The market is up 102. The SFE Futures were up 141 this morning.

The Dow Jones closed up 490 overnight closing right on its high. It had its best day since March 2009 on coordinated action by 6 central banks to lower the cost of emergency dollar funding. The central banks of the EU, the US, Britain, Japan, Canada and Switzerland agreed to lower the cost of temporary dollar loans to banks by half a percentage point. The People’s Bank of China also said they will reduce their banks’ reserve requirement ratio by 0.5 of a percentage point, effectively increasing the amount of money banks can lend. The gold price put on another 2% for its biggest three day rally in a month — up $30.40 overnight to $1749.30. Metals were mostly up on the LME and the oil price put on 46c to $100.25c. The Aussie dollar roofed it overnight — up to 102.78c from 100.03c.

Main points:

  • Origin Energy (ORG) has allocated $800m of subordinated notes. The initial offer size had been $500m but Origin upped the allocation after strong support by institutions and brokers. They will use the proceeds to fund their Australia Pacific LNG project and other purposes. ORG up 2.4% to 1450c.
  • Nufarm (NUF) expects to announce a profit of $22.7m, in line with profit reported last year. Underlying profit after tax jumped 68% to $98.3m, while EBIT increased 42% to $192m. NUF down 1c to 474c.
  • Boart Longyear (BLY) has reiterated their financial guidance but say strong demand could see an even better performance. They expect revenue up 29% to $US1.9bn. BLY up 7% to 320c.
  • Spotless Group (SPT) has received an increased takeover bid from Pacific Equity Partners of $2.68 per share, up from the previous offer of $2.63 per share. SPT had said the earlier offer was too low, but they will now talk with PEP. SPT up 5% to 240c.
  • Computershare (CPU) says they have officially completed their acquisition of Specialized Loan Services. CPU up 20c to 820c.
  • Extract Resources (EXT) announced they have been issued a mining license for their Husab Uranium Project. The license is valid for 25 years. EXT up 8c to 810c.
  • Oil Search (OSH) up 1% to 635c despite announcing costs at their PNG LNG Project have jumped by $US700m to $US15.7bn. They have enough liquidity to cover 30% of the cost blowout that will be funded with equity and the company’s other drilling commitments.
  • Virgin Australia (VBA) has received the green light from the ACCC about their tie up with Singapore Airlines. The ACCC said at present, the two airlines compete on only a limited number of routes. VBA up 1c to 35c.
  • Australian Building Approval and Retail Sales numbers have both come in below expectations this morning but feed the chances of an interest rate cut from the RBA on Tuesday.

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