Tricom Today ASX Stock Market Report 26-2-09

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The market is up 20 – doing better-than-expected after the negative session in the US – outperforming the 10 point fall predicted by the SFE Futures this morning. Macquarie has been getting thumped this year….down 62% from 4329c in January to a low of 1625c today. They have dropped 33% in less than two weeks….and you can’t even short the stock(!). They have popped out an announcement this morning telling us that they are not about to have a capital raising. There are suggestions on the newswires that ASIC (the government) will once again extend the ban on shorting financials from its expiry date a week tomorrow (March 6th). The stock is attracting a lot of attention and trade at the moment. Resources unchanged – BHP unchanged and RIO up 0.7% following a negative lead from the US miners.
Bendigo and Adelaide Bank down 5.1% having gone ex dividend. Fortescue Metals down 5.7% as it starts trading again having pulled a $500m institutional placement with institutions unwilling to pay the 248c price paid by Hunan
Valin. OZ Minerals up 9.1% after big falls yesterday with their Friday $1.1bn debt rollover deadline looming and suggestions they are moments away from announcing a $425m sale of assets. Pacific Brands are closing down their Australian manufacturing operations in Australia (7 factories) after 92 years and will be moving them offshore. They are sacking 1850 staff. Price up 11.4%. Wesfarmers has completed their Retail Entitlement offer. There was a 60% take up. Babcock & Brown Power (BBP) has had a profit warning. Arrow Energy (AOE) – Pure Energy independent directors accept the superior BG offer. BG will now have a 29% stake in PES. Shareholders accept BG bid.

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