The market is up 49. The SFE Futures were up 45 this morning.

The Dow Jones closed up 152 overnight. European Union officials drafted a solution to the debt crisis giving Greece a second bailout of €160bn cutting interest rates charged to challenged euro zone countries to just 3.5% and extending the repayment period to 15 years. A group of bipartisan US senators also proposed a $US3.7tr deficit-reduction plan which Obama embraced. The gold price lost $9.90 to $1587. The oil price was up 73c to $99.13 and was back above $100 a barrel during the day. The Australian dollar was up at 108.35c from 107.59c.

In the news today…

  • The ACCC has blocked Foxtel’s proposed takeover of Austar United Communications (AUN). They say the deal would substantially lessen competition in Australia’s pay television market, as it would “effectively create a near monopoly subscription television provider across Australia”. AUN down 19% to 105c.
  • CP2 has made a takeover bid for ConnectEast (CEU) which has been recommended by the group’s independent directors. CP2, who already own 35% of CEU, have offered 55c per share for the remainder.  CEU up 21% to 55c.
  • Commonwealth Bank (CBA) announced that CEO Ralph Norris has unexpectedly retired. CBA have appointed Ian Narev, the groups’ head of business and private banking to replace him.  CBA up 79c to 5053c.
  • National Australia Bank (NAB) CEO Cameron Clyne said Australian banks considering expansion plans into Asia should be aware that competition from global banks is threatening to saturate Asia’s banking sector. The strong Aussie dollar has boosted interest from Australian banks, but Clyne says to base such a decision on currency movements is speculation and it shouldn’t be considered in expansion plans. NAB up 2.6% to 2525c.
  • Harvey Norman (HVN) Q2 sales numbers are due on Monday. They are exposed to discretionary spending and if the David Jones’ profit warning was anything to go by they are vulnerable to some sort of guidance downgrade. However, they don’t have to do much to impress…just not having a profit warning would be positive. HVN down 0.95%.
  • Santos (STO) released their production numbers yesterday. Brokers have generally had positive recommendations on the stock this morning. STO up 8c to 1339c.
  • Campbell Brothers (CPB) has completed its acquisition of UK-based minerals testing and inspection services company, Stewart Group. CPB up 36c to 4529c.

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