Well, the Aussie sharemarket’s rallied this morning: it’s up 1.8 per cent after opening about 1.7 per cent higher on hopes of progress in Europe after the IMF said it could offer up to 600 billion euros worth of cheap loans to Italy.
The S&P/ASX200 index is up 70 points and is 4,055. On the futures market the SPI is 62 points higher.
Company news
Hanlong Mining’s told Sundance Resources Limited (ASX:SDL) it won’t receive the Highly Confident Letter from China Development Bank due today, and has requested Sundance waive the requirements of the letter. The Sundance board’s recommended shareholders waive the requirements, and says the scheme with Hanlong could still progress, even without the letter. Shares in Sundance Resources Limited (ASX:SDL) have dropped 7.06 per cent on the news, and are trading at 39.5 cents.
Woodside Petroleum Limited (ASX:WPL) has copped a battering from analysts who say the outlook is bleak for the company, after it revealed guidance on 2012 production to be as much as 20 per cent below expectations. Some analysts have told Fairfax newspapers funding’s going to be a challenge, and sentiment’s taken a beating. UBS cut its estimate for Woodside’s earnings by 29.5 per cent. Shares in Woodside Petroleum Limited (ASX:WPL) are trading 1.95 per cent lower at $32.71.
Best and worst performers
The best performing sector is financials excluding real estate investment trusts, rising 116 points to 4,369. Shares in the NAB are up 3.44 per cent at $22.57, Westpac and ANZ are also higher at midday.
The worst performing sector is consumer staples, but it’s still up 45 points to 7,449. Shares in Woolworths are down 0.08 per cent at $24.21. Shares in Foster’s and Metcash were both flat.
IPO
RXP Services started trading today, it listed at 50 cents, opened at 59.5 cents and is currently trading at 55 cents.
New Zealand
The NZSX50 has gained 19 points. Taking a look at the top four stocks by turnover, Westpac is up 4.23 per cent to $26.37 followed by, Fletcher Building, Telecom Corporation of New Zealand and ANZ.
Gold and the dollar
Gold is trading at $US1,694 an ounce and the Australian dollar is buying 98.27 US cents.
