The market is up 79. The SFE Futures were up 68 this morning.

The Dow Jones closed up 183 overnight. The index was up 193 at best down 81 at worst. It was the ninth straight day that the Dow has swung more than 100 points, the longest streak since November 2008. It was the fifth day the S&P 500 had moves of more than 1.7% — it is up 0.4% over those five days. The ECB said it was ready to buy bonds to provide longer-term cheap money for European lenders in need of funding. The Bank of England said as part of their quantitative easing policy they would pump another £75 billion into the British economy. Metals were up on the LME, the oil price put on $2.91 to $82.59 and the Gold price increased $10.20 to $1651.80. The Aussie dollar increased to 97.35c from 96.56c.

Today’s main stories…

  • Sims Metal (SGM) has announced an on market buyback of up to 10% of its shares to “take advantage of current market volatility”. They will buy back a maximum of 10% of its issued shares, or 20.6m shares, over a 12 month period beginning Oct 24. SGM up 5.6% to 1298c.
  • Mount Gibson (MGX) is the latest company being talked up as a possible takeover target with the AFR suggesting its low share price could mean a takeover bid coming its way from majority shareholder Shougang Concord International. MGX up 7% to 149c.
  • One broker says if the Aussie dollar keeps rising Billabong International (BBG) could be in breach of its debt covenants and be forced into a dilutive capital raising. BBG up 25 to 357c.
  • Energy World (EWC) has signed a memorandum of understanding to develop the east Java provincial import terminal. EWC up 6.5%.
  • Adamus Resources (ADU) has announced positive results from resources definition drilling at the Nfutu prospect where the mineral resources remain open along strike. ADU down 3c to 67.5c.
  • Centro Properties (CER) announces a restructuring vote will be put to shareholders on November 22. CER down 1c to 27.5c.
  • The AIG -HIA performance of construction index fell 2.1 index points to 30 points in September. A reading below 50 indicates a contraction. It was the 16th consecutive monthly fall and construction activity is at its lowest level since February 2009.  All four construction industry sub-sectors experienced falls in activity.
  • A Macquarie Group led consortium that includes Singapore’s GIC and Canada’s Public Sector Pension Investments fund may face which made a $1.6 billion non-binding offer for Charter Hall Office’s (CQO) Australian assets may face competition. “There has been another party that has expressed interest in what I’d describe as a low-key way,” Charter Hall’s CEO said. CQO down 1¢ to 336¢

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