Posts Tagged ‘finance news’

NSW Power Privatisation – Winners and Losers

Wednesday, December 15th, 2010

The New South Wales government has undertaken a 2-year process to address its energy reform strategy. Part one of its power privatisation, involving the exiting of electricity retailing by the government, was completed late last night, with confirmation the $5.3 billion deal had been awarded to a consortium including Origin Energy and Hong Kong-based TRUenergy. The deal means the consortium will take over the three state-owned electricity retailers and the trading rights to power from two stations.

There are a number of winners and losers as a result of this deal.

The Losers

* AGL shareholders who suffered a slump in their shareholder value, after it was reported that AGL lost the deal.
* AGL corporation, as it loses its dominance in the retail energy supply business. AGL is now only the third-largest company in the retail electricity arena with a 10 percent market share.
* The energy company directors who resigned en masse. Eleven resignations came from the boards of power generators Delta and Eraring, who had concerns about their responsibilities resulting from the deal.
* NSW electricity consumers, who potentially face higher electricity prices, though the NSW government says there will be a more competitive electricity market.
* Origin has been put on negative debt watch by the Standard and Poor’s ratings agency, due the funds it will have to raise to fund the deal.
* NSW taxpayers lose out if the NSW Greens are correct in arguing the government could have raised more money on the deal. The opposition said that the deal bid represents only half of the true value of the assets.

The Winners

* The New South Wales Labor government, in finally realising the deal with the approval from the ACCC.
* Origin, because through the deal it becomes the largest retail energy supplier in the country.
* The Hong-Kong based TRUenergy gets access to the Australian power supply sector.
* TRUenergy and Origin through the deal will emerge with a combined 85 percent of the state’s power market.

Our View

Investors need to get on the shareholder register to be eligible to participate in any capital raising(s) that are likely to result from this deal. Monitor the rhetoric that will no doubt unfold near-term in the lead-up to the next state elections, due in March next year.

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Stock Market Analysis: Positive Week as September Rally Continues

Monday, September 13th, 2010

Stock Market Analysis

Positive Week as September Rally Continues

Overseas markets continued to melt-up Friday, as they continued their September rally with most all market higher for the week (see below).  The ASX is set to trade higher today, on the back of good economic news from the U.S. and China which show those economies are not slowing as quickly as first feared.  The Aussie dollar hit $US 0.93 on the weekend as crude oil prices pushed higher, on supply and demand triggers.

The SPI Futures is just above the key resistance level of 4600 the ASX is set to open higher as the SPI Futures closed  0.3% (or 12 pts) at 4,577 (down -0.2% for week).   The ASX is set to trade higher today.  The key levels for our index today are 4700 and 4500. M&A activity continues to drive specific stocks.   M&A activity is hotting up, particularly in the gold  mining sector, however gold prices have back off record highs and will likely weigh on gold stocks in the short term.  Oil prices are above the key $US75 level.  Options volatilty is subdued at the moment, which gives investors access to “cheap” protection, so investors may consider taking this opportunity to protect their portfolios.

US Markets

US stocks drifter higher on Friday. The September rally continued last week, as investors step into the market after a torrid August.  Economic reports are surprising to the upside, with the latest report on wholesale inventories showing  increases in July, which  was interpretted as a sign of confidence that retail sales will rise.  The “fly in the oinment” may be a resurfacing of concerns over EU debt issues, but at the moment investors are content to look to the bright side,  as there is now some hope in the job market and other parts of the economy such as trade figures.  Two stocks rose for every one that fell on the NYSE but trading volumes remain very low at  3.1 billion shares.  The Dow closed p 0.5% (or 48 pts) at 10,463 (up 0.1% for week), while in the broader market the S&P 500 index up 0.5% (or 5 pts) at 1,110 (up 0.5% for week) and the tech-heavy Nasdaq ended up 0.3% (or 6 pts) at 2,242 (up 0.4% for week).

European Markets

European markets closed flat on Friday, but were up around 1.3 percent  for the week. Investors have been concerned over debt issues and the state of Europe’s banking sector, as EU financiers met at Basel III over the weekend, to decide on measures and regulations that will attempt to avoid another GFC meltdown.  A report that German banking giant Deutsche Bank is considering raising new cash through a stock sale, also tempered gains. Trading volumes were again light.  In London the FTSE 100 index closed up marginally 0.1% (or 7 pts) at 5,502 (up 1.4% for week), the German DAX down marginally -0.1% (or -7 pts) at 6,215 (up 1.3% for week), while in France the CAC was down marginally 0.1% (or 2 pts) at 3,726 (up 1.5% for week).

