The market is up 25. The SFE Futures were down 7 this morning.

The Dow Jones closed down 15 overnight. Negotiations continue over raising the US debt ceiling and there is hope that a French and German plan will allow a Greek solution at the EU summit tonight. The gold price fell for a second day, down $4.20 to $1596.90. The oil price was up 64c to $98.14. The Australian dollar is now buying 107.59 US cents, up from 107.28c.

In the news today…

  • Newcrest (NCM) raised its 4th Q gold production by 16% and annual production was in line with company guidance. But production costs were higher due to higher site costs and lower copper product credits per ounce. Copper production was “slightly higher” than in the prior quarter. NCM also upgraded its resource estimate at its Wafi-Golpu deposit in PNG, saying it now stands at over one billion tonnes of ore. NCM up 21c to 4102c.
  • Gindalbie Metals (GBG) has completed the institutional component of its new share sale raising $35m at 67c per share. Gindalbie is planning to raise a total $209m in the equity raising to fund its share of a $600m cost over run on the development of the $2.57bn Karara iron ore project. The share price has halved since the extra costs were announced in January. GBG up 7.5% to 79c.
  • Santos (STO) have had quarterly production numbers – energy production was up 8% in the 2nd quarter of CY2011, although it is down 5% in the year to date. Sales were up 11% and sales revenue up 20%in the quarter.  STO up 9c to 1344c.
  • Resolute Mining (RSG) full year gold production fell 6%. RSG had earlier forecast production to be up 24% in the year. RSG down 4%.
  • There are calls for ASIC to investigate trading in steelmakers’ stocks in the week before the carbon-tax plan was announced. There were large jumps in steelmaker share prices, including OneSteel and BlueScope Steel, prior to news that the Carbon Tax plan would include $300m in concessions to the industry.
  • The high Australian dollar, the European debt crisis and cautious consumers has affected business confidence in the June quarter. The NAB quarterly business survey found business confidence slid 5 points to +6 in the quarter. Retailers were hardest hit, while mining remained the strongest sector.
  • PanAust (PNA) reports quarterly production numbers today and Australian Agricultural Co. (AAC) reports their interim results. PNA up 2.2%, AAC down 0.7%.

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