The market is down 21. The SFE Futures were down 11 this morning.

The Dow Jones closed up 45 overnight. Dow up 73 at best and down 27 at worst. Better than expected economic data overnight provided the catalyst. The big news overnight was the listing of LinkedIn, which closed its first day of trading up 109% to $94.25. It now has a market cap of $8.9bn (PE of 577x). Metals were mostly down on the LME, the oil price fell $1.66 to $98.44 and Gold dropped $3.40 to $1492.40. The Aussie dollar improved slightly to 106.71c from 106.31c.

Today’s main stories…

  • Hastie Group (HST) up 6.2% after announcing a market update and plans for a capital restructure. They said private equity funds managed by a unit of Lazard are considering becoming a cornerstone investor. The recapitalization would be done through an equity raising.
  • ANZ Bank (ANZ) has signed another agreement with Export-Import Bank as they increase their presence in the Asian region. ANZ down 20c to 2276c.
  • Primary Health Care (PRY) is considering a proposal for the potential sale of Health Communications Network, but that the terms of the proposal are incomplete. PRY down 2c to 349c.
  • Macquarie Radio Network (MRN) said they want to look at Fairfax Media’s (FXJ) radio assets ahead of a potential bid. MRN last traded at 115c and FXJ is down 1c to 110c.
  • Market trading data shows a big parcel of Seven West Media (SWM) shares worth $81.4m has changed hands, accounting for around 3% of the shares on issue. 17.7m shares were traded at 460c each. SWM up 2.9% to 455c.
  • DUET Group (DUE) has confirmed 2nd half distribution guidance at 10c in their European Investor Presentation. DUE up 2.5c to 173c.
  • The AFR has an article suggesting that rather than be bid for West African gold miner Perseus Mining (PRU) might bid for one or other of West African Gold miners Noble Mineral Resources (NMG) or Adamus Resources (ADU) both of which have operations in Ghana.
  • PanAust (PNA) held their AGM today. They are on track to commission a second mine in Laos in Dec, with first production expected in the March Q. PNA down 0.9% to 78c.
  • Transfield Services’ (TSE) well services and well construction business, Easternwell, has signed a contract with Fortescue Metals Group (FMG) to provide drilling services and equipment to its mining operations in WA. FMG down 6c to 642c. TSE is down 1c to 372c.

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