Asian Markets

Asian markets closed higher for the week. The strong yen which is at 15-year highs, continues to weigh on Japanese exporters, though they did see some relief on Friday. Chinese shares trade higher on Friday, led by a rebound in major banks despite caution ahead of the release of inflation data for August on Saturday,  which  actually showed consumer prices accelerated at the fastest pace in nearly 2-years.  The inflation reading has risen 10 consecutive months, and shows China is not slowing as quickly as first feared.  In China the SSE Composite closed up 0.3% at 2,663 (up 0.3% for week), while in Hong Kong the Hang Seng Index was up 0.4% at 21,257 (up 1.4% for week) and in Japan the Nikkei 225 Index was up 1.6% at 9,239 (up 1.4% for week).

Commodities

The Dollar Index was flat at 82.873 on higher Euro, while the Australian Dollar last traded higher at 92.68.  Commodities were generally higher.

Oil prices rose above $US74 this week, after the forecast for global oil demand for 2010 was raised and following the closure of a key pipeline carrying crude to the U.S.  The benchmark crude NYMEX for September delivery was 3.0% at $76.39 (up 2.8% for week). Copper prices lower, Copper for September delivery was down -1.06% at $3.3950 (down -2.8% for week). Gold prices are around 2-month highs, are around key $US1,250 level, with December gold down -0.35% at $1,249.60 (up 0.2% for week).

Key News International Drivers Today

US –   Wholesale inventories building. Companies continue to report earnings this week.
EU –   Banks may need to raise EUR105 billion of extra capital under planned Basel rules.
CHINA –  Chinese inflation reading has risen 10 consecutive months. Government stands firm on access to credit.
JAPAN –  Japan exporters hurt as yen rose to a fresh 15-year high .
Markets Overview


Positive Week as September Rally Continues

Market

Movement

The Dow Jones Industrial Average

Up 0.5% (or 48 pts)  at 10,463 (up 0.1% for week)

The S&P 500

Up 0.5% (or 5 pts)  at 1,110 (up 0.5% for week)

The Nasdaq

Up 0.3% (or 6 pts)  at 2,242 (up 0.4% for week)

 

 

The FTSE 100

Up  0.1% (or 7 pts)  at 5,502 (up 1.4% for week)

The German DAX

Down  -0.1% (or -7 pts)  at 6,215 (up 1.3% for week)

The Fench CAC

Down  0.1% (or 2 pts)  at 3,726 (up 1.5% for week)

 

 

The Dollar Index

Flat at 82.873

The Australian Dollar

Last traded higher at 92.68

The Commodities Index

Up 0.71% at 275.1

 

 

Crude Oil Futures

Up 3.0% at $76.39 (up 2.8% for week)

Gold Futures

Down -0.35% at $1,249.60 (up 0.2% for week)

Copper Futures

Down -1.06% at $3.3950 (down -2.8% for week)

SPI Futures

Up 0.3% (or 12 pts) at 4,577 (down -0.2% for week)

 

 

 

 

Market

Movement

SSE Composite (China)

Up 0.3%  at 2,663 (up 0.3% for week)

Hang Seng Index (Hong Kong)

Up 0.4%  at 21,257 (up 1.4% for week)

Nikkei 225 Index (Japan)

Up 1.6%  at 9,239 (up 1.4% for week)


SPI: Just Below key Level 4600 – SPI up 0.3% at 4,577 (down -0.2% for week)…

ASX News Today

The SPI Futures is just above the key resistance level of 4600 the ASX is set to open higher as the SPI Futures closed  0.3% (or 12 pts) at 4,577 (down -0.2% for week). The key levels for our index today are 4700 and 4500. M&A activity continues to drive specific stocks. The ASX is set to trade higher today.  M&A activity is hotting up, particularly in the gold  mining sector, however gold prices have back off record highs and will likely weigh on gold stocks in the short term.  Oil prices are above the key $US75 level.  Options volatilty is subdued at the moment, which gives investors access to “cheap” protection, so investors may consider taking this opportunity to protect their portfolios.

AVO- Avoca Resources the Perth-Based explorer will merge with Turkish gold producer Anatolia Minerals Development to create an intermediate global gold producer called Alacer Gold Corporation.

AXA- AXA Asia Pacific Holdings French parent has yet to give up on NAB’s bid for the local wealth manager

CCL- Coca-Cola Amatil CEO Terry Davis says the company had no interest in joining the bidding for Foster’s Group’s wine business.

