The market is up 7. The SFE Futures were up 8 this morning.

Another positive session on Wall Street overnight — up 45 — finished in positive territory for the 8th straight session. Dow up 51 at best and down 5 at worst. Positive economic data led the markets but concerns about Greece’s debt issues remain. Metals mixed, oil price continued its impressive run – up another $1.07 to $83 – and Gold put on $3.30 to $1127.50.

In the news today…

  • Arrow Energy (AOE) — Trading Halt — they will provide an update on the PetroChina-Shell takeover offer. AOE shares will remain suspended until Tuesday next week or when an announcement is made. AOE last traded at 529c. Other coal seam gas stocks have received a boost today as a result. Eastern Star Gas (ESG) up 9% to 92c, Bow Energy (BOW) up 6.25% to 144.5c.
  • AGL Energy (AGK) has sold a gas pipeline in QLD to APA Group (APA) for $82.6m.  The two companies also signed a 17 year gas transportation agreement in relation to the pipeline, where AGL will be provided with “competitively priced” transport services by APA. AGK up 11c to 1508c and APA up 3c to 348c.
  • Western Areas (WSA) up 8c to 4862c after announcing total probable reserves at their Spotted Quoll deposit in WA are now 90,100 metric tons of nickel. The Tim King pit is now estimated to contain 70,200 tons of nickel.
  • Telstra (TLS) says they are in ongoing discussions with the federal government regarding the planned broadband network but are far from reaching a resolution. TLS up 1c to 319c.
  • Fortescue Metals (FMG) says the size of the resource at their Solomon iron ore deposit has risen to 2.7bn metric tons from 2.4bn tons. It is now at a level that would support their planned mine development. FMG down 2c to 488c.
  • Amcor (AMC) is facing a damages claim for alleged price fixing that could reach around $697m from a class action. AMC up 6c to 614c.
  • Mirvac Group (MGR) has priced $150m of 2015 bonds in an issue that was more than twice oversubscribed. They also maintain their FY guidance of 9.2c. MGR up 1.5c to 149c.
  • Bank of America and Merrill Lynch has upped their Australian GDP outlook. They expect 2010-11 GDP growth of 3.8% and 3.7% respectively, up from 3.4%.
  • MAp Group (MAP) says traffic growth at their Sydney airport increased 12.3%. International passenger numbers increased 11.8%. MAP up 1c to 309c.
  • Companies hitting fresh 52 week highs today include: Flight Centre (FLT), Monadelphous Group (MND), OneSteel (OST) and ResMed (RMD).

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