The market is down 5. The SFE Futures were up 21 this morning.

The Dow Jones closed up 115 overnight. Dow up 133 at best and down 2 at worst. The S&P 500 and the Dow reached the highest level since June 2008 on positive earnings announcements. The Nasdaq hit its highest level since late 2007. Better than expected earnings results and improved consumer confidence provided the catalyst. The Aussie dollar roofed it during the 5 day long weekend. Now trading over 108USc. Gold fell $5.60 to $1503.50 and oil dropped 7c to $112.21. Metals were mostly down — Zinc was the biggest loser falling over 4%.

Today’s main stories…

  • The board of Equinox Minerals (EQN) has accepted an improved takeover offer from Barrick Gold valuing the company at over $8 a share. EQN has agreed to withdraw their offer for Lundin. Minmetals says they will not enter into a bidding war. EQN up 52c or 7% to 786c.
  • The Aussie Dollar moved above 1.0850USc, up from 1.0802USc after Australia’s consumer price index increased 1.6% in the 1st Q of 2011 from the 4th Q of 2010 and rose 3.3% from a year earlier.
  • Gindalbie Metals (GBG) has signed an agreement with China Development Bank to expand the debt facility for their Karara iron ore project in WA. GBG up 1.4% to 107.5c.
  • Sundance Resources (SDL) is out of their trading halt after announcing a $60m capital raising at 40.5c with institutions. SDL down 1c to 42.5c.
  • Worley Parsons (WOR) has won a $250m contract with Fortescue Metals (FMG) to provide engineering services to expand port facilities in WA. WOR up 33c to 3193c.
  • Caltex Australia (CTX) up 5% first thing to 1461c after Citi upgraded the stock to a Buy from Hold.
  • Lynas Corp (LYC) have converted one of their letters of intent into a new contract with a major rare earths consumer based on market prices. Also, LYC have postponed their EGM until mid-June to consider a development deal with Forge Resources (FRG). LYC down 9% to 223c. FRG down 6.7%.
  • Sims Metals Group (SGM) up 5.4% to 1759c after announcing a positive earnings update. They expect net profit over the 9 months to be $123m, up 73% on last year. Sales revenues are expected to increase to $6.2bn, up 23%.
  • China Yunnan Copper Australia (CYU), an affiliate of China’s Chinalco, will enter an joint venture with Rio Tinto (RIO) covering copper exploration in Chile. CYU up 10.5%, RIO down 5c.
  • NRW Holdings (NWH) in a trading halt. Last traded at 290c.
  • According to the US press, News Corp (NWS) is expecting bids for MySpace to come in this week. NWS up 7c to 1736c.

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