COK- Cockatoo Coal says it may sell some of its Surat Basin assets in Queensland to Japan’s Mitsui & Co Ltd.

FXJ- Fairfax Media Ltd will begin charging for some of its online news content when it launches its first subscription-based smartphone apps.

GNS- Gunns CEO says that the timber company might stop logging native forests in Tasmania.

JML- Jabiru Metals the base metals miner, upgraded its mineral reserves and has increased the life of its Jaguar project in WA by 3 years to 8 years .

LLC- Lend Lease is partnering with Japan’s largest home builder, Sekisui House,  to develop several master planned community and apartment projects in Australia.

NCM- Investors in Lihir Gold Ltd who sought the maximum share allocation from Newcrest Mining’s takeover bid will receive half allocation due to scaled back due to over-demand.

VBA- Virgin Blue’s proposed alliance with Air New Zealand on trans-Tasman routes has been blocked by the competition regulator.

WOW- Says Urbis report estimates new Geelong big-bax hardware store will add $30 million in sales year 1, and hit Bunnings BWP bottomline by up to 16%.

Economic Reports :
ABS – Releases July lending finance data
Hotels.com to release its Hotel Price Index today

Companies:
VBA – Virgin founder Sir Richard Branson will speak to Business today

Dividends
AXA – AXA Asia Pacific Holdings Interim 2010 Dividend payment date
CSL – CSL Limited Full year 2010 Ex-dividend date
IVC – InvoCare Ltd Interim 2010 Ex-dividend date
SXL – Southern Cross Media Full year 2010 Ex-dividend date
DOM – Dominion Mining Ltd Full year 2010 Ex-dividend date
WHC – Whitehaven Coal Full year 2010 Ex-dividend date
WTF – Wotif com Holdings Ltd Full year 2010 Ex-dividend date
WOW – Woolworths Ltd Full year 2010 Ex-dividend date

Market Summary
ASX – to open Higher
US & UK/Europe – Higher<

US ADRs –  Generally Higher!!!…

BHP up 0.2% &

RIO down  0.2%;

AWC up 1.1%

ANZ up 0.5% &

NAB down 0.7%

NEM up 0.8%,

JHX down 0.2%,

NWS up 0.3%

Commodities Stock Index up 0.7%
Gold Stocks Index up 0.5%
Oil Stocks Index up 0.9%

>By Michael Hevern
Head of Research

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Stock Market Analysis: Overseas Markets Negative on Growth Concerns; Negative Lead for the ASX

Monday, July 19th, 2010

Stock Market Analysis

Markets Negative on Growth Concerns; Negative Lead for the ASX

Overseas markets traded lower last week as resistance of the April downward trend line continued to offer resistance. Japan sold off on Friday ahead of a shortened week this week.  Locally trading activity has been on low volumes and may be held back even further by the Federal elections announced for 21 August.  Our market will trade lower today, with negative leads across the boards overseas.

The SPI Futures is below the key level of 4400 the ASX is set to open lower as the SPI Futures closed down -1.80% (or -79 pts) at 4,327 (down 1.8% for week).  Key levels this week are 4500 and 4200, with pivot around 4350.  Expect our market to see further weakness, after Wall Street and European markets were weaker last week.

US Markets

US markets traded lower last week as resistance from the April downward trend line continued to offer resistance.  Investor sentiment turned last week as the 2Q earnings reports and economic data disappoint.  U.S. consumer confidence fell in July to the lowest level in a year down to 66.5 from 74 a month earlier.  Bank of America (BoA), Citi and GE all reported sales and revenues worst-than-expected. The sell-off was broad based with Miners down 2.7%, Energy down 2.4%, Industrials are down 3.3% and Financials down 4.2%. The markets ran up ahead of the 2Q earnings reporting and suffered last week because of that.  Of the 23 companies that have reported 20 beat their lowered forecasts, with revenues up only 2.6%, and forecasts have also been disappointing. The FinREG bill will be signed into law this week.

The Dow closed down -2.5% (or -261 points) at 10,098 (down 1.0% for week), while in the broader market the S&P 500 index down -2.9% (or -32 points) at 1,065  (down 1.3% for week) and the tech-heavy Nasdaq ended down -3.1% (or 0 points) at 2,179 (down 0.7% for week).

