • Transfield Services (TSE) said they have agreed to sell their North American facilities maintenance business USM to Emcor Group for US$255m. They also reiterated a mid-single-digit percentage growth in underlying NPAT for FY2011. TSE up 5c to 373c.
  • Bradken (BKN) has acquired Wear Protect Systems and two of its related companies for an upfront payment of $13.3m and an earn-out over 2 years. BKN up 3% to 809c.
  • Customers (CUS) down 27% to 91.5c after providing an update on their current trading performance. They said FY net profit before tax will be in the range of $16-$18m, compared with $24.8m in FY10.
  • Leighton Holdings (LEI) has won two contracts worth $547m for the South Island Line rail project in Hong Kong. LEI up 11c to 2351c.
  • QBE Insurance (QBE) will raise $493m through a placement of subordinated debt notes with overseas institutional investors. QBE up 13c to 1808c.
  • MAp Group (MAP) has forecast a flat annual distribution payment of 21 cents per share in the year to Dec. 31. MAP up 1c to 296c.
  • Moody’s has downgraded the credit ratings of the big four Australian banks. They cut the long-term, senior unsecured debt ratings of the four banks to Aa2. This was the first wholesale downgrade of the banking sector in more than a decade by a ratings agency. Citi make the point that the downgrade could work in the banks favour by confirming to politicians and the public that its increase in funding costs is real leading to more accommodating policy in the sector.
  • Abitya Birla Minerals (ABY) has gone 9c ex dividend fully franked. ABY down 4c to 182c.
  • James Hardie (JHX) down 9c to 574c on FY results.

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