The market is down 55. The SFE Futures were down 54 this morning

Wall St. fell 104 overnight. The Dow was down 4 at best and down 140 at worst. Mixed results for metals and Gold continued its recent decline falling another $20.60 to $1143.40. Oil fell $1.16 to $72.77 and the Aussie dollar also continued its recent fall – now at 90.43c compared to 91.24c yesterday morning.

Making the news…

  • The Sydney Morning Herald reports this morning that institutional investors have put a demerger proposal to the TABCORP Holdings (TAH) board. TAH down 8c to 690c.
  • The Australian says Lend Lease (LLC) is about to launch a $400m private equity fund which will aim to buy shopping centres and office buildings priced between $80m and $100m from distressed owners and companies. LLC down 2c to 922c.
  • BHP Billiton (BHP) has sold its Ravensthorpe nickel mine to Canada’s First Quantum Minerals for $US340m. BHP down 73c to 4032c.
  • Santos (STO) says a decision on the Gladstone liquefied natural gas project in QLD is expected mid next year. STO down 31c to 1437c.
  • Linc Energy (LNC) signs an exclusive fuel cell power generation deal with AFC energy. LNC up 1.5c to 155c.
  • Transfield Services (TSE) and WorleyParsons (WOR) have signed a seven year joint venture contract to deliver integrated services to a project of Shell Philippines Exploration. The contract is worth $76m and includes a 3 year extension option. WOR down 69c to 2743c and TSE unchanged at 391c.
  • Mantra Resources (MRU) in a trading halt. It last traded at 444c. It will raise $64m (Canadian) by placing 13m shares at $4 each, an 11% discount to its last trading price.
  • Alesco Corp (ALS) has released its unaudited half year result and outlook. It expects 1H EBITA to fall by 29% on last year to $30m. Predicts FY EPS to be between 34c-36c and 1H revenue to fall by around 15%. ALS down 8.9% to 448c.
  • Goodman Group (GMG) says it JV Goodman Interlink will start construction this month on Interlink, a HK warehouse. GMG up 0.5c to 56c.
  • The balance of goods and services figure has come in at a deficit of $2.379bn in October from a revised wider deficit of $1.845bn in September. Economists predicted a deficit of $1.88bn.
  • Housing-finance approvals in Australia fell a seasonably adjusted 1.4% in October. Economists were expecting a fall of 2%.
  • K&S Corporation (KSC) has hit a fresh yearly high today. Stocks hitting a fresh yearly low include CMA Corp (CMV), Eldorado Gold (EAU), Prime Infrastructure Group (PIH) and Reverse Corp (REF).

The Dow Futures were up 7 at midday.

MARCUS PADLEY is the author of the MARCUS TODAY Daily Stockmarket Newsletter.

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