European Markets

European markets finished the week lower.  European markets closed weaker as the economic data from the U.S. and China pointed to a slowing recovery, and US bank earnings disappointed.  Financial and big miners led the declines with Credit Suisse down 3.4%, Deutsche Bank down3.2% and Barclays down 5.3%, while BHP and RIO were down 2.2% and 5.3% respectively.  The S&P ratings body has placed Greece-Based Piraeus Bank on a negative credit watch.  BP has finally succeeded in stopping the flow of oil into the Gulf of Mexico for the first time since April, and are expected to approve the sale of $US14.5 billion in assets at its 22 July board meeting.  In London the FTSE 100 index closed down -1.01% (or -52 pts) at 5,159  (up 0.3% for week), the German DAX down -1.77% (or -109 pts) at 6,040  (down 0.8% for week), while in France the CAC was down -1.5%  (down 2.0% for week).

Asian Markets

Asian markets traded lower.  The key news from last week was that the Chinese government to reported GDP of 10.3% for the quarter, slightly below forecasts (versus 11.9 percent in the previous quarter). China’s GDP has maintained in double-digit growth for the third quarter in a row but is slowing.  It appears that the government is successfully engineering its economic slowdown, after scaling back its huge stimulus spending and tightening its lending policies.  Banks however led falls in the index, following the weak debut in China of the $US22 billion IPO of Ag Bank of China listing (finished up 2.2% in Hong Kong).In China the SSE Composite closed down -0.1% (or 2 pts) at 2,424  (down 1.4% for week), while in Hong Kong the Hang Seng Index was down marginally -0.1% (or -5 pts) at 20,250  (down 0.9% for week) and in Japan the Nikkei 225 Index was down -2.9% (or -277 pts) at 9,408 (down 2.1% for week).

Commodities

The Dollar Index down -0.1% at 82.56  (down 1.8% for week) on a higher Euro, while the Australian Dollar last traded lower at 86.88. Commodities were generally higher.

Crude oil prices rose last week on a better-than-expected supply report, which pushed prices 3% higher on Tuesday, but prices faded later in the week.  The benchmark crude NYMEX for August delivery down US$0.79 or 0.8% to settle at US$76.01 a barrel (down 0.4% for week). Copper prices are trading above the key $US3.00 a pound, Copper for July delivery was down -2.70% (or 8.2 cents) at 2.9200  a pound (down 4.0% for week).  Gold was lower, with August gold down $US20.04 or 1.7% to settle at $US1,188.00 an ounce (down 1.7% for week).

Key News International Drivers Today

US – The FinREG bill will be signed into law this week. Goldman’s settled for $US550 million with SEC, not admitting to liability.  U.S. bank earnings disappoint.EU – Bank “stress test” results will be released on the 23 July.  BP says stage 1 of plug on Gulf spill was completed successfully.CHINA – Economy slowing. Government to reports GDP of 10.3% slightly below forecasts. $US22 billion IPO of Ag Bank of China lists flat.Markets Overview

Overseas Markets Give Negative Lead for the ASX

Market

Movement

The Dow Jones Industrial Average

Down -2.52% (or -261 pts)  at 10,097.9

The S&P 500

Down -2.88% (or -32 pts)  at 1,064.9

The Nasdaq

Down -3.11% (or 0 pts)  at 2,179.1

The FTSE 100

Down -1.01% (or -52 pts)  at 5,158.9

The German DAX

Down -1.77% (or -109 pts)  at 6,040.3

SSE Composite (China)

Down -2.24% (or -1 pts)  at 36.3

The Dollar Index

Down  Marginally -0.09% at 82.56

The Australian Dollar

Last traded at .00

The Commodities Index

Down  0.80% at 262.22

Crude Oil Futures

Down -0.80% at $76.01

Gold Futures

Down -1.66% at $1,188.00

Copper Futures

Down  8 cents at $2.9200

SPI Futures

Down -1.80% (or -79 pts) at 4,327.0

Market

Movement

SSE Composite (China)

Down -1.87% at 2,424.3

Hang Seng Index (Hong Kong)

Down  Marginally -0.03% at 20,250.2

Nikkei 225 Index (Japan)

Down -2.86% at 9,408.4

ASX News Today

The SPI Futures is below the key level of 4400 the ASX is set to open lower as the SPI Futures closed down -1.80% (or -79 pts) at 4,327 (down 1.8% for week).  Key levels this week are 4500 and 4200, with pivot around 4350.  Expect our market to see further weakness, after Wall Street and European markets were weaker last week.AVO- Avoca Resources has substantially increased gold resource estimates at its South Kalgoorlie operations.  Shares were up 5.3%.

