The market is up 52. Our futures were up 13 this morning with the Dow Jones up 20 on below average volume. The Dow was up 41 at best and down 90 at worst.

US existing home sales were down 0.6% to 4.92 million in March, missing the forecast of 5.02 million and the previous reading of 4.95 million. Year-on-year sales were up 10.3%, and the median price for a home resale was up 11.8% to $184,000 — the biggest increase since 2005.

Best sectors — energy, technology. Worst sectors — financials, industrials.

European markets mixed — UK FTSE down 0.09%, German DAX up 0.24%, France flat, Spain up 1.42%, Italy up 1.66%. There were signs of progress in Italy’s political stalemate. 

Metals mixed — copper down 0.78%, nickel up 0.85%, zinc down 0.34%, aluminium up 0.30%.

BHP up 0.37% and RIO down 0.29% in ADR form in the US with BHP closing at the equivalent of 3135c down 37c on last night’s close here.

  • China — HSBC Flash Index 50.5 (Consensus: 51.5). Manufacturing stays weak in China.
  • Woodside Petroleum (WPL) — Has announced that it will pay a US63c special dividend. The company says it is in the fortunate position of having promising growth prospects and strong cash flows. The dividend will be paid on May 29 to all shareholders registered on the record date of May 6. A sign that the company is changing focus by returning value to shareholders through dividends — you might expect BHP and RIO to follow suit. WPL is up 8% to  3740c.
  • Newcrest Mining (NCM) — March quarter report  has cut 150 jobs and is reviewing the future of some mines due to the recent fall in the gold price. Newcrest revealed the jobs had been cut mostly from its Melbourne and Brisbane offices and the workers involved had already left the business. Despite the fall, the company reiterated FY13 gold output guidance of 2-2.15m oz but says they will look to reduce costs across the business. NCM is down 2.53% to 1658c.
  • The Reject Shop (TRS) — Has announced a $40 million capital raising to enable the business to support the accelerated store opening program for 2013-14. The equity raising will include a $30 million sophisticated and institutional offer at 1620c per share (3.1% discount) and a $10 million retail offer at 1620c per share. TRS is in trading halt.
  • Virgin Australia (VAH) — The ACCC has given the green light for Virgin to buy 60% of Tiger Airways. The ACCC said it would not oppose the acquisition and said a key consideration in making the decision was that without the acquisition Tiger was unlikely to remain in the Australian market. VAH is up 3.45% to 45c.
  • Tanami Gold (TAM) — Down 41.67% after giving a corporate update.
  • Mirabela Nickel (MBN) — Reported its March quarter activities report. Production came in below expectations. Guidance was at the lower end. MBN is down 16.22% to 15.5c