The market is down 71. The SFE Futures were down 79 this morning. Wall Street closed down 261 on Friday. Closed at 10,098. S&P 500 down 1.2% after a 7.1% rally in the last 8 days. Resources were the worst sector in Europe on the back of last week’s weaker than expected GDP and industrial production numbers out of China. Financials was the worst performing sector in the US with Bank of America down 9.16% and Citigroup down 6.25% on results. The Oil price closed down 62c to $76 and Gold fell $18.20 to $1190.10. The Aussie dollar fell to 86.60c from 88.18c Friday morning. Main news today…

  • The board of Healthscope (HSP) is unanimously recommending a $2.7bn (or 626c a share) offer from private equity firms Carlyle Group and TPG Capital. HSP up 10% to 594c.
  • Riversdale Mining (RIV) down 5.2% to 967c after successfully completing their $102m institutional share placement at 940c. They separately raised another $174m from the institutional component of a renounceable entitlement offer.
  • Cougar Energy (CXY) has released results of tests showing water at 5 out of 8 bores tested is drinking quality. The government on Thursday ordered Cougar to close its Kingaroy UCG plant until it was assured that groundwater resources were protected. Shares are still in a trading halt – last traded at 7.5c. Further tests for cancer causing chemicals are being undertaken.
  • Photon Group (PGA) is expected to release a prospectus this week for its third capital raising in two years. The initially suggested offer price of 25c may be dropped to as low as 10c and the size of the raising cut to $100m from $200m. PGA last traded at 102c.
  • AXA Asia Pacific (AXA) has agreed to give the National Australia Bank (NAB) an additional six weeks to satisfy the ACCC’s concerns over its $13.3b bid for AXA before it allows rival bids. NAB down 1.47% to 2413c and AXA down 7c to 518c.
  • The Kahu-1 exploration well, 42.5% owned by AWE has failed to find any hydrocarbons and plug and abandonment operations have now commenced. AWE down 4.15% to 161.5c.
  • Sandfire Resources (SFR) has lifted their copper resource at their DeGrussa project in WA. Despite the announcement, SFR down 7c today to 433c.
  • Sundance Resources (SDL) down 7.6% or 1c to 12c — it has come out of a one month long trading halt after its entire board perished in a plane crash in Africa.
  • Ausenco (AAX) has won a Canadian $814m Prosperity gold copper project contract providing engineering design and procurement services for Taseko Mines. AAX unchanged at 209c.
  • Stock hitting fresh yearly lows today include: Aristocrat Leisure (ALL), Cabcharge Australia (CAB), Nufarm (NUF)

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