AOE – Arrow Energy’s spin off of its Dart Energy Ltd unit, has been given the Federal Court has approval, this will be followed by a $3.4 billion joint takeover of Arrow by Royal Dutch Shell Shell and PetroChina.

CSL- says hundreds of jobs will be created in Melbourne with a $235 million expansion of Australia’s largest biotech facility.

CXY- Qld underground gas project has been shut down and a government worker has been stood aside over underground water contamination. Qld’s Department of Environment and Resource Management has ordered Cougar Energy (CXY) to stop its underground coal gasification (UCG) trial near Kingaroy after toxic chemicals were found in water from nearby bores.

FML- Focus Minerals the gold miner/explorer has unearthed rich mineralisation at its Treasure Island tenement in its WA eastern goldfields region.

FMG- US hedge fund Harbinger Capital Partners has in recent months sold most of its stake in iron ore miner Fortescue.

GDY- Geodynamics the geothermal hopeful is moving closer to creating an operating heat exchanger and validating the geological model of its joint venture Innamincka project in South Australia.IEF – ING Real Estate Entertainment Fund (IEF) is raising $65 million through new equity and the sale of its NZ assets to pay down debt.

ITO- Intoll the takeover target for a Canadian Pension Fund has reported significant June quarter revenue and traffic growth on its two toll roads.

MMX- Korean steel giant POSCO has become the Murchison’s largest shareholder after boosting its holdings in the Perth-based firm to 13.9% (from 12.3%).  US hedge fund Harbinger Capital Partners last week reduced its to 11.6%.

MTE- MetroCoal says first approval by Chinese authorities had been received for its planned $30 million coal mining JV with a Chinese entity in Qld.  Shares were up 5.4%.

NAB- is in discussions to extend the period in which NAB has to satisfy competition concerns about its $13.3 billion bid for AXA APH.

OZL- OZ Minerals traded higher and has increased its annual gold production guidance to 150,000 ozs (from 120,000) and copper output is up 4% and will meet their copper forecasts.

SDL- Sundance the iron ore explorer has received environmental approval from the Cameroon government for its Mbalam project in the West African nation.

VBA- Air New Zealand has advised the NZ stock exchange it had not bought any shares in airline Virgin Blue (VBA), but has not ruled out such a move.

SUN- Suncorp says FY after tax profit will benefit by between $110 and $125 million from the insurer’s sale of stakes in joint ventures.

Economic Reports :

NAHB Housing Market Index

Expect to see further weakness today. Be prepared to open/hold short positions.

Market Summary

ASX – to open lower
US & UK/Europe – finished the week lower.

US ADRs –  Broadly Lower!!!…

US ADRs –  Lower!!!…

BHP down 2.9%  & RIO down 2.9%; AWC down 4.2%
ANZ down 3.7% & NAB down 3.4%
NEM down 3.0%, JHX down 5.2%, NWS down 4.2%
Commodities Stock Index down 2.9%
Gold Stocks Index down 3.4%
Oil Stocks Index down 2.9%

By Michael Hevern
Head of Research

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Two more hurdles to clear for NAB – AXA

Tuesday, June 1st, 2010

In this morning’s finance news we hear that the National Australia Bank (ASX: NAB) has gained an extension to its takeover bid for AXA Asia Pacific (ASX: AXA).

The new deadline of July 15 gives NAB time to appease the ACCC, whose concerns have so far stymied the $14 billion acquisition.

It now looks like NAB might sell retail investment software platforms to IOOF Holdings (ASX: IFL) and Tower Australia (ASX: TAL) in order to overcome the ACCC’s competition concerns.

The asset sale won’t be the only obstacle NAB has to clear. The federal treasurer must also sign off on the deal, which Reuters hints could be difficult given Wayne Swan’s concern about the big four banks’ increasing control over the country’s financial sector.

NAB Share Price Chart

NAB Share Price


National Australia Bank

AXA Share Price

AXA Share Price


AXA Asia Pacific Holdings

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Monday, 12th October 2009 Morning Wrap

Monday, October 12th, 2009

James Gerrish

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General Advice Only**********************************************

In this morning s wrap DOW: up 78.07 points
IBM upgraded
Optimism ahead of reporting
Dollar Index: marginal support

FTSE: Up 7.23 points
Trend structure strong

CHINA: up 4.78%
Some catching up to do..!
Oil: Up 8c to $71.77
Broken from wedge
Gold: down $7.70 to $1048.60 Dollar found support against the Euro

