The market is up 58. The SFE Futures were up 16 this morning.

Wall Street closed up 146 overnight. The Dow was up 191 at best. It was the 6th rise on the trot. Alcoa’s result was above expectations, a good start to the results season. Alcoa up just 1.2% having been up 4.2% at best. More importantly Intel’s 7.23% rise after the close of market overnight on strong results should be a positive catalyst for tonight’s session. Oil price closed up $2.20 to $77.15 and Gold also put on $14.80 to $1213.50. The Aussie dollar up to 88.36c from 87.67c yesterday.

Main news…

  • Indophil Resources (IRN) down 45% to 60c – the stock has been in a trading halt since June – the $545m bid by Zijin Mining Group has failed after excessive delays. IRN says they have received “strong expressions of interest” from other Chinese companies.
  • Linc Energy (LNC) up 20% to 126c on reports out of India that they are finally close to selling a coal tenement in QLD to Adani Enterprises for US$1bn. They have been trying to sell their QLD assets for nearly 2 years.
  • Nufarm (NUF) –2 day trading halt — they are set to release a Trading Update. They have named Donald McGauchie as their new chairman to succeed Kerry Hoggard. Last traded at 524c.
  • Final bids for Healthscope (HSP) are due on Friday. Just about all the bidders are private equity groups. HSP has also held talks with Allied Medical Group, the Geoffrey Edelsten-backed company, looking to take major stake and then move to full ownership. Allied has 17 clinics in Melbourne and Brisbane and employs over 250 general practitioners. HSP up 6c to 543c.
  • Street Talk says Downer EDI (DOW) bankers have been talking to industry players about a possible break up of the company. DOW up 3.5% to 409c. The recently had a profit warning.
  • Rio Tinto (RIO) has arranged US$200m in funding to expand their iron ore operations in WA. RIO up 71c to 6726c.
  • Canadian company Ivanhoe is now the next major takeover play according to analysts after it gave RIO notice that it was terminating their Strategic Purchase Covenant. The SPC restricted the company from issuing more than 5% of its common shares to a strategic investor. Suggestions that RIO may now be able to bid.
  • Skilled vacancies were up 0.3% in July. Although numbers fell in 2 of the 3 occupational groups. Professionals fell 1.1%, associate professional were down 1.4% and trades were up 1%.
  • Stock hitting fresh yearly highs today include: Iluka Resources (ILU) and ASG Group (ASZ)

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