The market is down 44. The SFE Futures were down 41 this morning.

The Dow Jones closed down 115 on Friday. It was up 7 at one stage and down 125 at worst. The Dow ended the week down 0.6% and has now fallen for seven of the past eight weeks. Fear of Greece not passing the proposed austerity package and Italy’s banks being undercapitalised caused markets to fall over. Gold had its worst week for two months, down $19.60 on Friday after a $32.90 fall on Thursday. Metals were mixed and the oil price put on 14c to $91.16. The Aussie dollar fell to 104.89c from 105.41c.

In the news today…

  • Murchison Metals (MMX) is in talks with several parties interested in participating in developing its Oakajee iron ore port and rail joint venture project. Major port use Sinosteel placed its iron ore mine project on hold last week leading to doubts that the project would be viable. MMX last traded at 76.5c.
  • Atlas Iron (AGO) and FerrAus (FRS) have agreed to consolidate their iron ore assets in South East Pilbara. This will be followed immediately by a recommended takeover offer for FerrAus by Atlas. FRS Directors view the deal to be superior to the earlier unsolicited takeover offer by Wah Nam International Holdings. AGO down 4% to 326c whilst FRS is up 23.4% to 79c.
  • BHP Billiton (BHP) provided an update on two big projects late Friday. All seems to be going well with their Jansen Potash project in Canada, but they have experienced cost blowouts and delays with their Worsley alumina refinery in WA. BHP down 27c to 4207c.
  • DKN Financial Group (DKN) has recommended IOOF Holdings’ (IFL) revised takeover bid of 80 cents per share. The offer is up from their initial offer of 75c. DKN Financial last traded at 73 cents and the offer is at a 56.9% premium to the closing price prior to IOOF’s the initial offer. DKN shareholders will also receive a 2.5c dividend. DKN up 7.5% to 78.5c.
  • Abacus Property Group (ABP) and multi-national real estate group Heitman have formed a new JV to invest in core-plus office, retail and industrial properties in major Australian cities. ABP down 4c to 220c.
  • Pharmaxis (PXS) announced a European regulator has refused marketing approval for their treatment for cystic fibrosis. PXS down 4% to 89c.

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§          Foster’s Group Bid – According to The Australian, SABMiller’s bidding team has left Australia and returned to London with both parties considering the ball to being in the other’s court. FGL holding up well today in a falling market – unchanged at 521c.