Higher Start SPI Futures up 34 points
Big weak ahead

ASX News
Economic/company data to drive stocks
Technically critical levels
Gold in Aussie dollar terms is down about 25% from Feb
Manufacturing, health and property likely to struggle with the string Aussie
Focus in the states this week
ASX may break to new highs

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Thursday, 8th October 2009 Morning Wrap

Thursday, October 8th, 2009

James Gerrish

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General Advice Only************************************************

In this morning s wrap DOW: down 5.7 points
Banks strong
Alcoa reported
NASDAQ: Up 1.38 points

FTSE: Down 29.08 points
Commodities weigh profit taking

CHINA: Closed
PRC celebrations
Oil: down $1.31 to $69.57
Higher supplies
Gold: up $4.70 to $1044.40
Dollar weakness store of value

Flat Start
SPI Futures down 7 points
Local market

ASX News
Alcoa result to buoy miners
Rio and Alumina in focus
Employment data out today
Retailers not happy
Unemployment data out today will give insight
Westpac facing $825 million tax bill
Gold stocks in focus
$70 billion on the sidelines

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Thursday, 1st October 2009 Morning Wrap

Thursday, October 1st, 2009

James Gerrish

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MDSFinancial Morning Wrap
Thursday, 1st October 2009

Presented by James Gerrish

MDSFinancial 1300 65 90 90

In this morning s wrap
DOW: down 29.02% (off 11 Month Highs)
Business activity disappoints

NASDAQ: down 0.08%%
Cisco and IBM strong
Nasdaq continues to outperform
FTSE: down 0.5%
Biggest quarterly rally in history

CHINA: Closed
PRC celebrations
Oil: up $3.90 to $70.61
Lower USD
Gold: up sharply ($1009.30)
Commodities Higher;
USD lowerSPI: Critical Level(s): 4450 to 4750
SPI down 8 points at 4737

ASX News
FMG Funds deal collapses
FLX Yanzhou Coal offer fair and reasonable. FIRB now in focus
ASX pulling all stops to delay competition
Marginally lower start to trade
Gold stocks to shine
Material producers to provide support
US & UK pulled back but ended great quarter

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Friday, 25th September 2009 Morning Wrap

Friday, September 25th, 2009

James Gerrish

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DOW: down 0.42% (off 11 Month Highs)Housing data disappoints

NASDAQ: down 1.12%
Research in Motion the culprit
FTSE: down 1.17%%Profit Taking; Commodities weigh

CHINA: up 0.38%
Lower high structure bearish
Oil: down 4.9% ($65)
Sell off on demand concerns

Gold: down sharply ($998)
Commodities Lower;
USD higher

SPI: Critical Level(s): 4450 to 4750
SPI down 47

ASX News

BKW SPP Buy today to be on the register
BLY GM approved the changes to cap raising
SUN Looking to sell LJ Hooker
Material stocks to weigh
Profit taking across the board
ASX to open lower
US & UK pulled back

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Friday 17th July 2009 Morning Wrap

Friday, July 17th, 2009

MDSFinancial Morning Wrap
17th July 2009
Presented by James Gerrish

General Advice Only **********************************************

In this morning s wrap
DOW: up 1.11%
Roubini; economic optimism
JP Morgan beat the street

NASDAQ: up 1.19%
Google; better profit/ lower revenue growth
IBM; upgraded full year forcast

FTSE: up 0.35%
Banks Upbeat
DAX up 58% & CAC up 79%

Oil: up 0.40% ($62.25)
Buoyed by optimism of recovery

Gold: down 0.4% ($935)
Predicting a bounce in US dollar;

SPI: Critical Level(s): 4090
SPI up 31 points
Set for More Gains

ASX News
Banks Face $1.8 tax liability
CMJ To exit S&P/ASX 100 Index
MIG Cuts asset values
Materials & Energy stocks to continue
ASX to open higher
US & UK positive leads

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Rio Tinto raises another $1.5 billion

Tuesday, July 7th, 2009

Rio Tinto has raised $US1.2 billion ($A1.5 billion) by selling off a food and packaging business unit it acquired as part of the Alcan takeover.

The sale takes Rio’s fundraising for the year to $US18.9 billion, not far off the $US19.5 billion it would otherwise have raised if it had gone ahead with the Chinalco deal.

There are further plans afoot to sell more Alcan packaging assets to Amcor, for as much as $US2 billion.

Rio’s Chief Tom Albanese has commented that his only regret in the Alcan takeover was failing to sell off unwanted assets quickly, before the global markets dropped.

ASX Code: RIO

ASX Code: AMC
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