The market is up 46. The SFE Futures were up 5 this morning.

The US and UK Equity markets closed last night. European markets were down — DAX (Germany) down 0.04%, CAC40 (France) down 0.21%. Greek PM Papandreou indicated that he would press ahead with new austerity measures, despite failing to win backing for such moves from the main opposition parties. Gold was up 75c to $1537.15 and the Aussie dollar fell to 106.88c from 107.06c.

Quiet day on the news front…

  • Bradken (BKN) — Trading Halt — BKN is in the process of conducting an underwritten institutional placement of ordinary shares to raise up to $162m in the range of 805c and 865c. Last 865c.
  • Lynas Corp (LYC) announced they have met the conditions of a new US$225m loan facility and $US25m share issue from a special finance company established by Sojitz Corp and the Japan Oil, Gas and Metals National Corp. They have also changed their American depositary share ratio and announced UN nuclear experts will investigate their plant in Thailand. LYC up 2c to 228c.
  • Aquila Resources (AQA) says a study estimates that it will cost around $1.25bn to develop their Eagle Downs coking coal project into a mine producing an average 4.5m over the next 48 years. AQA up 1.6% to 849c.
  • Charter Hall Group (CHC) said they have shortlisted bidders for the US assets and that the sale of those assets would cut FY operating earnings by 3%. There won’t be any adverse impact on net tangible assets. CHC down 5c to 230c.
  • Westpac Bank (WBC) has received final approval to open a branch in Beijing. It will be WBC’s second branch in China. WBC up 1.14% to 2212c.
  • Whitehaven Coal (WHC) has reached a deal with Idemitsu Kosan to extend a coal JV in regional NSW. WHC up 3c to 593c.
  • CuDeco (CDU) announced they will buyback up to 10% of their shares on issue. CDU up 1% to 325c.
  • Transfield Services (TSE) has won a 5 year contract to provide maintenance services to Alcoa. TSE down 3c to 354c.
  • Australian residential building approvals fell 1.3% to 13,377 units in April, down from 13,546 units in March.
  • The current account deficit came in at a seasonally adjusted $10.447bn for the March Q, Economists had expected a deficit of $10bn. This follows a revised deficit of $8.02bn in Dec Q.
  • Metcash expected to have final results today.

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