The market is down 58. The SFE Futures were down 57 this morning.

The Dow Jones closed down 179 overnight. Dow up 126 at best and down 194 at worst. The S&P 500 fell 2.1% after being up as 0.8% earlier and rallying 4.1% over the previous 3 days. The Index is down 12.8% this quarter and is on track for its worst quarter since 4th Q 2008 during which it fell 22.6%. A vote to expand Europe’s bailout fund is scheduled for tonight and EU and IMF auditors will return to Athens tonight to determine whether Greece has done enough to receive more financial aid. There were a couple of positives overnight. The Finnish government approved the EFSF, they had put up some tough resistance, and durable goods were better than expected. The oil price fell $3.24 to $81.21, Gold fell another $34.40 to $1618.10 and the Aussie dollar fell 97.63c from 99.05c.

Today’s main stories…

  • Credit ratings agency Moody’s has downgraded the National Australia Bank’s (NAB) UK operations, Clydesdale Bank, on talk they would exit the UK. They downgraded the UK bank unit to A2 from A1 and kept it on review for a further possible downgrade, saying it looks less likely the NAB will support the bank in future. NAB down 54c to 2241c.
  • Paladin Energy (PDN) has completed their $68.2m placement of shares with institutional and accredited investors. The placement was priced at 120c a share, representing an 8.4% discount to their last closing price. PDN down 10% to 117c.
  • AWE Ltd (AWE) has provided an update on their Perth basin share and tight has activities. The core analysis for the recently drilled Arrowsmith-2 well has been completed. AWE up 0.5c to 99c.
  • CSG Ltd (CSV) has announced it is considering a $340m takeover offer from an unnamed bidder. It is a non-binding, indicative and confidential offer to buy all CSV shares for 120c a share, with no adjustment for the final dividend of 3c to be paid on October 4. The board tells shareholders that they are yet to form a view and to take “No Action”. CSV up 38% to 100c.
  • Leighton Holdings (LEI) says they were the preferred bidder for the $400m water pipeline contract. LEI down 36c to 1866c.
  • Linc Energy (LNC) has said that the South Australian government is supportive of their oil shale exploration and development program, viewing it as a significant strategic project for the state. LNC down 0.5c to 191c.
  • Qantas (QAN) are in the news. The ACCC said it has authorized a business agreement between QAN and American Airlines. They also announced that further delays are expected after Customs workers walked off the job for a second time this week. QAN down 4c to 141c.
  • Resolute Mining (RSG) has announced a share buyback and will buy up to 10% of their shares back from shareholders. RSG down 0.5c to 142.5c

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